Final Finance Exam

Question 1

___Saving to replace your printer will mean considering the time and money required to reach your goal.

Answer 1

True

Question 2

Being late for a job interview is one of the worst mistakes an applicant can make.

Answer 2

True

Question 3

When you’re new on the job, you should pay special attention to your appearance to make a good impression.

Answer 3

True

Question 4

Every business is required by law to make formal, written rules and regulations available to all employees called a handbook.

Answer 4

True

Question 5

Once you’ve received your first promotion in your chosen career, you will not need to pursue further education.

Answer 5

False

Question 6

You can use a spending log to figure out how much you spend in various categories

Answer 6

True

Question 7

The first step in meeting your financial goals is to identify them.

Answer 7

True

Question 8

One of the benefits of volunteering is that you can put the experience on your resume.

Answer 8

True

Question 9

Linking goals to values helps motivate people to achieve their goals.

Answer 9

True

Question 10

Include expected or estimated income and known or estimated expenses when creating an ongoing goal chart.

Answer 10

False

Question 11

Tangible items that can be touched, used, and purchased are:

Answer 11

Goods

Question 12

Which of the following is an example of human resource?

Answer 12

Knowledge

Question 13

Trying to save money to buy a house while you are working only 10 hours a week would not be practical.

Answer 13

True

Question 14

When you are setting up your budget, you should include the money you earned selling your dog’s litter of puppies.

Answer 14

False

Question 15

One primary difference between commercial banks and credit unions is that commercial banks operate to make a profit.

Answer 15

True

Question 16

Using a credit card is just like writing a check in that it withdraws money from your checking account.

Answer 16

False

Question 17

Ethical behavior calls for honesty. Which of the following actions could be considered ethical?

Answer 17

Studying for a test with a friend.

Question 18

Having a bank account is more cost effective than using a check cashing company.

Answer 18

False

Question 19

One way teens can begin taking responsibility for their finances is to open a low-activity checking account with a parent or guardian.

Answer 19

True

Question 20

If you have $1,000 you should deposit it in a checking account because it pays more interest than a savings account.

Answer 20

False

Question 21

A dividend is an investment in the ownership of a corporation.

Answer 21

False

Question 22

______ gives you access to a vast diversity of goods and services through worldwide markets.

Answer 22

Globalization

Question 23

Always discard old bank statements that you no longer need.

Answer 23

True

Question 24

________ is used to determine eligibility for federal financial aid.

Answer 24

The Free Application for Federal Student Aid (FASFA)

Question 25

An example of an aptitude is:

Answer 25

Drawing

Question 26

Which of the following best represents a measurable goal?

Answer 26

I want to have a masters degree.

Question 27

__________ is the elimination of jobs generally because the economy is suffering.

Answer 27

Downsizing

Question 28

Which of the following is a graduate degree?

Answer 28

Masters degree

Question 29

Which of the following is a postgraduate degree?

Answer 29

Doctorate

Question 30

A check is a written order for the bank to pay a specific amount to the person or business to whom it is written.

Answer 30

True

Question 31

Which of the following will most likely require continuing education classes?

Answer 31

Teaching license

Question 32

Which employment form is used to verify an employee's identity and that he or she is authorized to work in the United States?

Answer 32

Form I-9

Question 33

Which of the following is considered a Variable Expense?

Answer 33

Groceries

Question 34

What is the act of giving away money, good, services, or time to support a cause?

Answer 34

Philanthropy

Question 35

Which section of a resume is typically the main focus of an employer's attention?

Answer 35

Work experience

Question 36

Interest paid to you on an investment that is based solely on your initial deposit?

Answer 36

Simple Interest

Question 37

Which employment form is used when filing income tax returns?

Answer 37

Form W-2

Question 38

Which of the following best describes a Budget?

Answer 38

A spending and savings plan based on a person's income and expenses.

Question 39

Which question is legal for an interviewer to ask?

Answer 39

How would you handle a disagreement with a coworker?

Question 40

Of the following, which action should a person take after e very checking account transaction?

Answer 40

Record the transaction in the checkbook registry.

Question 41

Which employment form is used for the information needed to withhold the appropriate amount of taxes from an employee's paycheck?

Answer 41

Form W-4

Question 42

A salary is a fixed payment for work and is expressed as an annual figure.

Answer 42

True

Question 43

A commission, also known as gratuity, is money paid for service beyond what is required.

Answer 43

False

Question 44

Which of the following is a Fixed Expense?

Answer 44

Rent

Question 45

A wage is payment for work calculated on an hourly, daily or piecework basis.

Answer 45

True

Question 46

Most salaried employees are entitled to overtime pay.

Answer 46

False

Question 47

The first step in controlling high debt levels is to...

Answer 47

Work out a plan with your creditors to make smaller payments.

Question 48

Total income before payroll tax deductions is called:

Answer 48

Gross income

Question 49

One warning sign that you are not using credit wisely is that...

Answer 49

Creditors are calling you.

Question 50

According to the law, all employees must fill out a W-4 form.

Answer 50

True

Question 51

Which of the following is an example of a voluntary deduction from your paycheck:

Answer 51

Dental Insurance

Question 52

It is important to pay all of your creditors on time every month because the largest percentage of your credit score represents...

Answer 52

The type of loans and debts you have.

Question 53

At which rate is Medicare taxed on in your paycheck?

Answer 53

1.45%

Question 54

At which rate is Social Security taxed on in your paycheck?

Answer 54

6.2%

Question 55

How long after an Interview should a "Thank You" letter be sent?

Answer 55

Immediately

Question 56

What action should you take first if you see your "Debt" is mounting?

Answer 56

Stop using you credit cards.

Question 57

Sam earned $100.00 in his paycheck. His payroll deductions were $10.00. His net pay is:

Answer 57

$90.00

Question 58

Which of the following would be considered Business Professional attire?

Answer 58

Dark colored suit.

Question 59

If Ava makes $10.00 per hour and works 42 hours her gross pay is:

Answer 59

$430.00

Question 60

Which of the following could not be used to make a purchase on "Credit"?

Answer 60

A Debt card issued by your bank.

Question 61

An Employees Withholding Allowance Certificate is known as an:

Answer 61

W-4

Question 62

Which of the following can you do to prevent credit fraud?

Answer 62

All of the Above.

Question 63

Which of the following is not an example of an employee benefit:

Answer 63

Bonus pay

Question 63

Which of the following is not a reason for your credit card interest rate to go up?

Answer 63

You have never missed a payment on any credit account.

Question 64

When the government spends more money than it collects in taxes, a deficit occurs increasing the national debt.

Answer 64

True

Question 65

Which of the following is not advantage of using credit?

Answer 65

The opportunity cost of paying interest on interest.

Question 66

If you only have $200.00 remaining in your bank account, what would be the smartest choice to do with the money?

Answer 66

None of the above.

Question 67

A main category for Federal Discretionary spending is:

Answer 67

National Defense

Question 68

Sales tax revenue is levied by the Federal Government.

Answer 68

False

Question 69

You can avoid spending beyond your mean by...

Answer 69

All of the above.

Question 70

Overtime is calculated as...

Answer 70

1.5 times your hourly rate.

Question 71

At what age do workers become eligible for full retirement benefits from Social Security?

Answer 71

65

Question 72

How early should someone arrive for an Job Interview?

Answer 72

15 minutes.

Question 73

When is the only time you will need to give your Social Security number to an employer?

Answer 73

After they offer you the job?

Question 74

What are the two purposes of a cover message's conclusion?

Answer 74

Reiterate your qualifications an state your availability for an interview.

Question 75

Saving to purchase something you want is wiser than charging it on a credit card because...

Answer 75

All of the above.

Question 76

Which type of tax has the effect of imposing a higher tax rate on those with lower incomes?

Answer 76

Regressive

Question 77

Which of the following cannot be done by online banking?

Answer 77

Cash a check.

Question 78

Which type of bank is commonly known as a full-service bank?

Answer 78

Commercial bank

Question 79

Customer deposits in a federally insured bank are insured up to what amount?

Answer 79

$250,000

Question 80

How can you avoid an insufficient funds fee if you realize you wrote a check for more than the amount you have in your account?

Answer 80

Transfer money from your savings account.

Question 81

If you mistakenly write a check for $25.00 more than what you owe on a credit card bill, it would make the most financial sense to...

Answer 81

Make sure you receive a $25.00 credit to your next bill.

Question 82

When you withdraw cash from an ATM owned by your bank...

Answer 82

Your account balance is the immediately lowered by the amount you withdrew.

Question 83

Which of the following is an example Interest?

Answer 83

The money a bank earns for lending money to borrowers.

Question 84

Which of the following shares profits with its customers?

Answer 84

Credit Unions.

Question 85

Which of the following is a full record of a persons credit History?

Answer 85

Credit Report

Question 86

A responsible person who sings the loan along with the person to whom the loan is granted.

Answer 86

Cosigner

Question 87

A legally binding agreement between the borrower and the lender.

Answer 87

Contract

Question 88

The part extending credit is known as the lender or the...

Answer 88

Creditor

Question 89

The party receiving credit is known as the borrower or the...

Answer 89

Debtor

Question 90

An agreement that allows that borrower to use a specific amount of credit over a period of time, as the borrowed money is paid back it can be used again.

Answer 90

Open-end Credit

Question 91

A loan for an agreed amount of money that must be repaid with interest by a specified date or according to a defined schedule.

Answer 91

Closed-end Credit

Question 92

A statement in a contract that allows the creditor to require full and immediate payment of the entire balance if a payment is missed or the individual fails to abide by the terms of the contract

Answer 92

Acceleration Clause

Question 93

The time between the billing date and start of interest charges

Answer 93

Grace Period

Question 94

A portion of the purchase price paid up front

Answer 94

Down Payment