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personal finance assessment questions

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personal finance - semester 1

Frage 1 von 92

1

The earliest type of trade was?

Wähle eine der folgenden:

  • bartering

  • currency

  • economies

  • cowry shell currency

Erklärung

Frage 2 von 92

1

The economies of all cultures are based on?

Wähle eine der folgenden:

  • currency

  • supermarkets

  • trade

Erklärung

Frage 3 von 92

1

Historians believe that the Chinese developed the first?

Wähle eine der folgenden:

  • credit card

  • metal currency

  • supermarket

Erklärung

Frage 4 von 92

1

Corporate structure may be defined as ________.

Wähle eine der folgenden:

  • There are an equal number of employees earning above the amount provided and an equal number earning below the amount provided

  • There are an equal number of employees earning above the provided but not an equal number earning below the amount provided

  • There are an equal number of employees not earning above the amount provided but an equal number of employees earning below the number provided

  • the number calculated by adding all numbers together, then dividing by the total amount of numbers

Erklärung

Frage 5 von 92

1

which of the following might not be an option for increasing your present income?

Wähle eine der folgenden:

  • requesting a merit increase in pay

  • quitting your job to find another

  • looking for a better job without quitting your old job

Erklärung

Frage 6 von 92

1

Which of the following is true about a merit increase in pay?

Wähle eine der folgenden:

  • you have prove that you deserve it more than your coworkers

  • you automatically receive merit raises every year

  • you might have to wait for a certain anniversary date to get it

Erklärung

Frage 7 von 92

1

Your resume should include all of the following information EXCEPT?

Wähle eine der folgenden:

  • personal history

  • education background

  • qualifications

  • contact information

Erklärung

Frage 8 von 92

1

The single best way to increase your income is to get an education. Why?

Wähle eine der folgenden:

  • you automatically make more money if your are educated

  • you automatically get promotions if your are educated

  • you can obtain jobs that have higher starting salaries

  • you will automatically receive better benefits

Erklärung

Frage 9 von 92

1

Which of the following will probably earn a higher level of income?

Wähle eine der folgenden:

  • a male file clerk with a high school diploma and a year of college

  • a male accountant with a Bachelor's degree

  • a female accountant with a Master's degree in business administration

Erklärung

Frage 10 von 92

1

the term median means ______.

Wähle eine der folgenden:

  • there are an equal number of employees earning above the amount provided but not an equal number earning below the amount provided

  • there are an equal number of employees not earning above the amount provided but an equal number of employees earning below the number provided

  • the number calculated by adding all numbers together, then dividing by the total amount of numbers

Erklärung

Frage 11 von 92

1

The term average means _______.

Wähle eine der folgenden:

  • there are an equal number of employees earning above the amount provided and an equal number earning below the amount provided

  • there are an equal number of employees earning above the amount provided but not an equal number of employees earning below the amount provided

  • there are equal number of employees not earning above the amount provided but an equal number of employees earning below the amount provided

  • the number calculated by adding all numbers together, then dividing by the total amount of numbers

Erklärung

Frage 12 von 92

1

The term "educational attainment" means _______.

Wähle eine der folgenden:

  • you are attending school to earn a degree

  • whatever education you have gotten

  • you have earned the highest degree possible in your field

Erklärung

Frage 13 von 92

1

Your choice of career should be based on which factors?

Wähle eine der folgenden:

  • the location of possible jobs

  • your interests and knowledge

  • the salary ranges and your interests

  • whether or not they will provide daycare

Erklärung

Frage 14 von 92

1

Which of the following is not true concerning Income Tax Refunds?

Wähle eine der folgenden:

  • you are essentially giving the government an interest-free loan

  • it means that you are having too much deducted from your paycheck

  • you haven't properly evaluated your personal tax circumstances

Erklärung

Frage 15 von 92

1

When claiming dependents, they must meet the following criteria EXCEPT?

Wähle eine der folgenden:

  • the dependent must reside with you for the entire year

  • the dependent must be under nineteen years of age unless he or she is a full-time student (under 24 years old)

  • the dependent was unable to provide over half of his or her support for the year

  • the dependent must be a relative

Erklärung

Frage 16 von 92

1

If you opt to put money in the medical flexible spending account rather than trying to amass enough medical expenses to itemize on your tax return, you are taking advantage of _____.

Wähle eine der folgenden:

  • a credit

  • witholding

  • a deduction

  • an exlusion

Erklärung

Frage 17 von 92

1

A form of taxation in which everyone pays an equal rate of taxes is called a _______.

Wähle eine der folgenden:

  • progressive tax

  • regressive tax

  • flat tax

  • net tax

Erklärung

Frage 18 von 92

1

A form of taxation in which the highest income earner pays the largest percentage of taxes is called a _______.

Wähle eine der folgenden:

  • regressive tax

  • flat tax

  • net tax

Erklärung

Frage 19 von 92

1

A form of taxation in which the lowest incom earners pay the largest percentage of taxes is called a ______.

Wähle eine der folgenden:

  • regressive tax

  • flat tax

  • net tax

  • progressive tax

Erklärung

Frage 20 von 92

1

Which of the following is not considered part of your gross income?

Wähle eine oder mehr der folgenden:

  • everything of value you recieved during the year

  • bartered goods and services

  • everything of value of that you received from April 15th to December 31st

  • money you win on a game show

Erklärung

Frage 21 von 92

1

Which of the following is not true about your adjusted gross income?

Wähle eine der folgenden:

  • it is your income plus your deductions

  • it determines whether you are eligible for additional tax breaks

  • iti s your gross income minus deductions

  • it is your income minus deductions

Erklärung

Frage 22 von 92

1

Which of the following is true about standard deductions?

Wähle eine der folgenden:

  • they are tax breaks that you can claim without having to itemize

  • they are listed just above the total taxable income on the 1040 tax form

  • they reduce your tax bill rather than your taxable income

  • you must itemize in order to take advantage of this deduction

Erklärung

Frage 23 von 92

1

A dollar-for-dollar reduction in your tax payment is called a _______.

Wähle eine der folgenden:

  • deduction

  • flat tax

  • credit

  • debit

Erklärung

Frage 24 von 92

1

Which of the following best defines health insurance?

Wähle eine der folgenden:

  • an annual contract between an insurance company and an individual

  • a type of insurance whereby the insurer pays the medical costs of the insured

  • a type of insurance that protects your personal property if you are unable to pay your bills

  • a type of insurance that assists your loved ones in the event of your death

Erklärung

Frage 25 von 92

1

Which of the following illustrates the main difference between Medicare and Medicaid?

Wähle eine der folgenden:

  • Medicare helps to insure the elderly, while Medicaid focuses on low-income individuals and families

  • Medicaid helps to insure the elderly, while Medicare insures low incom earners

  • Medicaid helps to replace lost income for the poor

  • Medicare is available only to those over the age of 65

Erklärung

Frage 26 von 92

1

Which of the following is not true about managed care?

Wähle eine der folgenden:

  • your employer is responsible for all co-payments

  • it is a system in which companies contract with doctors to provide health care services

  • it you have health care coverage through your employer, you probably have a managed care plan

  • the most common types of managed care are HMO's and PPO's

Erklärung

Frage 27 von 92

1

Which of the following statements is true about Medicaid?

Wähle eine der folgenden:

  • Medicaid covers only hospital and doctor's visits

  • Medicaid is a managed health care system

  • Medicaid was established to help ensure that people living below the poverty level could receive health care

  • Medicaid provides health care only for elderly

Erklärung

Frage 28 von 92

1

What is life insurance?

Wähle eine der folgenden:

  • health insurance that covers you for the rest of your life

  • insurance that supplements your income if your life is threatened

  • insurance that protects you in the event of an unexpected illness or accident that prevents you from working

  • insurance that assists your loved ones with income in the event of your death

Erklärung

Frage 29 von 92

1

John T. works on the assembly line in an automobile factory. One day, he falls of the roof of his home while cleaning his rain gutters and injures his back. He soon learns that he will have to be off his job for close to a year while his back heals. Which of the following insurance will he need to cover losses from his absence?

Wähle eine der folgenden:

  • he will have to collect from his regular medical insurance

  • because the accident occurred at home, he is not covered

  • He may potentially be covered by disability insurance provided by his employer until he returns to work

Erklärung

Frage 30 von 92

1

Which of the following statements is not true about HMO insurance?

Wähle eine der folgenden:

  • it is a managed health care system

  • the letter stand for Health Maintenance Organization

  • in an HMO, you are assigned a primary care physician

  • in an HMO you can choose your own primary care physician (PCP), but specialists must be referred by the PCP

Erklärung

Frage 31 von 92

1

Which of the following statements is not true about disability insurance?

Wähle eine der folgenden:

  • the only way to get disability insurance is through your employer

  • you can have short-term or long-term disability insurance

  • long-term disability insurance ends when a person turns 65

  • long-term disability insurance lasts five years

Erklärung

Frage 32 von 92

1

Which of the following might be considered positive aspects of HMO's?

Wähle eine der folgenden:

  • free choice of primary care physician

  • care from non-HMO provider not covered

  • out-of-pocket expenses are usually low

  • easy to receive specialized care

Erklärung

Frage 33 von 92

1

Which of the following might be considered a negative aspect of HMO's?

Wähle eine der folgenden:

  • HMO's focus on preventative care

  • Not easy to receive specialized care

  • free choice of primary care physician

Erklärung

Frage 34 von 92

1

A FICO score represents all of the following EXCEPT?

Wähle eine der folgenden:

  • income to debt ratio

  • creditworthiness

  • length of credit history

Erklärung

Frage 35 von 92

1

On average, compared to a person with good credit, a person with poor credit will pay ____ for insurance?

Wähle eine der folgenden:

  • 5% to 10% more

  • 10% to 15% less

  • 20% to 50% more

  • 25% to 40% more

Erklärung

Frage 36 von 92

1

How long does it take to rebuild your credit history?

Wähle eine der folgenden:

  • 7 years

  • 9 years

  • 30 years

  • 8 years

Erklärung

Frage 37 von 92

1

Secured debt means a lender gives yo money in exchange for what?

Wähle eine der folgenden:

  • collateral

  • credit report

  • principal

  • interest

Erklärung

Frage 38 von 92

1

Which type of debt is the least attractive for a consumer?

Wähle eine der folgenden:

  • secured debt

  • mortgage debt

  • lease debt

Erklärung

Frage 39 von 92

1

When an asset, such as a car, decreases in value over time what is it called?

Wähle eine der folgenden:

  • equity

  • leasing

  • depreciation

Erklärung

Frage 40 von 92

1

If you miss one payment on a credit card, what is generally the penalty?

Wähle eine der folgenden:

  • a lower available credit line

  • a late payment fee

  • a negative notation on your credit report

Erklärung

Frage 41 von 92

1

if you miss two payments on a credit card, what is generally the penalty?

Wähle eine der folgenden:

  • a late payment fee and a lower available credit line

  • a late payment fee

  • a negative notation on your credit report

  • a higher interest rate and a late payment fee

Erklärung

Frage 42 von 92

1

If you have $1,000.00 on a credit card and the interest rate is 23.7% per year, how much interest will you pay for one year? (Multiply rather than compound your interest).

Wähle eine der folgenden:

  • $23.70

  • $237.00

  • $230.70

Erklärung

Frage 43 von 92

1

How many monthly payments are there in a 30-year loan?

Wähle eine der folgenden:

  • 365

  • 360

  • 100

Erklärung

Frage 44 von 92

1

What can the be best type of safety net in hard times?

Wähle eine der folgenden:

  • rental property

  • none of the above

  • mortgage

Erklärung

Frage 45 von 92

1

Generally, you need to live in a home __________ years to break even on closing costs

Wähle eine der folgenden:

  • two

  • three

  • four

Erklärung

Frage 46 von 92

1

What is generally the most complicated financial transaction the average american will ever undertake?

Wähle eine der folgenden:

  • buying a car

  • buying a home

  • none of the above

Erklärung

Frage 47 von 92

1

real estate is considered a/an ________ investment.

Wähle eine der folgenden:

  • liquid

  • sure

  • partially-liquid

Erklärung

Frage 48 von 92

1

Individual mortgage interest rates are generally determined by what?

Wähle eine der folgenden:

  • The economy

  • The individual's credit score

  • The property value

  • the state the property is located in

Erklärung

Frage 49 von 92

1

What is PMI?

Wähle eine der folgenden:

  • Personal mortgage investment

  • Personal mortgage insurance

  • Personal mortgage interest

Erklärung

Frage 50 von 92

1

Who dictates how much insurance a homeowner must carry on their property?

Wähle eine der folgenden:

  • the state the property is located in

  • the bank that holds the mortgage

  • the owner

  • none of the above

Erklärung

Frage 51 von 92

1

Assuming you have a 30-year fixed-rate loan, you're paying _______% interest during the first few years.

Wähle eine der folgenden:

  • 90

  • 80

  • 70

  • 60

Erklärung

Frage 52 von 92

1

Why is investing gold beneficial?

Wähle eine der folgenden:

  • it is easy to mine

  • it is considered a stable investment

  • gold is more expensive than stocks

  • the value of gold is subject to inflation

Erklärung

Frage 53 von 92

1

What type of insurance may a homeowner need?

Wähle eine der folgenden:

  • flood insurance

  • firestorm insurance

  • all of the above

Erklärung

Frage 54 von 92

1

Which of the following is not one of the three types of business arrangements in the United States?

Wähle eine der folgenden:

  • sole proprietorship

  • partnership

  • sole partnership

  • coporation

Erklärung

Frage 55 von 92

1

with a sole proprietorship, who pays the taxes?

Wähle eine der folgenden:

  • the company

  • both the shareholders and the owner

  • the owner

Erklärung

Frage 56 von 92

1

which of the following would not be considered an advantage of a sole proprietorship?

Wähle eine der folgenden:

  • there are no legal formalities if the business dissolves

  • all of the profits from the business go right to the owner

  • a proprietor is also responsible for his or her own health insurance

Erklärung

Frage 57 von 92

1

What can a proprietor do to minimize personal risk and liability?

Wähle eine der folgenden:

  • change his/her name

  • form a limited liability proprietorship

  • form a limited liability partnership

  • form a limited liability company

Erklärung

Frage 58 von 92

1

Why are partnerships often favored over corporations?

Wähle eine der folgenden:

  • they are most successful

  • there are no taxes levied on profits

  • a partnership structure eliminates the divided tax levied upon profits realized by the owners

Erklärung

Frage 59 von 92

1

What are the two types of partnerships?

Wähle eine der folgenden:

  • general and private

  • limited and general

  • private and limited

Erklärung

Frage 60 von 92

1

which of the following would not be considered an advantage of a partnership?

Wähle eine der folgenden:

  • a partnership usually involves low start-up costs

  • each general partner is deemed the agent of the partnership

  • it's easy to form a partnership

  • you can share the responsibilities with your partners

Erklärung

Frage 61 von 92

1

As a generic legal term, ________ means any group of persons with a legal entity.

Wähle eine der folgenden:

  • corporation

  • business

  • partnership

  • proprietorship

Erklärung

Frage 62 von 92

1

Who regulates a corporation?

Wähle eine der folgenden:

  • the bondholders

  • the corporation's founders

  • the corporations's union

Erklärung

Frage 63 von 92

1

Which of the following is not a legal characteristic of a corporation?

Wähle eine der folgenden:

  • transferable shares

  • perpetual life

  • limited liability

  • legal protection from law suits

Erklärung

Frage 64 von 92

1

What is an entrepreneur?

Wähle eine der folgenden:

  • a corporation

  • one who opens a new business

  • a bank that loads money

Erklärung

Frage 65 von 92

1

Which of the following is the best definition of probable operating costs?

Wähle eine der folgenden:

  • amount of money required to start a business

  • amount of money required to market a business

  • amount of money required to purchase business equiptment

  • amount of money required to keep a business running

Erklärung

Frage 66 von 92

1

What may be offered to clients when banks find the risk too high?

Wähle eine der folgenden:

  • personal money

  • partnership money

  • private money

Erklärung

Frage 67 von 92

1

which of the following s a start-up cost associated with opening a business?

Wähle eine der folgenden:

  • legal fees/licensing

  • insurance

  • all of the above

Erklärung

Frage 68 von 92

1

What is a term used widely among real estate investors to refer to non-traditional means of real estate financing, or financing techniques not commonly used?

Wähle eine der folgenden:

  • capital financing

  • leverage financing

  • creative financing

Erklärung

Frage 69 von 92

1

what does "OPM" stand for in leveraging OPM?

Wähle eine der folgenden:

  • other profit means

  • other people's money

  • organizational profit marketing

Erklärung

Frage 70 von 92

1

Generally, a load obtained from a bank will be a ________ loan.

Wähle eine der folgenden:

  • variable

  • collateral-free

  • term

Erklärung

Frage 71 von 92

1

Which of the following is not a type of retail bank?

Wähle eine der folgenden:

  • bond bank

  • private bank

  • offshore bank

  • ethical bank

Erklärung

Frage 72 von 92

1

What type of banks were traditionally banks which engaged in trade financing?

Wähle eine der folgenden:

  • ethical

  • offshore

  • merchant

Erklärung

Frage 73 von 92

1

Which of the following is an example of an unsecured bank loan?

Wähle eine der folgenden:

  • bank overdrafts

  • corporate bonds

  • all of the above

Erklärung

Frage 74 von 92

1

Which of the following is not a core module of accounting?

Wähle eine der folgenden:

  • accounts payable

  • debt collection

  • purchase orders

Erklärung

Frage 75 von 92

1

What is a general ledger also known as?

Wähle eine der folgenden:

  • an enumerated ledger

  • none of the above

  • a nominal leder

Erklärung

Frage 76 von 92

1

Which of the following is not one of the seven basic accounting categories?

Wähle eine der folgenden:

  • gains

  • losses

  • investments

Erklärung

Frage 77 von 92

1

the listing of the account names and the sum of the account balances is called what?

Wähle eine der folgenden:

  • a total balance

  • a complete balance

  • an absolute balance

  • a trial balance

Erklärung

Frage 78 von 92

1

Which of the following should be included in a general ledger?

Wähle eine der folgenden:

  • date

  • description

  • total amount for each account

  • all of the above

Erklärung

Frage 79 von 92

1

What kind of statement is also known as a profit and loss statement?

Wähle eine der folgenden:

  • complete statement

  • income statement

  • investment statement

  • earnings statement

Erklärung

Frage 80 von 92

1

What kind of statement shows how changes in balance sheet and income accounts affected cash and cash equivalents?

Wähle eine der folgenden:

  • cash flow statement

  • investment statement

  • earnings statement

  • income statement

Erklärung

Frage 81 von 92

1

a balance sheet is often described as a __________ of the company's financial condition on a given date.

Wähle eine der folgenden:

  • photo

  • slideshow

  • snapshot

Erklärung

Frage 82 von 92

1

What is the purpose of an income statement?

Wähle eine der folgenden:

  • to show managers and investors whether the company is spending its money appropriately

  • to show managers and investors whether the company made or lost money during the period being reported

  • none of the above

Erklärung

Frage 83 von 92

1

the two components of _______ are variable costs and fixed costs.

Wähle eine der folgenden:

  • complete cost

  • required cost

  • total cost

Erklärung

Frage 84 von 92

1

What is the margin of safety?

Wähle eine der folgenden:

  • how much sales can fall before a business makes less than 15%

  • none of the above

  • how much sales can fall before a business starts taking a loss

Erklärung

Frage 85 von 92

1

What are expenses that change as conditions change?

Wähle eine der folgenden:

  • moderate costs

  • variable costs

  • changing costs

Erklärung

Frage 86 von 92

1

What are expenses that do not change called?

Wähle eine der folgenden:

  • known costs

  • stable costs

  • fixed costs

Erklärung

Frage 87 von 92

1

Which of the following are examples of possible fixed costs?

Wähle eine der folgenden:

  • wages of workers

  • raw material

  • neither of the above

  • both of the above

Erklärung

Frage 88 von 92

1

which of the following are examples of possible fixed costs?

Wähle eine der folgenden:

  • property tax

  • both of the above

  • none of the above

Erklärung

Frage 89 von 92

1

What is known as the rate of business expansion through increasing output and sales as opposed to mergers, acquisitions, and takeovers?

Wähle eine der folgenden:

  • corporate growth

  • inorganic growth

  • monetary growth

Erklärung

Frage 90 von 92

1

What is known as the rate at which business expands by increasing output and business reach

Wähle eine der folgenden:

  • organic growth

  • corporate growth

  • inorganic growth

  • monetary growth

Erklärung

Frage 91 von 92

1

What is another term for profit planning?

Wähle eine der folgenden:

  • profit zoning

  • profit mapping

  • profit predicting

  • profit sharing

Erklärung

Frage 92 von 92

1

What is known as the price at which a seller projects that a buyer will buy a product?

Wähle eine der folgenden:

  • target price

  • selling price

  • perfect price

  • profit price

Erklärung

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