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personal finance assessment questions

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personal finance - semester 1

Pregunta 1 de 92

1

The earliest type of trade was?

Selecciona una de las siguientes respuestas posibles:

  • bartering

  • currency

  • economies

  • cowry shell currency

Explicación

Pregunta 2 de 92

1

The economies of all cultures are based on?

Selecciona una de las siguientes respuestas posibles:

  • currency

  • supermarkets

  • trade

Explicación

Pregunta 3 de 92

1

Historians believe that the Chinese developed the first?

Selecciona una de las siguientes respuestas posibles:

  • credit card

  • metal currency

  • supermarket

Explicación

Pregunta 4 de 92

1

Corporate structure may be defined as ________.

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 5 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • requesting a merit increase in pay

  • quitting your job to find another

  • looking for a better job without quitting your old job

Explicación

Pregunta 6 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 7 de 92

1

Your resume should include all of the following information EXCEPT?

Selecciona una de las siguientes respuestas posibles:

  • personal history

  • education background

  • qualifications

  • contact information

Explicación

Pregunta 8 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 9 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 10 de 92

1

the term median means ______.

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 11 de 92

1

The term average means _______.

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 12 de 92

1

The term "educational attainment" means _______.

Selecciona una de las siguientes respuestas posibles:

  • you are attending school to earn a degree

  • whatever education you have gotten

  • you have earned the highest degree possible in your field

Explicación

Pregunta 13 de 92

1

Your choice of career should be based on which factors?

Selecciona una de las siguientes respuestas posibles:

  • the location of possible jobs

  • your interests and knowledge

  • the salary ranges and your interests

  • whether or not they will provide daycare

Explicación

Pregunta 14 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 15 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 16 de 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 _____.

Selecciona una de las siguientes respuestas posibles:

  • a credit

  • witholding

  • a deduction

  • an exlusion

Explicación

Pregunta 17 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • progressive tax

  • regressive tax

  • flat tax

  • net tax

Explicación

Pregunta 18 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • regressive tax

  • flat tax

  • net tax

Explicación

Pregunta 19 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • regressive tax

  • flat tax

  • net tax

  • progressive tax

Explicación

Pregunta 20 de 92

1

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

Selecciona una o más de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 21 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 22 de 92

1

Which of the following is true about standard deductions?

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 23 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • deduction

  • flat tax

  • credit

  • debit

Explicación

Pregunta 24 de 92

1

Which of the following best defines health insurance?

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 25 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 26 de 92

1

Which of the following is not true about managed care?

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 27 de 92

1

Which of the following statements is true about Medicaid?

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 28 de 92

1

What is life insurance?

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 29 de 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?

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 30 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 31 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 32 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 33 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • HMO's focus on preventative care

  • Not easy to receive specialized care

  • free choice of primary care physician

Explicación

Pregunta 34 de 92

1

A FICO score represents all of the following EXCEPT?

Selecciona una de las siguientes respuestas posibles:

  • income to debt ratio

  • creditworthiness

  • length of credit history

Explicación

Pregunta 35 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 5% to 10% more

  • 10% to 15% less

  • 20% to 50% more

  • 25% to 40% more

Explicación

Pregunta 36 de 92

1

How long does it take to rebuild your credit history?

Selecciona una de las siguientes respuestas posibles:

  • 7 years

  • 9 years

  • 30 years

  • 8 years

Explicación

Pregunta 37 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • collateral

  • credit report

  • principal

  • interest

Explicación

Pregunta 38 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • secured debt

  • mortgage debt

  • lease debt

Explicación

Pregunta 39 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • equity

  • leasing

  • depreciation

Explicación

Pregunta 40 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • a lower available credit line

  • a late payment fee

  • a negative notation on your credit report

Explicación

Pregunta 41 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 42 de 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).

Selecciona una de las siguientes respuestas posibles:

  • $23.70

  • $237.00

  • $230.70

Explicación

Pregunta 43 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 365

  • 360

  • 100

Explicación

Pregunta 44 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • rental property

  • none of the above

  • mortgage

Explicación

Pregunta 45 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • two

  • three

  • four

Explicación

Pregunta 46 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • buying a car

  • buying a home

  • none of the above

Explicación

Pregunta 47 de 92

1

real estate is considered a/an ________ investment.

Selecciona una de las siguientes respuestas posibles:

  • liquid

  • sure

  • partially-liquid

Explicación

Pregunta 48 de 92

1

Individual mortgage interest rates are generally determined by what?

Selecciona una de las siguientes respuestas posibles:

  • The economy

  • The individual's credit score

  • The property value

  • the state the property is located in

Explicación

Pregunta 49 de 92

1

What is PMI?

Selecciona una de las siguientes respuestas posibles:

  • Personal mortgage investment

  • Personal mortgage insurance

  • Personal mortgage interest

Explicación

Pregunta 50 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • the state the property is located in

  • the bank that holds the mortgage

  • the owner

  • none of the above

Explicación

Pregunta 51 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 90

  • 80

  • 70

  • 60

Explicación

Pregunta 52 de 92

1

Why is investing gold beneficial?

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 53 de 92

1

What type of insurance may a homeowner need?

Selecciona una de las siguientes respuestas posibles:

  • flood insurance

  • firestorm insurance

  • all of the above

Explicación

Pregunta 54 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • sole proprietorship

  • partnership

  • sole partnership

  • coporation

Explicación

Pregunta 55 de 92

1

with a sole proprietorship, who pays the taxes?

Selecciona una de las siguientes respuestas posibles:

  • the company

  • both the shareholders and the owner

  • the owner

Explicación

Pregunta 56 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 57 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • change his/her name

  • form a limited liability proprietorship

  • form a limited liability partnership

  • form a limited liability company

Explicación

Pregunta 58 de 92

1

Why are partnerships often favored over corporations?

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 59 de 92

1

What are the two types of partnerships?

Selecciona una de las siguientes respuestas posibles:

  • general and private

  • limited and general

  • private and limited

Explicación

Pregunta 60 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 61 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • corporation

  • business

  • partnership

  • proprietorship

Explicación

Pregunta 62 de 92

1

Who regulates a corporation?

Selecciona una de las siguientes respuestas posibles:

  • the bondholders

  • the corporation's founders

  • the corporations's union

Explicación

Pregunta 63 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • transferable shares

  • perpetual life

  • limited liability

  • legal protection from law suits

Explicación

Pregunta 64 de 92

1

What is an entrepreneur?

Selecciona una de las siguientes respuestas posibles:

  • a corporation

  • one who opens a new business

  • a bank that loads money

Explicación

Pregunta 65 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 66 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • personal money

  • partnership money

  • private money

Explicación

Pregunta 67 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • legal fees/licensing

  • insurance

  • all of the above

Explicación

Pregunta 68 de 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?

Selecciona una de las siguientes respuestas posibles:

  • capital financing

  • leverage financing

  • creative financing

Explicación

Pregunta 69 de 92

1

what does "OPM" stand for in leveraging OPM?

Selecciona una de las siguientes respuestas posibles:

  • other profit means

  • other people's money

  • organizational profit marketing

Explicación

Pregunta 70 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • variable

  • collateral-free

  • term

Explicación

Pregunta 71 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • bond bank

  • private bank

  • offshore bank

  • ethical bank

Explicación

Pregunta 72 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • ethical

  • offshore

  • merchant

Explicación

Pregunta 73 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • bank overdrafts

  • corporate bonds

  • all of the above

Explicación

Pregunta 74 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • accounts payable

  • debt collection

  • purchase orders

Explicación

Pregunta 75 de 92

1

What is a general ledger also known as?

Selecciona una de las siguientes respuestas posibles:

  • an enumerated ledger

  • none of the above

  • a nominal leder

Explicación

Pregunta 76 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • gains

  • losses

  • investments

Explicación

Pregunta 77 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • a total balance

  • a complete balance

  • an absolute balance

  • a trial balance

Explicación

Pregunta 78 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • date

  • description

  • total amount for each account

  • all of the above

Explicación

Pregunta 79 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • complete statement

  • income statement

  • investment statement

  • earnings statement

Explicación

Pregunta 80 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • cash flow statement

  • investment statement

  • earnings statement

  • income statement

Explicación

Pregunta 81 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • photo

  • slideshow

  • snapshot

Explicación

Pregunta 82 de 92

1

What is the purpose of an income statement?

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 83 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • complete cost

  • required cost

  • total cost

Explicación

Pregunta 84 de 92

1

What is the margin of safety?

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 85 de 92

1

What are expenses that change as conditions change?

Selecciona una de las siguientes respuestas posibles:

  • moderate costs

  • variable costs

  • changing costs

Explicación

Pregunta 86 de 92

1

What are expenses that do not change called?

Selecciona una de las siguientes respuestas posibles:

  • known costs

  • stable costs

  • fixed costs

Explicación

Pregunta 87 de 92

1

Which of the following are examples of possible fixed costs?

Selecciona una de las siguientes respuestas posibles:

  • wages of workers

  • raw material

  • neither of the above

  • both of the above

Explicación

Pregunta 88 de 92

1

which of the following are examples of possible fixed costs?

Selecciona una de las siguientes respuestas posibles:

  • property tax

  • both of the above

  • none of the above

Explicación

Pregunta 89 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • corporate growth

  • inorganic growth

  • monetary growth

Explicación

Pregunta 90 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • organic growth

  • corporate growth

  • inorganic growth

  • monetary growth

Explicación

Pregunta 91 de 92

1

What is another term for profit planning?

Selecciona una de las siguientes respuestas posibles:

  • profit zoning

  • profit mapping

  • profit predicting

  • profit sharing

Explicación

Pregunta 92 de 92

1

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

Selecciona una de las siguientes respuestas posibles:

  • target price

  • selling price

  • perfect price

  • profit price

Explicación

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