Lack of willingness to accept variety of employment position

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Reference no: EM13927471

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1.The stages that an individual goes through based on age, financial needs, and family situation is called the:
financial planning process.
budgeting procedure.
personal economic cycle.
adult life cycle.
tax planning process.

2. A lack of willingness to accept a variety of employment positions is a common career planning mistake associated with weak:
common sense.
communication.
training.
flexibility.
perseverance.

3. The abilities to work well with numbers, possess problem-solving skills, and have physical dexterity are examples of:
interests.
survival skills.
aptitudes.
occupational attitudes.
on-the-job training.

4. Which of the following situations is a person who could be insolvent?
Assets $56,000; annual expenses $60,000
Assets $78,000; net worth $22,000
Liabilities $45,000; net worth $6,000
Assets $40,000; liabilities $45,000
Annual cash inflows $45,000; liabilities $50,000

5.  Payments that do not vary from month to month are ____________ expenses.
fixed
current
variable
luxury
budgeted

6. Reductions from gross income for such items as individual retirement account contributions and alimony payments will result in:
adjusted gross income.
taxable income.
earned income.
passive income.
total exclusions.

7. Tax-deferred retirement plans are a type of:
exemption.
itemized deduction.
passive income.
tax shelter.
tax credit.

8.  A deduction from adjusted gross income for yourself, your spouse, and qualified dependents is:
the standard deduction.
a tax credit.
an itemized deduction.
an exclusion.
an exemption.

9. A tax credit of $50 for a person in a 28 percent tax bracket would reduce a person's taxes by:
$10.
$28.
$14.
$50.
$35.

10. The rate of return on a savings account is also referred to as:
liquidity.
compounding.
yield.
insolvency.
asset management.

11.  A $200 savings account that earns $13 interest in a year has a yield of ____________ percent.
6
13
7
11.25
6.5

12.  Dave's take home pay per month is $2200. What is the maximum dollar amount of debt payments he should have?
$880
$440
$330
$220
$0

13.  If you have incorrect information in your credit file:
you can't really do much about it.
you have no legal remedies.
credit bureaus are not required to change it.
there are legal remedies available to you.
don't worry much because you will still get the credit.

14.  Gordon Carey uses his Visa card to purchase a new digital camera and lens. What type of credit did Gordon use?
installment sales credit
installment cash credit
single lump sum credit
revolving credit
incidental credit

15.  Which bankruptcy allows a debtor with a regular income to extinguish his or her debts from future earnings or other property over a period of time?
Chapter 7
Chapter 11
Chapter 13
Chapter 15

16.  Gary Simpson notices that his neighbor has a brand new Ford F150 truck parked in the driveway. Gary decides that he needs a new car and goes out and purchases a Hummer with a six year loan on it. Which reason for indebtedness is this an example of?
misunderstanding or lack of communication
the use of money to punish
the expectation of instant comfort
keeping up with the Joneses
overindulgence of children

17.  Which of the following would likely be the least expensive place to borrow?
Car dealer.
Appliance store.
Relative.
Department store.
Finance company.

18. An intermediate-term investment objective is defined as one that will be accomplished within a period of?
Less than two years.
Two to five years.
More than five years.
None of the choices.

19.  Which of the following is a true statement?
When choosing an investment, it is not necessary to consider the risk factor.
During inflationary times, there is a risk that the financial return on an investment will not keep pace with the rate of inflation.
The interest rate risk associated with investments in bonds is the result of changes in business conditions faced by companies.
The risk of business failure deals with changes in the value of stocks and bonds due to changes in interest rates in the market.
The price of stocks, bonds, and other investments never fluctuates in the market.

20. Matt Dannon just bought the stock of a company. He knows that with this stock comes the responsibility to approve major actions taken by the company. What gives Matt this responsibility?
Equity
Proxy
Voting rights
Dividends
None of the choices

21. Nancy Groom owns one $1,000 corporate bond issued by Chevron. The bond pays 8.5 percent. If interest is paid semiannually, what is the amount of the check that Ms. Groom will receive at the end of each six-month period?
$4.25
$42.50
$85
$850
$1,000

22. A corporate bond that is secured by various assets of the issuing firm is called a(n) ____________ bond.
debenture
mortgage
indenture
preemptive
treasury

23.  Today bond ownership records are maintained using a process called:
certified registration.
book entry.
revenue recognition process.
coupon registration.
general obligation process.

24.  A personal opportunity cost associated with a consumer purchase refers to:
buying on credit.
selecting a commonly known brand.
the influence of advertising on consumers.
time used to compare prices.
government regulation of deceptive business-government activities in an effort to prevent consumer fraud.

25. A 32-ounce package selling for $1.60 would have a unit price of:
$1.60
$2.00 a pound
5¢ an ounce
80¢ a quart
12¢ an ounce

26. Which of the following information is required on food labels?
open dating
unit pricing
a generic name
common product name

27. Federal Trade Commission regulations require that:
all used cars be sold with a warranty.
used car buyers be informed if the vehicle comes with a warranty.
used cars over 100,000 miles cannot be sold.
major repairs must be made on all used cars offered for sale.
the seller must pay for one-half of major repairs on a defective used car.

28.  Negative amortization is the result of:
a lower amount owed on the mortgage.
a higher amount owed on the mortgage.
a lower escrow account.
lower interest rates.
a lower down payment.

29. Most health insurance policies in the United States are sold to:
victims of communicable diseases.
individuals with families.
single individuals with no dependents.
employees and their dependents.
employers, who in turn offer the benefits to employees.

30.A mutual fund in which no sales charge is paid by the individual investor is called a(n) ____________ fund.
closed-end
open-end
load
no-load
convertible fund.

31. A mutual fund that invests in companies outside the United States is called a(n) ____________ fund.
growth-income
income
international
industry
global market

32.  A handwritten will is called a(n):
holographic will.
formal will.
statutory will.
letter of last instruction.
informal will.

1. The stages that an individual goes through based on age, financial needs, and family situation is called the:
financial planning process.
budgeting procedure.
personal economic cycle.
adult life cycle.
tax planning process.

2.  A lack of willingness to accept a variety of employment positions is a common career planning mistake associated with weak:
common sense.
communication.
training.
flexibility.
perseverance.

3. The abilities to work well with numbers, possess problem-solving skills, and have physical dexterity are examples of:
interests.
survival skills.
aptitudes.
occupational attitudes.
on-the-job training.

4. Which of the following situations is a person who could be insolvent?
Assets $56,000; annual expenses $60,000
Assets $78,000; net worth $22,000
Liabilities $45,000; net worth $6,000
Assets $40,000; liabilities $45,000
Annual cash inflows $45,000; liabilities $50,000

5.  Payments that do not vary from month to month are ____________ expenses.
fixed
current
variable
luxury
budgeted

6.  Reductions from gross income for such items as individual retirement account contributions and alimony payments will result in:
adjusted gross income.
taxable income.
earned income.
passive income.
total exclusions.

7.  Tax-deferred retirement plans are a type of:
exemption.
itemized deduction.
passive income.
tax shelter.
tax credit.

8. A deduction from adjusted gross income for yourself, your spouse, and qualified dependents is:
the standard deduction.
a tax credit.
an itemized deduction.
an exclusion.
an exemption.

9. A tax credit of $50 for a person in a 28 percent tax bracket would reduce a person's taxes by:
$10.
$28.
$14.
$50.
$35.

10. The rate of return on a savings account is also referred to as:
liquidity.
compounding.
yield.
insolvency.
asset management.

11. A $200 savings account that earns $13 interest in a year has a yield of ____________ percent.
6
13
7
11.25
6.5

12. Dave's take home pay per month is $2200. What is the maximum dollar amount of debt payments he should have?
$880
$440
$330
$220
$0

13.  If you have incorrect information in your credit file:
you can't really do much about it.
you have no legal remedies.
credit bureaus are not required to change it.
there are legal remedies available to you.
don't worry much because you will still get the credit.

14. Gordon Carey uses his Visa card to purchase a new digital camera and lens. What type of credit did Gordon use?
installment sales credit
installment cash credit
single lump sum credit
revolving credit
incidental credit

15. Which bankruptcy allows a debtor with a regular income to extinguish his or her debts from future earnings or other property over a period of time?
Chapter 7
Chapter 11
Chapter 13
Chapter 15

16.  Gary Simpson notices that his neighbor has a brand new Ford F150 truck parked in the driveway. Gary decides that he needs a new car and goes out and purchases a Hummer with a six year loan on it. Which reason for indebtedness is this an example of?
misunderstanding or lack of communication
the use of money to punish
the expectation of instant comfort
keeping up with the Joneses
overindulgence of children

17. Which of the following would likely be the least expensive place to borrow?
Car dealer.
Appliance store.
Relative.
Department store.
Finance company.

18. An intermediate-term investment objective is defined as one that will be accomplished within a period of?
Less than two years.
Two to five years.
More than five years.
None of the choices.

19. Which of the following is a true statement?
When choosing an investment, it is not necessary to consider the risk factor.
During inflationary times, there is a risk that the financial return on an investment will not keep pace with the rate of inflation.
The interest rate risk associated with investments in bonds is the result of changes in business conditions faced by companies.
The risk of business failure deals with changes in the value of stocks and bonds due to changes in interest rates in the market.
The price of stocks, bonds, and other investments never fluctuates in the market.

20. Matt Dannon just bought the stock of a company. He knows that with this stock comes the responsibility to approve major actions taken by the company. What gives Matt this responsibility?
Equity
Proxy
Voting rights
Dividends
None of the choices

21. Nancy Groom owns one $1,000 corporate bond issued by Chevron. The bond pays 8.5 percent. If interest is paid semiannually, what is the amount of the check that Ms. Groom will receive at the end of each six-month period?
$4.25
$42.50
$85
$850
$1,000

22. A corporate bond that is secured by various assets of the issuing firm is called a(n) ____________ bond.
debenture
mortgage
indenture
preemptive
treasury

23.  Today bond ownership records are maintained using a process called:
certified registration.
book entry.
revenue recognition process.
coupon registration.
general obligation process.

24. A personal opportunity cost associated with a consumer purchase refers to:
buying on credit.
selecting a commonly known brand.
the influence of advertising on consumers.
time used to compare prices.
government regulation of deceptive business-government activities in an effort to prevent consumer fraud.

25. A 32-ounce package selling for $1.60 would have a unit price of:
$1.60
$2.00 a pound
5¢ an ounce
80¢ a quart
12¢ an ounce

26. Which of the following information is required on food labels?
open dating
unit pricing
a generic name
common product name

27. Federal Trade Commission regulations require that:
all used cars be sold with a warranty.
used car buyers be informed if the vehicle comes with a warranty.
used cars over 100,000 miles cannot be sold.
major repairs must be made on all used cars offered for sale.
the seller must pay for one-half of major repairs on a defective used car.

28. Negative amortization is the result of:
a lower amount owed on the mortgage.
a higher amount owed on the mortgage.
a lower escrow account.
lower interest rates.
a lower down payment.

29. Most health insurance policies in the United States are sold to:
victims of communicable diseases.
individuals with families.
single individuals with no dependents.
employees and their dependents.
employers, who in turn offer the benefits to employees.

30.  A mutual fund in which no sales charge is paid by the individual investor is called a(n) ____________ fund.
closed-end
open-end
load
no-load
convertible fund.

31. A mutual fund that invests in companies outside the United States is called a(n) ____________ fund.
growth-income
income
international
industry
global market

32.  A handwritten will is called a(n):
holographic will.
formal will.
statutory will.
letter of last instruction.
informal will.

Reference no: EM13927471

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