You want to determine the current value of an annuity that

Reference no: EM13485418

1.When a person faces a trade-off and must give up something by making a choice,
this is referred to as

taking out a loan.
opportunity cost.
the evaluation of alternatives.
a decision-making process.
a dilemma.

2.When bankruptcy is experienced, this can be the result of poor decisions in the _____ component of financial planning.

sharing
saving
borrowing
lending
protecting

3.From an economic standpoint, prices in the marketplace are determined through

the stock market.
the government.
employment.
supply and demand.
interest rates.

4.Loan risk can increase with _____.

constant interest rates
a short time to maturity
lower consumer prices
rising consumer prices
a good credit rating

5.The future value of an account in which $2,000 is deposited each year for 5 years, and which earns 4%, is approximately _____ after 5 years.

$2,000
$2,400
$10,000
$400
$10,800

6.Higher employment levels can be attributed to

lower consumer prices.
reduced employment levels.
lower interest rates.
higher employment levels.
increased consumer spending.

7.When it comes to the financial planning process, the first step is to

develop financial goals.
implement the financial plan.
evaluate and revise your actions.
analyze your current personal and financial situation.
create a financial plan of action.

8.If a person wants to determine the current value of a desired amount for the future, the following computation would be used.

Simple interest
Present value of a single amount
Future value of a series of deposits
Future value of a single amount
Present value of a series of deposits

9.Brad Opper has a goal of "saving $50 a month for vacation." Brad's goal lacks

a realistic perspective.
specific terms.
the type of action to be taken.
a purpose.
a time frame.

10.If John Smith is making plans to make holiday purchases at the end of the year, he is setting a(n) _____ goal.

intermediate
long-term
short-term
intangible
durable

11.You want to determine the current value of an annuity that pays $350 a month for the next 5 years. What type of calculation would provide you with this value?

Future value of a single amount
Simple interest
Present value of a single amount
Future value of a series of deposits
Present value of a series of deposits

12.If an employee has tax-deferred benefits, this means that the benefits are

taxed at some point in the future.
not subject to state income tax.
exempt from federal income tax.
taxed at a special rate.

13.A cash flow statement reports a person's or a family's

net worth.
plan for spending.
value of investments.
balance of savings.
current income and payments.

14.A _____ résumé would best be used by an employee who has worked in many fields and has a variety of skills in a variety of work-related categories.

targeted
goal-oriented
chronological
functional
career change

15.When a prospective employee presents a _____ résumé, this means that educational and work experiences are presented in a reverse time sequence.

goal-oriented
functional
sequenced
chronological
database

16. _____ refers to the natural abilities people possess that can be brought to the workplace.

Knowledge
Attitudes
Survival skills
Occupation techniques
Aptitudes

17.The distinction between current liabilities and long-term liabilities can be made based upon the

amount owed.
due date of the debt.
interest rate charged.
financial situation of the creditor.
current economic conditions.

18.A savings amount of $3,500 on deposit for 4 years at 4% interest (compounded annually) would earn about

$ 650.
$ 600.
$560.
$140.
$350.

19.A person's financial position can be improved if he or she experiences

increased liabilities.
reductions in earnings.
additional credit purchases.
an increase in investments and savings.
lower amounts deposited in savings.

20.Which of the following situations best represents an individual facing insolvency?

Assets $30,000; liabilities $37,000
Assets $78,000; net worth $22,000
Liabilities $45,000; net worth $6,000
Assets $56,000; annual expenses $60,000
Annual cash inflows $45,000; liabilities $50,000

Reference no: EM13485418

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