Final Finance Exam Flashcards
___Saving to replace your printer will mean considering the time and money required to reach your goal.
True
Being late for a job interview is one of the worst mistakes an applicant can make.
True
When you’re new on the job, you should pay special attention to your appearance to make a good impression.
True
Every business is required by law to make formal, written rules and regulations available to all employees called a handbook.
True
Once you’ve received your first promotion in your chosen career, you will not need to pursue further education.
False
You can use a spending log to figure out how much you spend in various categories
True
The first step in meeting your financial goals is to identify them.
True
One of the benefits of volunteering is that you can put the experience on your resume.
True
Linking goals to values helps motivate people to achieve their goals.
True
Include expected or estimated income and known or estimated expenses when creating an ongoing goal chart.
False
Tangible items that can be touched, used, and purchased are:
Goods
Which of the following is an example of human resource?
Knowledge
Trying to save money to buy a house while you are working only 10 hours a week would not be practical.
True
When you are setting up your budget, you should include the money you earned selling your dog’s litter of puppies.
False
One primary difference between commercial banks and credit unions is that commercial banks operate to make a profit.
True
Using a credit card is just like writing a check in that it withdraws money from your checking account.
False
Ethical behavior calls for honesty. Which of the following actions could be considered ethical?
Studying for a test with a friend.
Having a bank account is more cost effective than using a check cashing company.
False
One way teens can begin taking responsibility for their finances is to open a low-activity checking account with a parent or guardian.
True
If you have $1,000 you should deposit it in a checking account because it pays more interest than a savings account.
False
A dividend is an investment in the ownership of a corporation.
False
______ gives you access to a vast diversity of goods and services through worldwide markets.
Globalization
Always discard old bank statements that you no longer need.
True
________ is used to determine eligibility for federal financial aid.
The Free Application for Federal Student Aid (FASFA)
An example of an aptitude is:
Drawing
Which of the following best represents a measurable goal?
I want to have a masters degree.
__________ is the elimination of jobs generally because the economy is suffering.
Downsizing
Which of the following is a graduate degree?
Masters degree
Which of the following is a postgraduate degree?
Doctorate
A check is a written order for the bank to pay a specific amount to the person or business to whom it is written.
True
Which of the following will most likely require continuing education classes?
Teaching license
Which employment form is used to verify an employee’s identity and that he or she is authorized to work in the United States?
Form I-9
Which of the following is considered a Variable Expense?
Groceries
What is the act of giving away money, good, services, or time to support a cause?
Philanthropy
Which section of a resume is typically the main focus of an employer’s attention?
Work experience
Interest paid to you on an investment that is based solely on your initial deposit?
Simple Interest
Which employment form is used when filing income tax returns?
Form W-2
Which of the following best describes a Budget?
A spending and savings plan based on a person’s income and expenses.
Which question is legal for an interviewer to ask?
How would you handle a disagreement with a coworker?
Of the following, which action should a person take after e very checking account transaction?
Record the transaction in the checkbook registry.
Which employment form is used for the information needed to withhold the appropriate amount of taxes from an employee’s paycheck?
Form W-4
A salary is a fixed payment for work and is expressed as an annual figure.
True
A commission, also known as gratuity, is money paid for service beyond what is required.
False
Which of the following is a Fixed Expense?
Rent
A wage is payment for work calculated on an hourly, daily or piecework basis.
True
Most salaried employees are entitled to overtime pay.
False
The first step in controlling high debt levels is to…
Work out a plan with your creditors to make smaller payments.
Total income before payroll tax deductions is called:
Gross income
One warning sign that you are not using credit wisely is that…
Creditors are calling you.
According to the law, all employees must fill out a W-4 form.
True
Which of the following is an example of a voluntary deduction from your paycheck:
Dental Insurance
It is important to pay all of your creditors on time every month because the largest percentage of your credit score represents…
The type of loans and debts you have.
At which rate is Medicare taxed on in your paycheck?
1.45%
At which rate is Social Security taxed on in your paycheck?
6.2%
How long after an Interview should a “Thank You” letter be sent?
Immediately
What action should you take first if you see your “Debt” is mounting?
Stop using you credit cards.
Sam earned $100.00 in his paycheck. His payroll deductions were $10.00. His net pay is:
$90.00
Which of the following would be considered Business Professional attire?
Dark colored suit.
If Ava makes $10.00 per hour and works 42 hours her gross pay is:
$430.00
Which of the following could not be used to make a purchase on “Credit”?
A Debt card issued by your bank.
An Employees Withholding Allowance Certificate is known as an:
W-4
Which of the following can you do to prevent credit fraud?
All of the Above.
Which of the following is not an example of an employee benefit:
Bonus pay
Which of the following is not a reason for your credit card interest rate to go up?
You have never missed a payment on any credit account.
When the government spends more money than it collects in taxes, a deficit occurs increasing the national debt.
True
Which of the following is not advantage of using credit?
The opportunity cost of paying interest on interest.
If you only have $200.00 remaining in your bank account, what would be the smartest choice to do with the money?
None of the above.
A main category for Federal Discretionary spending is:
National Defense
Sales tax revenue is levied by the Federal Government.
False
You can avoid spending beyond your mean by…
All of the above.
Overtime is calculated as…
1.5 times your hourly rate.
At what age do workers become eligible for full retirement benefits from Social Security?
65
How early should someone arrive for an Job Interview?
15 minutes.
When is the only time you will need to give your Social Security number to an employer?
After they offer you the job?
What are the two purposes of a cover message’s conclusion?
Reiterate your qualifications an state your availability for an interview.
Saving to purchase something you want is wiser than charging it on a credit card because…
All of the above.
Which type of tax has the effect of imposing a higher tax rate on those with lower incomes?
Regressive
Which of the following cannot be done by online banking?
Cash a check.
Which type of bank is commonly known as a full-service bank?
Commercial bank
Customer deposits in a federally insured bank are insured up to what amount?
$250,000
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?
Transfer money from your savings account.
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…
Make sure you receive a $25.00 credit to your next bill.
When you withdraw cash from an ATM owned by your bank…
Your account balance is the immediately lowered by the amount you withdrew.
Which of the following is an example Interest?
The money a bank earns for lending money to borrowers.
Which of the following shares profits with its customers?
Credit Unions.
Which of the following is a full record of a persons credit History?
Credit Report
A responsible person who sings the loan along with the person to whom the loan is granted.
Cosigner
A legally binding agreement between the borrower and the lender.
Contract
The part extending credit is known as the lender or the…
Creditor
The party receiving credit is known as the borrower or the…
Debtor
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.
Open-end Credit
A loan for an agreed amount of money that must be repaid with interest by a specified date or according to a defined schedule.
Closed-end Credit
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
Acceleration Clause
The time between the billing date and start of interest charges
Grace Period
A portion of the purchase price paid up front
Down Payment
