The earliest type of trade was?
cowry shell currency
The economies of all cultures are based on?
Historians believe that the Chinese developed the first?
Corporate structure may be defined as ________.
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
which of the following might not be an option for increasing your present income?
requesting a merit increase in pay
quitting your job to find another
looking for a better job without quitting your old job
Which of the following is true about a merit increase in pay?
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
Your resume should include all of the following information EXCEPT?
The single best way to increase your income is to get an education. Why?
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
Which of the following will probably earn a higher level of income?
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
the term median means ______.
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 term average means _______.
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 term "educational attainment" means _______.
you are attending school to earn a degree
whatever education you have gotten
you have earned the highest degree possible in your field
Your choice of career should be based on which factors?
the location of possible jobs
your interests and knowledge
the salary ranges and your interests
whether or not they will provide daycare
Which of the following is not true concerning Income Tax Refunds?
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
When claiming dependents, they must meet the following criteria EXCEPT?
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
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 _____.
A form of taxation in which everyone pays an equal rate of taxes is called a _______.
A form of taxation in which the highest income earner pays the largest percentage of taxes is called a _______.
A form of taxation in which the lowest incom earners pay the largest percentage of taxes is called a ______.
Which of the following is not considered part of your gross income?
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
Which of the following is not true about your adjusted gross income?
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
Which of the following is true about standard deductions?
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
A dollar-for-dollar reduction in your tax payment is called a _______.
Which of the following best defines health insurance?
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
Which of the following illustrates the main difference between Medicare and Medicaid?
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
Which of the following is not true about managed care?
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
Which of the following statements is true about Medicaid?
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
What is life insurance?
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
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?
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
Which of the following statements is not true about HMO insurance?
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
Which of the following statements is not true about disability insurance?
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
Which of the following might be considered positive aspects of HMO's?
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
Which of the following might be considered a negative aspect of HMO's?
HMO's focus on preventative care
Not easy to receive specialized care
A FICO score represents all of the following EXCEPT?
income to debt ratio
length of credit history
On average, compared to a person with good credit, a person with poor credit will pay ____ for insurance?
5% to 10% more
10% to 15% less
20% to 50% more
25% to 40% more
How long does it take to rebuild your credit history?
Secured debt means a lender gives yo money in exchange for what?
Which type of debt is the least attractive for a consumer?
When an asset, such as a car, decreases in value over time what is it called?
If you miss one payment on a credit card, what is generally the penalty?
a lower available credit line
a late payment fee
a negative notation on your credit report
if you miss two payments on a credit card, what is generally the penalty?
a late payment fee and a lower available credit line
a higher interest rate and a late payment fee
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).
How many monthly payments are there in a 30-year loan?
What can the be best type of safety net in hard times?
none of the above
Generally, you need to live in a home __________ years to break even on closing costs
What is generally the most complicated financial transaction the average american will ever undertake?
buying a car
buying a home
real estate is considered a/an ________ investment.
Individual mortgage interest rates are generally determined by what?
The individual's credit score
The property value
the state the property is located in
What is PMI?
Personal mortgage investment
Personal mortgage insurance
Personal mortgage interest
Who dictates how much insurance a homeowner must carry on their property?
the bank that holds the mortgage
Assuming you have a 30-year fixed-rate loan, you're paying _______% interest during the first few years.
Why is investing gold beneficial?
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
What type of insurance may a homeowner need?
all of the above
Which of the following is not one of the three types of business arrangements in the United States?
with a sole proprietorship, who pays the taxes?
both the shareholders and the owner
which of the following would not be considered an advantage of a sole proprietorship?
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
What can a proprietor do to minimize personal risk and liability?
change his/her name
form a limited liability proprietorship
form a limited liability partnership
form a limited liability company
Why are partnerships often favored over corporations?
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
What are the two types of partnerships?
general and private
limited and general
private and limited
which of the following would not be considered an advantage of a partnership?
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
As a generic legal term, ________ means any group of persons with a legal entity.
Who regulates a corporation?
the corporation's founders
the corporations's union
Which of the following is not a legal characteristic of a corporation?
legal protection from law suits
What is an entrepreneur?
one who opens a new business
a bank that loads money
Which of the following is the best definition of probable operating costs?
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
What may be offered to clients when banks find the risk too high?
which of the following s a start-up cost associated with opening a business?
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?
what does "OPM" stand for in leveraging OPM?
other profit means
other people's money
organizational profit marketing
Generally, a load obtained from a bank will be a ________ loan.
Which of the following is not a type of retail bank?
What type of banks were traditionally banks which engaged in trade financing?
Which of the following is an example of an unsecured bank loan?
Which of the following is not a core module of accounting?
What is a general ledger also known as?
an enumerated ledger
a nominal leder
Which of the following is not one of the seven basic accounting categories?
the listing of the account names and the sum of the account balances is called what?
a total balance
a complete balance
an absolute balance
a trial balance
Which of the following should be included in a general ledger?
total amount for each account
What kind of statement is also known as a profit and loss statement?
What kind of statement shows how changes in balance sheet and income accounts affected cash and cash equivalents?
cash flow statement
a balance sheet is often described as a __________ of the company's financial condition on a given date.
What is the purpose of an income statement?
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
the two components of _______ are variable costs and fixed costs.
What is the margin of safety?
how much sales can fall before a business makes less than 15%
how much sales can fall before a business starts taking a loss
What are expenses that change as conditions change?
What are expenses that do not change called?
Which of the following are examples of possible fixed costs?
wages of workers
neither of the above
both of the above
which of the following are examples of possible fixed costs?
What is known as the rate of business expansion through increasing output and sales as opposed to mergers, acquisitions, and takeovers?
What is known as the rate at which business expands by increasing output and business reach
What is another term for profit planning?
What is known as the price at which a seller projects that a buyer will buy a product?