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personal finance assessment questions

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personal finance - semester 1

Questão 1 de 92

1

The earliest type of trade was?

Selecione uma das seguintes:

  • bartering

  • currency

  • economies

  • cowry shell currency

Explicação

Questão 2 de 92

1

The economies of all cultures are based on?

Selecione uma das seguintes:

  • currency

  • supermarkets

  • trade

Explicação

Questão 3 de 92

1

Historians believe that the Chinese developed the first?

Selecione uma das seguintes:

  • credit card

  • metal currency

  • supermarket

Explicação

Questão 4 de 92

1

Corporate structure may be defined as ________.

Selecione uma das seguintes:

  • 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

Explicação

Questão 5 de 92

1

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

Selecione uma das seguintes:

  • requesting a merit increase in pay

  • quitting your job to find another

  • looking for a better job without quitting your old job

Explicação

Questão 6 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 7 de 92

1

Your resume should include all of the following information EXCEPT?

Selecione uma das seguintes:

  • personal history

  • education background

  • qualifications

  • contact information

Explicação

Questão 8 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 9 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 10 de 92

1

the term median means ______.

Selecione uma das seguintes:

  • 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

Explicação

Questão 11 de 92

1

The term average means _______.

Selecione uma das seguintes:

  • 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

Explicação

Questão 12 de 92

1

The term "educational attainment" means _______.

Selecione uma das seguintes:

  • you are attending school to earn a degree

  • whatever education you have gotten

  • you have earned the highest degree possible in your field

Explicação

Questão 13 de 92

1

Your choice of career should be based on which factors?

Selecione uma das seguintes:

  • the location of possible jobs

  • your interests and knowledge

  • the salary ranges and your interests

  • whether or not they will provide daycare

Explicação

Questão 14 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 15 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 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 _____.

Selecione uma das seguintes:

  • a credit

  • witholding

  • a deduction

  • an exlusion

Explicação

Questão 17 de 92

1

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

Selecione uma das seguintes:

  • progressive tax

  • regressive tax

  • flat tax

  • net tax

Explicação

Questão 18 de 92

1

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

Selecione uma das seguintes:

  • regressive tax

  • flat tax

  • net tax

Explicação

Questão 19 de 92

1

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

Selecione uma das seguintes:

  • regressive tax

  • flat tax

  • net tax

  • progressive tax

Explicação

Questão 20 de 92

1

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

Selecione uma ou mais das seguintes:

  • 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

Explicação

Questão 21 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 22 de 92

1

Which of the following is true about standard deductions?

Selecione uma das seguintes:

  • 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

Explicação

Questão 23 de 92

1

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

Selecione uma das seguintes:

  • deduction

  • flat tax

  • credit

  • debit

Explicação

Questão 24 de 92

1

Which of the following best defines health insurance?

Selecione uma das seguintes:

  • 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

Explicação

Questão 25 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 26 de 92

1

Which of the following is not true about managed care?

Selecione uma das seguintes:

  • 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

Explicação

Questão 27 de 92

1

Which of the following statements is true about Medicaid?

Selecione uma das seguintes:

  • 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

Explicação

Questão 28 de 92

1

What is life insurance?

Selecione uma das seguintes:

  • 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

Explicação

Questão 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?

Selecione uma das seguintes:

  • 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

Explicação

Questão 30 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 31 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 32 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 33 de 92

1

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

Selecione uma das seguintes:

  • HMO's focus on preventative care

  • Not easy to receive specialized care

  • free choice of primary care physician

Explicação

Questão 34 de 92

1

A FICO score represents all of the following EXCEPT?

Selecione uma das seguintes:

  • income to debt ratio

  • creditworthiness

  • length of credit history

Explicação

Questão 35 de 92

1

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

Selecione uma das seguintes:

  • 5% to 10% more

  • 10% to 15% less

  • 20% to 50% more

  • 25% to 40% more

Explicação

Questão 36 de 92

1

How long does it take to rebuild your credit history?

Selecione uma das seguintes:

  • 7 years

  • 9 years

  • 30 years

  • 8 years

Explicação

Questão 37 de 92

1

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

Selecione uma das seguintes:

  • collateral

  • credit report

  • principal

  • interest

Explicação

Questão 38 de 92

1

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

Selecione uma das seguintes:

  • secured debt

  • mortgage debt

  • lease debt

Explicação

Questão 39 de 92

1

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

Selecione uma das seguintes:

  • equity

  • leasing

  • depreciation

Explicação

Questão 40 de 92

1

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

Selecione uma das seguintes:

  • a lower available credit line

  • a late payment fee

  • a negative notation on your credit report

Explicação

Questão 41 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 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).

Selecione uma das seguintes:

  • $23.70

  • $237.00

  • $230.70

Explicação

Questão 43 de 92

1

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

Selecione uma das seguintes:

  • 365

  • 360

  • 100

Explicação

Questão 44 de 92

1

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

Selecione uma das seguintes:

  • rental property

  • none of the above

  • mortgage

Explicação

Questão 45 de 92

1

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

Selecione uma das seguintes:

  • two

  • three

  • four

Explicação

Questão 46 de 92

1

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

Selecione uma das seguintes:

  • buying a car

  • buying a home

  • none of the above

Explicação

Questão 47 de 92

1

real estate is considered a/an ________ investment.

Selecione uma das seguintes:

  • liquid

  • sure

  • partially-liquid

Explicação

Questão 48 de 92

1

Individual mortgage interest rates are generally determined by what?

Selecione uma das seguintes:

  • The economy

  • The individual's credit score

  • The property value

  • the state the property is located in

Explicação

Questão 49 de 92

1

What is PMI?

Selecione uma das seguintes:

  • Personal mortgage investment

  • Personal mortgage insurance

  • Personal mortgage interest

Explicação

Questão 50 de 92

1

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

Selecione uma das seguintes:

  • the state the property is located in

  • the bank that holds the mortgage

  • the owner

  • none of the above

Explicação

Questão 51 de 92

1

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

Selecione uma das seguintes:

  • 90

  • 80

  • 70

  • 60

Explicação

Questão 52 de 92

1

Why is investing gold beneficial?

Selecione uma das seguintes:

  • 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

Explicação

Questão 53 de 92

1

What type of insurance may a homeowner need?

Selecione uma das seguintes:

  • flood insurance

  • firestorm insurance

  • all of the above

Explicação

Questão 54 de 92

1

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

Selecione uma das seguintes:

  • sole proprietorship

  • partnership

  • sole partnership

  • coporation

Explicação

Questão 55 de 92

1

with a sole proprietorship, who pays the taxes?

Selecione uma das seguintes:

  • the company

  • both the shareholders and the owner

  • the owner

Explicação

Questão 56 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 57 de 92

1

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

Selecione uma das seguintes:

  • change his/her name

  • form a limited liability proprietorship

  • form a limited liability partnership

  • form a limited liability company

Explicação

Questão 58 de 92

1

Why are partnerships often favored over corporations?

Selecione uma das seguintes:

  • 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

Explicação

Questão 59 de 92

1

What are the two types of partnerships?

Selecione uma das seguintes:

  • general and private

  • limited and general

  • private and limited

Explicação

Questão 60 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 61 de 92

1

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

Selecione uma das seguintes:

  • corporation

  • business

  • partnership

  • proprietorship

Explicação

Questão 62 de 92

1

Who regulates a corporation?

Selecione uma das seguintes:

  • the bondholders

  • the corporation's founders

  • the corporations's union

Explicação

Questão 63 de 92

1

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

Selecione uma das seguintes:

  • transferable shares

  • perpetual life

  • limited liability

  • legal protection from law suits

Explicação

Questão 64 de 92

1

What is an entrepreneur?

Selecione uma das seguintes:

  • a corporation

  • one who opens a new business

  • a bank that loads money

Explicação

Questão 65 de 92

1

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

Selecione uma das seguintes:

  • 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

Explicação

Questão 66 de 92

1

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

Selecione uma das seguintes:

  • personal money

  • partnership money

  • private money

Explicação

Questão 67 de 92

1

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

Selecione uma das seguintes:

  • legal fees/licensing

  • insurance

  • all of the above

Explicação

Questão 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?

Selecione uma das seguintes:

  • capital financing

  • leverage financing

  • creative financing

Explicação

Questão 69 de 92

1

what does "OPM" stand for in leveraging OPM?

Selecione uma das seguintes:

  • other profit means

  • other people's money

  • organizational profit marketing

Explicação

Questão 70 de 92

1

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

Selecione uma das seguintes:

  • variable

  • collateral-free

  • term

Explicação

Questão 71 de 92

1

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

Selecione uma das seguintes:

  • bond bank

  • private bank

  • offshore bank

  • ethical bank

Explicação

Questão 72 de 92

1

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

Selecione uma das seguintes:

  • ethical

  • offshore

  • merchant

Explicação

Questão 73 de 92

1

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

Selecione uma das seguintes:

  • bank overdrafts

  • corporate bonds

  • all of the above

Explicação

Questão 74 de 92

1

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

Selecione uma das seguintes:

  • accounts payable

  • debt collection

  • purchase orders

Explicação

Questão 75 de 92

1

What is a general ledger also known as?

Selecione uma das seguintes:

  • an enumerated ledger

  • none of the above

  • a nominal leder

Explicação

Questão 76 de 92

1

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

Selecione uma das seguintes:

  • gains

  • losses

  • investments

Explicação

Questão 77 de 92

1

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

Selecione uma das seguintes:

  • a total balance

  • a complete balance

  • an absolute balance

  • a trial balance

Explicação

Questão 78 de 92

1

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

Selecione uma das seguintes:

  • date

  • description

  • total amount for each account

  • all of the above

Explicação

Questão 79 de 92

1

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

Selecione uma das seguintes:

  • complete statement

  • income statement

  • investment statement

  • earnings statement

Explicação

Questão 80 de 92

1

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

Selecione uma das seguintes:

  • cash flow statement

  • investment statement

  • earnings statement

  • income statement

Explicação

Questão 81 de 92

1

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

Selecione uma das seguintes:

  • photo

  • slideshow

  • snapshot

Explicação

Questão 82 de 92

1

What is the purpose of an income statement?

Selecione uma das seguintes:

  • 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

Explicação

Questão 83 de 92

1

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

Selecione uma das seguintes:

  • complete cost

  • required cost

  • total cost

Explicação

Questão 84 de 92

1

What is the margin of safety?

Selecione uma das seguintes:

  • 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

Explicação

Questão 85 de 92

1

What are expenses that change as conditions change?

Selecione uma das seguintes:

  • moderate costs

  • variable costs

  • changing costs

Explicação

Questão 86 de 92

1

What are expenses that do not change called?

Selecione uma das seguintes:

  • known costs

  • stable costs

  • fixed costs

Explicação

Questão 87 de 92

1

Which of the following are examples of possible fixed costs?

Selecione uma das seguintes:

  • wages of workers

  • raw material

  • neither of the above

  • both of the above

Explicação

Questão 88 de 92

1

which of the following are examples of possible fixed costs?

Selecione uma das seguintes:

  • property tax

  • both of the above

  • none of the above

Explicação

Questão 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?

Selecione uma das seguintes:

  • corporate growth

  • inorganic growth

  • monetary growth

Explicação

Questão 90 de 92

1

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

Selecione uma das seguintes:

  • organic growth

  • corporate growth

  • inorganic growth

  • monetary growth

Explicação

Questão 91 de 92

1

What is another term for profit planning?

Selecione uma das seguintes:

  • profit zoning

  • profit mapping

  • profit predicting

  • profit sharing

Explicação

Questão 92 de 92

1

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

Selecione uma das seguintes:

  • target price

  • selling price

  • perfect price

  • profit price

Explicação

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