Personal Finance

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Personal Finance

Overtime hourly pay for an individual earning $10 per hour would be $______ per hour according to the Fair Labor Standards Act.

1 point

Clear selection

Which type of communication takes place among employees?

1 point

vertical

downward

horizontal

upward

Clear selection

Gross income is the amount of income from wages or salary

1 point

before payroll deductions.

that the person can actually spend.

after payroll deductions.

before bonuses are added in.

Clear selection

Rent, car payments, and trash service are all examples of

1 point

disposable income.

variable expenses.

fixed expenses.

personal records.

Clear selection

Legally established ownership of property is a:

1 point

tenancy agreement

lien

deed

title

Clear selection

___ is the value of your next best choice that you are giving up.

1 point

Personal preference

Opportunity cost

Tradeoff

Collective value

Clear selection

Entrepreneurship is the process of:

1 point

starting, organizing, managing, and assuming the responsibility for a business

making a lot of money from a small investment

developing an idea for a new product that is not eligible for a patent

having more than one person involved in the operation of a business

Clear selection

Which one of the following was created to enforce laws that protect our environment?

1 point

IRS

CPSC

FTC

EPA

Clear selection

_____ is not a deduction from gross pay.

1 point

Federal income tax

Overtime pay

Medicare

Social security

Clear selection

The federal agency that collects income taxes is:

1 point

Federal Bureau of Taxation

Collector’s Office

Internal Revenue Service

Federal Trade Commission

Clear selection

Many people utilize technology in planning budgets. Which software program would be an example of a suitable budgeting spreadsheet program?

1 point

Microsoft Excel

Lotus Notes

Microsoft Access

Adobe Acrobat

Clear selection

When interest rates are high, the average consumer will:

1 point

buy less

not change spending patterns

buy nothing at all

save less

Clear selection

Which one of the following is money paid by one former spouse to support the other?

1 point

child support

property settlement

alimony

divorce decree

Clear selection

With ___, the bank deducts payments from your account and transfers them to the appropriate companies.

1 point

automatic teller machines

automatic bill payment

direct deposit

credit cards

Clear selection

A blueprint or plan for managing all aspects of a person's money is called:

1 point

a focus plan

financial planning

architectural management

an undesirable financial burden

Clear selection

A corporation's net, or after-tax, earnings divided by the number of outstanding shares of common stock is a measurement of a company's performance referred to as:

1 point

earnings per share

current yield

price-earnings (PE) ratio

dividend

Clear selection

Which of the following accounts is the most liquid?

1 point

savings account

certificate of deposit

money market account

checking account

Clear selection

You will receive the greatest gain on your principal if interest is compounded

1 point

daily.

semiannually.

annually.

quarterly.

Clear selection

A labeling method that indicates the freshness, or shelf life, of a perishable product is:

1 point

unit pricing

contract

open dating

warranty

Clear selection

What does HMO stand for?

1 point

Hospitalization and Medical Organization

Health and Medical Organization

Health Medical Organization

Health Maintenance Organization

Clear selection

Earning a degree at a four-year college is a _____ goal for a high school sophomore.

1 point

short-term

long-term

mid-term

future financial

Clear selection

What is the time value of money?

1 point

the value of time in inflation

the amount of the dividend divided by the time invested

the time that it takes coins to increase in value

the increase of an amount of money due to earned interest or dividends

Clear selection

One example of non-taxable income is:

1 point

salary

child support

interest earned on savings

dividends earned on stocks

Clear selection

The sales tax is an example of which type of tax?

1 point

regressive

progressive

excise

proportional

Clear selection

The first step for financial planning is:

1 point

determining and evaluating choices

organizing financial resources to achieve financial goals

prioritizing choice to make money go as far as possible

avoiding money worries by eliminating careless and wasteful spending

Clear selection

______ is not a commodity sold on the futures market.

1 point

Coal

Corn

Beef

Stock

Clear selection

The _____ is the legally established ownership of a home.

1 point

lie

deed

title n

mortgage

Clear selection

Because of an error in the pricing bar code, everyone who bought a pair of jeans at a nationwide clothing store last month was overcharged by three dollars. The legal action that would be most appropriate in this case would be:

1 point

a class action lawsuit

arbitration

negotiation

mediation

Clear selection

The _____ endorsement on a paycheck is the safest for the consumer.

1 point

blank

special

restrictive

two-party

Clear selection

______ can solve a sudden need for cash with a pre-established amount that can be borrowed on demand with no collateral.

1 point

Line of credit

Deferred billing

Collateral

Overdraft protection

Clear selection

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