Personal Finance
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Q1           Score:  2.33
 Set aside money to pay for fringe benefits.
 Always save or invest money before spending money.
 Budget money for entertainment and fun activities first.
Q2           Score:  2.33
 Earning a high income to offset poverty.
 Investing money prudently.
 Paying income taxes.
 Keeping accurate financial records.
Q3           Score:  2.33
 Medicare tax.
 Insurance premiums.
 Savings/investments.
 Paid vacation.
Q4           Score:  2.33
 Timelines describe when you want to reach either the goal or the objective/step. Timelines are normally stated in weeks, months, years, and decades.
 Timelines describe the steps necessary to reach the objective.
 Timelines describe when you want to reach either the goal itself or the objective/step; however, timelines are not necessary if the goal or objective takes more than five years to complete.
 Timelines are always approximations since we never know for certain when we may be able to complete a goal or an objective/step. Timelines are critical for short-term goal setting, not long-term goals.
Q5           Score:  2.33
 We have unlimited resources and limited wants.
 We have limited resources and limited wants.
 We have unlimited resources and unlimited wants.
 We have limited resources and unlimited wants.
Q6           Score:  2.33
 A budget should be carefully planned, practical, and flexible.
 A budget should never be revised.
 A budget should be designed by a certified public accountant.
 All of the above.
Q7           Score:  2.33
 Individuals must learn how to save what is limited and limit what they want.
 The economic principle of scarcity refers to limited resources and unlimited wants.
 The economic principle of scarcity is not a factor for extremely wealthy people because they have unlimited resources and limited wants.
 It is important to recognize the difference between needs and wants and to prioritize how we plan to invest/spend our dollars.
Q8           Score:  2.33
 Financial planning.
 Family recreation.
 Education and training.
 Job hunting.
Q9           Score:  2.33
 Expenses that do not change from month to month.
 Expenses that are a small percentage of a budget.
 Expenses that change from month to month.
 Expenses that apply to one person but not to another.
Q10           Score:  2.33
 Visualize what we want to be.
 See things as they really are.
 Enter an unrealistic imaginary world.
 Remember past accomplishments.
Q11           Score:  2.33
 A carefully organized collection of pay stubs, bank statements, and important receipts needed for tax returns.
 A written document containing financial goals, as well as anticipated and actual income and expenses.
 A form used to plan savings and investments for retirement.
Q12           Score:  2.33
 The decision-making model is not helpful when making long-term goals.
 The decision-making model is not suitable for making sudden emergency decisions.
 The decision-making model is not useful when making financial decisions.
 The decision-making model is never helpful when making short-term goals.
Q13           Score:  2.33
 Gross pay
 Net pay
 Disposable income
 Discretionary income
Q14           Score:  2.33
 Multiply the hours worked by the hourly rate of pay.
 Multiply the hours worked by 1.5 times the hourly rate of pay.
 Use a predetermined amount of pay regardless of the hours worked.
 Compare the amount of productivity to the commission rate.
Q15           Score:  2.33
 Self-esteem results from what others think about us.
 Low self-esteem means we do not like anything about ourselves.
 Self-esteem results form how we feel about ourselves.
 Self-esteem includes our feelings about numerous characteristics.
Q16           Score:  2.33
 There are no consequences associated with the failure to make a choice.
 Failing to make a choice may allow others to make the choice for you.
 Making choices when facing important decisions is beyond our control
 Consequences make people wiser because they learn from their mistakes.
Q17           Score:  2.33
 A bank for banks.
 A bank for corporations.
 A bank for individuals.
 A bank for governments.
Q18           Score:  2.33
 weekly: 52 per year
 biweekly: 24 per year
 bimonthly: 24 per year
 monthly: 12 per year
Q19           Score:  2.33
 Avoiding making choices helps one avoid negative consequences.
 Consequences are the natural result of making choices.
 Small decisions have no consequences.
 Choices and their consequences are only rarely connected.
Q20           Score:  2.33
 Use a formal greeting such as "To whom it may concern."
 Begin as many sentences as possible with the pronoun "I."
 Repeat information from the resume to make it memorable.
Q21           Score:  2.33
 A goal describes when you want to accomplish a specific task.
 A goal is a target -- it is realistic, specific and/or measurable and has only one definition or interpretation.
 A goal is a target -- it is a general idea of what you want to do and your future aspirations.
 A goal is how you will reach a target. It is something only you can decide how best to achieve.
Q22           Score:  2.33
 Only people with high incomes and a lot of property need to keep financial records.
 File all financial information in an organization way, and store the records in a safe place.
 All financial records should be stored in a safe-deposit box at a bank.
Q23           Score:  2.33
 All national banks must be members of the Fed.
 All state banks must be members of the Fed.
 The Fed sets interest rates and sells government securities.
 The Fed holds required reserves for member banks.
Q24           Score:  2.33
 To report the amount of taxable income for the year.
 To determine the amount of federal income tax to be withheld.
 To figure the amount of Social Security tax to be withheld.
 To file federal and state income tax returns.
Q25           Score:  2.33
 Deciding how to earn, spend, save, and invest money to enhance quality of life.
 Using a decision-making process to evaluate ways to save or invest money.
 Avoiding the influence of friends and peers when making purchasing decisions.
 Keeping accurate and detailed financial records to aid in money management.
Q26           Score:  2.33
 Trade-off
 Prospect
 Decision
 Career cost
Q27           Score:  2.33
 The objective/step must be realistic, specific, and/or measurable and suggests what you might do to reach the goal.
 The objective/step defines or restates the goal so that there is no doubt of what you want to accomplish.
 The objective/step must be realistic, specific, and/or measurable and describes when you will reach the goal.
 The objective/step must be realistic, specific, and/or measurable and explains exactly what you will do to reach the goal.
Q28           Score:  2.33
 Disposable income.
 Fringe benefits
 Discretionary income
Q29           Score:  2.33
 Choices and consequences are both decided by the individual.
 Previous consequences rarely affect future choices.
 There is no relationship between choices and consequences.
 Individuals are free to make choices but cannot necessarily choose consequences.
Q30           Score:  2.33
 Income after all payroll taxes are withheld.
 Another name for gross income.
 Income left over after taxes and living expenses are paid.
 An amount equal to disposable income.
Q31           Score:  2.33
 Variable expense = monthly car payment.
 Fixed expense = mortgage payment.
 Unexpected expense = medical emergency.
 Variable expense = groceries.
Q32           Score:  2.33
 Ability
 Aptitude
 Attitude
 Attentiveness
Q33           Score:  2.33
 It is best to become skilled at achieving short-term goals before making long-term goals.
 Wait until after school is completed and before starting a family to think about long-term goals.
 Setting and achieving both short- and long-term goals now can lead to successful long-term planning.
 It is not necessary for high school students to make any long-term financial goals because their parents pay all or most of their expenses.
Q34           Score:  2.33
 Pay before taxes and deductions have been withheld.
 Pay after taxes and deductions have been withheld.
 Another name for take-home pay.
 Another name for discretionary income.
Q35           Score:  2.33
 YTD earnings.
 Deductions in pay.
 No federal income tax.
 Employee Discounts.
Q36           Score:  2.33
 Establishing relationships and maintaining contact over time.
 Moving jobs to other companies in other parts of the world.
 Using the internet to submit resumes to potential employers.
 Avoiding negative statements on an application or resume.
Q37           Score:  2.33
 Income after all payroll taxes are withheld.
 Another name for gross income.
 Income left over after taxes and living expenses are paid.
 An amount equal to disposable income.
Q38           Score:  2.33
 Within two weeks after the interview.
 The day before the interview takes place.
 The same day as the interview, or the day after.
 A few days after submitting the application.
Q39           Score:  2.33
 Employees can choose the length of their pay periods.
 Employees are able to work flexible schedules.
 Employees can choose the benefits they want.
 Employees receive a free meal during their shift.
Q40           Score:  2.33
 Save a lot of money by retirement.
 Save 5 percent in short- and long-term savings accounts and in a 401k retirement fund.
 Save a minimum of 8 percent of disposable income each month in retirement funds.
 Try to save a minimum of 13 percent of discretionary income each month in a retirement account.
Q41           Score:  2.33
 Values -- things that are important to us.
 Education/training -- our willingness to learn.
 Socioeconomic status --- how much money we have.
 Interests -- things we enjoy.
Q42           Score:  2.33
 Needs
 Wants
 Opportunity costs
 Nonessentials
Q43           Score:  2.33
 Skills we cannot possess.
 Outlook on situations and circumstances.
 Ethics, values, and morals.
 Things we are capable of learning to do.


   



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