Personal Finance Exam
(Multiple Choice) Most of your people qualify to use the simplest of the tax forms called
10-40 EZ
(Matching) simplest of tax forms
1040 EZ
(Multiple Choice) What is the maximum percentage of your take-home pay should go for debt payment
20-25%
(Multiple Choice) Tax preparers are particularly busy
April
(Matching) "Waggoner's crunchy chips are best for dips."
Brand
(Matching) Convinces you to buy the advertised product instead of the targeted competing products by comparing the two
Comparative
(Matching) Al's healthful subs have fewer calories than Nero's subs
Comparative Advertising
(Matching) Deliberately designed to mislead you; illegal
Deceptive Advertising
(Multiple Choice) Advertising that contain factually incorrect statements which is illegal:
Deceptive Advertising
(Matching) Responds to claims made by other companies
Defensive
(Matching) "Nero's subs have 50% more calories than Al's because Nero's is 50% larger than Al's subs."
Defensive Advertising
(Multiple Choice) The law requires workers to contribute to Social Security and Medicare which is called
FICA
(Matching) FDIC
Federal Deposit Insurance Corporation
(Matching) Things you want to accomplish in your life
Goals
(Multiple Choice) The federal agency that collects taxes is the
IRS
(Matching) Buying something on a whim
Impulse Purchase
(Matching) Things you cannot live without
Needs
(Matching) Value of your next best alternative
Opportunity Costs
(Matching) secret number that identifies you to the ATM as the owner of the card
Personal Identification Number
(Matching) Designed to appeal to your emotions
Persuasive
(Matching) "Fresh DO, you'll feel fresh all day long."
Persuasive Advertising
(Multiple Choice) Advertising that is designed to appeal to your emotions to influence you to buy is called
Persuasive advertising
(Matching) Innocent exaggeration and is legal
Puffery
(Matching) Choice made in an organized and logical manner
Rational buying
(Matching) unique number used to identify yours a tax payer
Social Security Number
(Matching) total of earnings and holdings sent in January by employers
W-2 form
(Matching) form employer has you fill out so they know how much money to withhold from account
W-4 form
(Matching) Things you would like to have but can live without
Wants
(Multiple Choice) When preparing your tax return, a total of your income from all sources if your
adjusted gorse income
(Multiple Choice) The number of _____ you claim on your W-4 determines the amount of money withheld from your pay
allowances
(Matching) finance charge calculated as percentage of amount borrowed
annual percentage rate
(Matching) natural talent or learning skills over others
aptitude
(Matching) arrangement where bank pays your bills automatically
automatic withdrawal
(Multiple Choice) Having the bank deduct a certain amount from your checking account each month to pay a bill is a(n)
automatic withdrawal
(Matching) money remaining in account after last transaction
balance
(Matching) a final payment that is much larger than regular payments
ballon payment
(Multiple Choice) Life span last from
birth to death
(Matching) a plan for dividing income among spending and saving options
budget
(Multiple Choice) A plan for dividing your income among spending and saving options
budget
(Matching) planned document that usually covers a month
budget worksheet
(Matching) value of what you owned including savings, investments, property
capital
(Multiple Choice) Which of the following would be considered a fixed expense
car payment
(Matching) Occupation in which you have made a long term commitment
career
(Multiple Choice) What are the three factors that lenders use to judge creditworthiness
character, capital capacity
(Matching) note that gives bank permission to make payment
check
(Multiple Choice) The book in which a person keeps a record of the checks he or she has written and the deposits made is called a
check registar
(Matching) booklet used to recording check transactions
check register
(Matching) bank account that allows depositors to write checks to make payments
checking account
(Matching) ability to borrow money in return for a promise of future repayments
credit
(Matching) record of past borrowing and repayments
credit history
(Matching) maximum amount you are allowed to charge on your account
credit limit
(Matching) measure of credit worthiness
credit rating
(Matching) measure of reliability to repay a loan
creditworthiness
(Matching) paper money in coins used to make financial transactions
currency
(Multiple Choice) What are the parts of the check that you must fill out
date, name of payee, amount (number/words), signature
(Matching) a card used to make purchases; payments are electronically transferred from your account to store's
debit card
(Matching) amount of money put into an account
deposit
(Multiple Choice) Adding money to your checking account means you are making a(n)
deposit
(Matching) your employer deposits your paycheck into account on pay day
direct deposit
(Multiple Choice) The option of having paychecks deposited into a bank account by an employer is a
direct deposit
(Matching) signature on the back of the check
endorsement
(Multiple Choice) Which of the following would be considered a flexible expense
entertainment
(Matching) difference between the amount owed and an home and the home's value
equity
(Multiple Choice) Which of the following does not need to be included on a resume
ethnic heritage
(Multiple Choice) Employers must withhold form your paycheck
federal income tax
(Matching) central bank of US
federal reserve system
(Matching) amount you already committed to spend
fixed expense
(Multiple Choice) A monthly expense that you are committed to spend
fixed expense
(Multiple Choice) When you need to reduce spending, what expenses can you cut back on
flexible
(Matching) amounts you can choose to spend
flexible expenses
(Multiple Choice) The amount you earn before taxes are withheld is your
gross income
(Multiple Choice) In looking at a family budget, the highest percentage of a family's income is spent where
house
(Matching) using someone's else's identity to get cash or products using credit
identity theft
(Multiple Choice) A purchase made on a whim without using a decision making process is a(n)
impulse purchase
(Matching) Face to face meeting with employer
interview
(Matching) amount the dealer paid from manufacturer
invoice price
(Multiple Choice) The amount the dealer paid to buy a car from the manufacturer is the
invoice price
(Matching) a set of tasks you accomplish as you work
job
(Matching) protects consumer who buys defected or defective new cars
lemon laws
(Matching) the most important things you hope to achieve in your life
life-span goals
(Matching) goods that have special qualities that make them more expensive than alternative goods
luxury goods
(Multiple Choice) Goods that have special qualities that make them more expensive than alternative goods
luxury goods
(Matching) time table used to check systems or replace parts
maintenance schedule
(Multiple Choice) What is the biggest advantage of having your paycheck directly deposited into your account
money will be there automatically and on time
(Matching) official written notification that you are leaving the company
notice
(Multiple Choice) Your official written notification that you are leaving a company is considered to be your
notice
(Matching) measure of miles traveled
odometer
(Multiple Choice) A car's mileage is indicated on its
odometer
(Matching) features you can choose to include or not in a car
options
(Multiple Choice) What is the most important factor in being able to get credit in future
pay bills on time
(Matching) Person/business the check is written to
payee
(Matching) activities you find rewarding
personal interests
(Matching) Unique blend of qualities that define you as an individual
personality
(Multiple Choice) Why do you need a PIN to use an ATM
protect from fraud if you lose card
(Matching) used parts that were repaired or restored in working order to be installed as replacements
rebuilt
(Multiple Choice) Used parts that were repaired or restored to working order to be installed as replacement are
rebuilt parts
(Matching) person an employer can contact to verify training, experience, or character
reference
(Matching) recommendation for job given to an employer
referral
(Matching) brief summary of job qualifications
resume
(Multiple Choice) A card or truck is the average American's
second most expensive purchase
(Multiple Choice) Which one is a requirement for opening a checking account
sign a signature card
(Multiple Choice) Which of the following software programs would best suit your needs if you wanted to prepare a budget worksheet
spreadsheet
(Matching) copy of bank's record of transactions made in an account
statement
(Matching) manufacturer's suggest retail price (MSRP)
sticker price
(Multiple Choice) Which below is NOT a step for depositing a check
take a photo of check w/ cell phone
(Matching) set of forms tax payers use to calculate tax obligations
tax return
(Matching) income figure used to determine taxes
taxable income
(Multiple Choice) Short term goals are goals that you hope to accomplish
within a year
(Multiple Choice) John receives $10 per week for allowances and $50 per week from his job. His total income for a month containing four weeks would be
$240
(Multiple Choice) The FDIC insures bank deposits in most banks put to a maximum of
$250,000