Finance 1
F
8. F The Amount of a person's standard deductions is determined on Schedule A of Form 1040.
T
A job tends to have less of a long term commitment to a field than a career T/F
D
A lack of willingness to accept a variety of employment positions is a common career planning mistake associated with weak A Common sense B Communication C training D Flexibility E Perseverance
F
A mentor refers to the person who is assigned to orient a new person to an organization T/F
D
An example of a personal opportunity cost would be: A interest lost by using savings to make a purchase B Higher earnings on savings that must be kept on deposit a minimum of 6 months C Lost wages due to continuing as a full time student D Time comparing several brands of personal computers E changing demographic trends in our society
F
Changes in family size and marriage rates have not affected the types of jobs that are in demand T/F
A
Changes in income, values, and family situation make it necessary to A Evaluate and revise your actions B Implement the financial plan C Develop financial goals D Analyze your current personal and financial situation E Create a financial plan of action
F
Corporate culture refers to the methods used by an organization to determine the value of employee benefits T/F
C
Efficient work habits are an attempt of: A On-the-job training B Continuing Education C An employee's initiative D Cooperative Education
T
Insolvency is a result of having more liabilities than assets T/F
A
Liabilities are amounts representing A Debts B Items of Value C Living expenses D Taxable income E Current assets
T
Liquidity is the ability to convert financial resources into usable cash with ease T/F
C
Liquidity refers to A The earnings on savings B The risk on an investment C The ease of converting a financial resource into cash D The amount of insurance coverage a person has E A persons inability to pay his or her debts
F
Money management activities refers to a long-term investment decisions T/F
T
Opportunity costs refer to what a person gives up when making a decision T/F
C
Special class projects can be presented on a resume as _____________ experience A financial planning B Supervising C Research D Personal Administration E Budgeting
F
T/F A 'free' checking account with a minimum balance of $500 has an opportunity cost of lost interest
T
T/F A tax credit is an amount subtracted directly from the amount of taxes owed
T
T/F Capital gains refers to profits from sale of investments
T
T/F Credit Unions frequently offer lower loan rates than other financial institutions
F
T/F Credit cards are a form of revolving credit but Home Equity loans are not
T
T/F Credit disability insurance makes loan payments that make loan payments while you are injured or sick
F
T/F Exemptions are expenses that a taxpayer is allowed to deduct from Adjusted Gross income
F
T/F Gift amounts over $10,000 are exempt from federal taxes
T
T/F Higher returns on savings will usually result in less liquidity
T
T/F Savings and loan associations offer mortgages
F
T/F Taxable income is the total earnings of a person
F
T/F Taxes should only be considered in financial planning in April
F
T/F The principal purpose of taxes is to control economic conditions
F
T/F The simplest federal tax return form is the 1040A
F
The financial planning process is complete once you implement your financial plan T/F
E
The first step of the career planning process is to A Evaluate the job market B Identify potential job opportunities C Develop a resume and cover letter D Plan for career growth E Assess your interests, abilities and goals
C
The first step of the financial planning process is to A Saving and investing for future needs B implement a Financial plan C Analyze your current personal and financial situation D Evaluate and revise your actions E Create a financial plan of action
E
The uncertainty associated with decision making is referred to as: A Opportunity Cost B selection alternatives C financial goals D personal values E Risk
E
Which of the following trends is most likely to increase opportunities in manufacturing organizations A Higher interest rates B Reduced consumer spending C Higher consumer spending D increased imports E increased exports