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