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Under Section 2: Coverage, typically insurance companies will cover at least THIS amount? A. $100,000 B. $25,000 C. $10,000 D. $500,000

$100,000

You must be at least _________ years old to open a checking account with parental consent. A. 15 B. 14 C. 18 D. 16

16

What century did banks first begin? A. 1600's B. 1700's C. 1800's D. 1500's

1600's

What is depreciation? A. A decrease in the value of an asset over time B. An increase in the value of an asset over time C. A resource with economic value: for example a house, stock or bond D. Loans to a company for a specific amount of time

A decrease in the value of an asset over time

Which of the following is an example of an unsecured loan? A. A father loans a son $50,000 to start a business and charges interest B. A car loan from Wachovia C. A Veteran's Affairs Loan with no or very little interest D. A mortgage

A father loans a son $50,000 to start a business and charges interest

Which of the following is the BEST definition of a beneficiary? A. A person who works for an insurance company B. A person chosen as the recipient of funds or other property under a will C. A person who introduces and supports a proposal for legislation D. A person who gives money or other help to a person or cause

A person chosen as the recipient of funds or other property under a will

Which of the following is not a major category in which laws regulate employment relationships? A. Administration law B. Health and safety C. Wages and work hours D. Employee benefits

Administration law

Financial service professionals provide many different services, such as, _________________. A. All of these B. Investment Management C. Income Tax Preparation D. Estate Planning

All of these

Other than monetary strain, in what ways can bad debt cause hardship? A. Mental health B. Depression C. All of these D. Divorce

All of these

Which items below might result in liability claims, and before be limited or excluded on a Homeowners Policy? A. All of these B. Boat C. Jet Ski D. ATV

All of these

Which of the below, including creditors/lenders, could ask people to submit a credit report? A. All of these B. Insurance Companies C. Landlords D. Employers

All of these

Which of the following are reasons people pursue certain careers? A. Rewarding career B. Flexible scheduling C. All of these D. Earning potential

All of these

Which of the following are some of the things taxes pay for in the United States? A. All of these B. Salaries for government workers C. Public libraries and parks D. Maintaining and building roads

All of these

Which of the following are some of the types of taxes we pay in the United States? A. Federal Income Tax B. All of these C. Sales Tax D. State Income Tax

All of these

Which of the following are the best ways to reduce risk? A. All of these B. Determining likelihood of risk taking place C. Deciding the consequences of the risk D. Learning from past events

All of these

Which of the following examples can help a recent college graduate to begin a Master's in Business Administration? A. Working for a university that offers tuition benefits to hires B. Becoming a military officer and utilizing the Montgomery G.I. Bill of Rights to offset graduate tuition C. Attending a state institution and commuting from home during undergraduate study so that loans for undergraduate student are minimal or non-existent D. All of these

All of these

Modern philanthropy has origins in the _________ world. A. Present B. Current C. Recent D. Ancient

Ancient

Borrowing money, or taking a loan, on which of the below items will likely result in the highest ROI? A. Economy Car B. Vacation C. Bachelor's Degree D. Video Game System

Bachelor's Degree

Let's say a local car dealership is advertising on the radio for a $5,000 Rolls Royce, when Steve arrives moments after hearing the advertisement, there are only Hondas available. Which of the following deceptive tactics is this an example of? A. Bribery B. All of these C. Bait-and-switch D. Deceptive advertising

Bait-and-switch

What is a safe place for people to keep their money? A. Credit Union B. Banks and Credit Unions C. Investment Firm D. Bank

Banks and Credit Unions

World debt exists because countries are unable to provide the _________________for their people. A. Basic Essentials B. Contemporary Amenities C. Modern Luxuries D. None of these

Basic Essentials

Which of the following items are reasons to acquire debt? A. Default B. Both keeping emergency cash available and establishing credit history C. Establish credit history D. Keep emergency cash available

Both keeping emergency cash available and establishing credit history

What is a risk that has been given a great deal of consideration, and for which the possible benefits and costs have been determined? A. Calculated risk B. Loss of investment C. High risk D. Foolish risk

Calculated risk

Which forms of bankruptcy most impact individuals with severe financial burdens? A. Chapter 12 only B. Chapter 11 only C. Chapters 7 & 13 D. Chapters 7 & 11

Chapters 7 & 13

Which of the following is known as a "demand" account? A. Portfolio account B. Savings account C. Retirement account D. Checking account

Checking account

___________________ is the responsibility or obligation of a citizen to his or her community. A. Civic Duty B. Religious Calling C. Community Service D. Public Domain

Civic Duty

A type of insurance which pays for part of the claim after the patient pays the deductible is known as which of the following? A. Co-insurance B. Co-pay C. PPO D. Deductibility

Co-insurance

Borrowing money for which of the following is most likely to have a good return on investment? A. Video game system B. Used car C. College tuition D. Designer jeans

College tuition

What is the most important thing to remember when entering your PIN into an ATM? A. You Can Recover Your Money if You are a Victim of Skimming B. Commit PIN to Memory C. Sharing a PIN is Completely Safe D. Let People See Your PIN When Entering It

Commit PIN to Memory

All Wills must go through probate which can be a __________ and _________ process. A. Easy/ Convenient B. None of these C. Complicated/Timely D. Simple/Untimely

Complicated/Timely

Asking about various components of a loan agreement such as the interest rate and penalties for late fees - or the rules around how the loan will be paid back - are components for which of the 5 C's of Credit? A. Character B. Capital C. Conditions D. Capacity

Conditions

Which of the following is a person that purchases and uses goods or services? A. Debtor B. Captivator C. Creditor D. Consumer

Consumer

Which of the following is a person that purchases and uses goods or services? A. Debtor B. Creditor C. Captivator D. Consumer

Consumer

Often, the best entrepreneurs demonstrate THIS kind of behavior, which is they are brave and not deterred by danger? A. Apathetic B. Negative C. Courageous D. Antagonistic

Courageous

All of the following are considered basic investment vehicles EXCEPT: A. Mutual Funds B. Stocks C. Credit Cards D. Bonds

Credit Cards

What type of deposit-taking financial institution is owned by its members and not necessarily shareholders? A. Commercial bank B. Credit union C. Half-service brokerage firm D. All of these

Credit union

Every check you write needs to be ___________. A. Signed B. Notarized C. Dated and Signed D. Dated

Dated and Signed

Which term is used to express the following: "When a borrower can use money in exchange for a fee, usually in the form of interest, and possibly additional fees." A. Debt B. Lien C. Debit Card D. Interest Rates

Debt

What basically compares what an individual owes compared with how much they earn monthly? A. Return on Investment B. Home Equity Loan Ratio C. Terms & Conditions D. Debt to Income Ratio

Debt to Income Ratio

"A shortage of money in one's budget," or the excess of one's expenses compared to income, best describes which term? A. Deficit B. Surplus C. Budget D. Insurance

Deficit

Which department is responsible for enforcing some of the nation's most comprehensive federal labor laws? A. OSHA B. Unemployment Insurances C. Department of Labor wages and hours division D. COBRA

Department of Labor wages and hours division

Which of the following individuals has the best personal debt ratio? A. Diana has a net worth of $5,000,000 and has $200,000 in debt B. Bob earns $300,000 annually and owes various lenders $600,000 C. All of these D. Ramona earns $3,000 monthly and has $50,000 in outstanding credit card fees for late payments

Diana has a net worth of $5,000,000 and has $200,000 in debt

What refers to investment earnings that can include interest, dividends, and/or capital gains that grow tax free until the investor withdrawals the money? A. Employer Plan Tax Deferred Savings B. Qualified Plan-IRA C. Basic Wealth Formula D. GAP Approach

Employer Plan Tax Deferred Savings

Mark Cuban, owner of the NBA's Dallas Mavericks, is considered THIS because he has undertaken multiple business ventures with his capital? A. Socialist B. Entrepreneur C. None of these D. Genuine

Entrepreneur

What term defines enterprising people who identify good opportunities and undertake new business ventures? A. Enterprising B. Entrepreneurship C. Entrepreneur D. Enterpriser

Entrepreneur

What term defines enterprising people who identify good opportunities and undertake new business ventures? A. Entrepreneur B. Enterpriser C. Enterprising D. Entrepreneurship

Entrepreneur

Which of the following is NOT a key consideration when investing? A. Expense B. Risk C. Time Horizon D. Income taxes

Expense

What should one reduce their fear of if they're looking to become more enterprising? A. Failure B. Heights C. Flying D. Success

Failure

Based on what factor could be that tornado insurance is cheaper in New Jersey than Oklahoma? A. Less in internal damages B. More finished basements in homes within New Jersey than Oklahoma C. Geography D. Inflation

Geography

1. Which American President signed the FAIR Act? A. George H.W. Bush B. Barack Obama C. Bill Clinton D. George W. Bush

George W. Bush

Michael Jordan, retired NBA superstar, used his successes as an athlete to become a billionaire. What gains are entrepreneurs looking to make with each venture? A. None of these B. Increased cash flow C. Charitable donations D. Trial and error

Increased cash flow

Someone that is a self-starter or going above and beyond tasks at hand without being directed by a superior refers to which of the following traits? A. Courageousness B. Intelligence C. Apathy D. Initiative

Initiative

Someone that is a self-starter or going above and beyond tasks at hand without being directed by a superior refers to which of the following traits? A. Initiative B. Courageousness C. Intelligence D. Apathy

Initiative

According to your lesson, an enterprising person is someone who is hard-working and shows which qualities? A. Laziness B. Initiative and Resourcefulness C. Resourcefulness D. Initiative

Initiative and Resourcefulness

What is the money called that the bank adds on to saving and loans so that you end up earning or paying more in the long run? A. Overdraft B. Overdrawn C. Skimming D. Interest

Interest

Where within Section 401(k) would one find plans containing elective contributions for employees who need to meet a special nondiscrimination test for the plan to qualify? A. Bush Tax Cuts B. Internal Referral Code C. Internal Revenue Code D. Initial Referral Service

Internal Revenue Code

Of the below scenarios, where would there likely be legal problems facing Jenna, who has agreed to construct a new deck for Bill in exchange for collateral? A. Jenna, realizing Bill is economically disadvantaged, offers to complete the deck for free assuming volunteers from their local church complete the project instead of master carpenters. B. Jenna not declaring taxes on the service C. After Jenna made a verbal promise with Bill to complete the deck in 5-days, Jenna leaves the country after the second day and does not return for several months but does not receive Bill's collateral. D. Jenna and Bill sign a contract that is notarized, which details the terms and conditions of the barter.

Jenna not declaring taxes on the service

A _________________ is considered below "investment grade" due to a significant risk of default by the issuer. A. Junk Bond B. Foreign Bond C. High-Yield Bond D. Municipal Bond

Junk Bond

What is referred to as the legal responsibilities for another individual and/or their property? A. Umbrella policy B. Liability C. Criminality D. Negligence

Liability

Under which part of car insurance do maximum medical expenses, maximum total medical expenses, and maximum total damage on the other vehicle fall under? A. Liability Insurance B. Physical Damage C. Medical Insurance D. Uninsured Motorist

Liability Insurance

What is a bond? A. An increase in the value of an asset over time B. A decrease in the value of an asset over time C. A resource with economic value: for example a house, stock or bond D. Loans to a company for a specific amount of time

Loans to a company for a specific amount of time

Which of the following refers to widespread forms of communication in advertising? A. Mass media B. Broadcast journalism C. Advertising D. Mass discussions

Mass media

Someone that is physically attached to their 1973 Stingray Corvette would be considered which of the following example? A. Greedy B. Thrilled C. Materialistic D. Carpetbagger

Materialistic

If you are of "sound mind" it's believed you have the necessary ____________________to make a legal Will. A. Civic Duty B. Tempestuous Attitude C. Mental Capacity D. Prudent Judgement

Mental Capacity

If a potential borrower has an 801 credit score, which of the following are they considered to have? A. Good credit B. Poor credit C. Excellent credit D. Nearly perfect credit

Nearly perfect credit

Identify examples of consumer protections implemented by the Federal Government. A. The Pennsylvania Liquor Control Board fining a local establishment for serving alcohol to minors B. None of these C. The Department of Education requiring all high school students across America to complete a Personal Finance or Financial Literacy course D. Failure of the Food and Drug Administration to make safety caps on medications difficult to open

None of these

Which of the following would be foolish risks to take in entrepreneurship? A. Not expanding too quickly B. Hiring someone with excellent organizational and management skills to become general manager of the company C. Increasing spending for promotional devices D. Not spending money on research and development of the product one is looking to sell

Not spending money on research and development of the product one is looking to sell

Anthony has recently resigned from his position as a computer programmer with a technology company in Silicon Valley, but has been contributed towards his 401(k) since being hired in 1997. Which of the following can legally happen with Anthony's 401(k)? A. B & C Only B. Not touch the money until retirement age C. Withdrawal his contributions before retirement age and not be forced to pay expensive taxes or fees D. The State of California will require 100% of his 401(k) contributions be donated to charities of his choice

Not touch the money until retirement age

Interest bearing notes include certain bonds and certificate of deposits because they pay interest on what continuum? A. Occasional B. Frequent C. Daily D. Less than seldom

Occasional

What is the BEST definition of a Debit Card? A. Withdraw out of account at regular intervals usually for the purpose of bill payment B. Payment method that builds a balance that you pay off at a later date C. Payment method which the money is taken directly from your bank account D. A balance below zero dollars in your account

Payment method which the money is taken directly from your bank account

All of the following are considered global concerns EXCEPT: A. Hunger B. World Finances C. Peace Corp D. Religious Conflict

Peace Corp

What is the personal finance measure that compares the debt one owes to overall income? A. Cash Flow B. Personal Debt Ratio C. Amount Credit Card Debt D. Return On Investment

Personal Debt Ratio

John is financially responsible. He pays his credit cards' full balance on time each month, paid back his school loans early, and is close to paying off his second car loan. Which of the following is the type of loan he most likely would be offered? A. Lending Bubble B. Prime C. Sub Prime D. Appraisal

Prime

If you were to invest $5,000 into a 3-year certificate of deposit account, which of the following would be most desirable as far as compounding frequency? A. Quarterly (four times per year) B. Semi-annually (twice per year) C. Only after 36 months D. After every 52 weeks

Quarterly (four times per year)

Opening several loans within a 60-day period can do which of the following to a credit score? A. Reduce it tremendously B. See no changes C. None of these D. Increase it tremendously

Reduce it tremendously

Most people deal with financial institutions on a _______________basis. A. Erratic B. Sporadic C. Regular D. Infrequent

Regular

A(n) ________________is a place in which you keep money; saving it for later use. A. Money Market Account B. Credit Card C. Savings Account D. Checking Account

Savings Account

When Social Security was signed into law by President Roosevelt, what was the percentage of population over the age of 65 compared with today? A. Significantly higher percentage B. Significantly lower percentage C. About the same percentage D. Slightly lower percentage

Significantly lower percentage

__________________ is when a criminal fits a device onto the machine that can read the information on the magnetic strip on your card. A. Flying B. Probing C. Skimming D. Guiding

Skimming

Which of the following is a primary source of income for most retired Americans? A. Medicare B. Social Security C. OSHA D. Unemployment insurance

Social Security

Which of the following is NOT included on a check? A. Amount of Check in Numbers B. Amount of Check in Words C. Social Security Number D. Recipients Name

Social Security Number

Which of the following is NOT included on a check? A. Amount of Check in Words B. Amount of Check in Numbers C. Social Security Number D. Recipients Name

Social Security Number

Which of the following IS NOT one of the 3 Building Blocks of Debt? A. Ability to Acquire Debt B. Strong ROI C. Cost of Debt D. Nature of Debt

Strong ROI

What is an important part of being an entrepreneur? A. Having money B. Taking risks C. Having great ideas D. Having contacts

Taking risks

Which of the following would be a great example of a credit company implementing a grace period? A. American Express charges a 10% fee for payments that are 1 day late B. The IT Credit Card from Discover lends you credit for free for 30 days, before charging interest C. Visa providing qualified customers with an emergency reserve of $10,000 in cash D. None of these

The IT Credit Card from Discover lends you credit for free for 30 days, before charging interest

When looking at the compound interest formula, A = P(1+r/n)nt, what does the r represent? A. The principal investment amount B. The number of times that interest is compounded per year C. The total loan amount D. The annual interest rate in decimal form

The annual interest rate in decimal form

What must an injured part demonstrate to recover workers compensation? A. The employer was negligent. B. The injury occurred on the job. C. The employee was dismissed for negligence. D. The employee was negligent.

The injury occurred on the job.

Which of the following is the BEST definition of investment management? A. Focuses on the concept of money and the investing of money on a large scale. B. The term most often refers to portfolio management and the trading of securities to reach a specific investment objective. C. An object (fine art or antique) suitable for collections whose value may appreciate. D. A financial analysis comparing the potential gains from an investment against the potential losses.

The term most often refers to portfolio management and the trading of securities to reach a specific investment objective.

What does it mean if someone is enterprising? A. They are introduced to new ideas B. They are showing initiative and resourcefulness C. They own a business D. They are setting up a business

They are showing initiative and resourcefulness

Which of the following is the BEST definition of a Certified Financial Planner? A. Title awarded to individuals who successfully complete an extensive exams in the areas of financial planning, taxes, insurance, estate planning and retirement. B. A title given by the American Institute of CPA's to those who pass an exam and meet work experience requirements. C. A person authorized to represent a taxpayer to the IRS administrative courts for audit and other purposes. D. A person who works for a brokerage company that is licensed by the Securities and Exchange Commission (SEC).

Title awarded to individuals who successfully complete an extensive exams in the areas of financial planning, taxes, insurance, estate planning and retirement.

What is the purpose of a resume? A. To get a pay increase/raise. B. To set yourself apart from other candidates C. To gloat about all you have accomplished D. To provide qualifications and secure an interview.

To provide qualifications and secure an interview.

The IRS works under the power of the United States Department of ____________. A. Commerce B. Defense C. Agriculture D. Treasury

Treasury

Community involvement of volunteer labor is commonly referred to as ______________. A. None of these B. Apathy C. Indifference D. Volunteerism

Volunteerism

The state law that requires employers to provide insurance for the death, injury, or illness of employees that result from their work? A. Family Medical Leave Act B. Unemployment insurance C. Workers compensation D. Occupational Safety and Health Act

Workers compensation

Getting a new windshield for $300 after a rock shattered the original, would fall under which coverage? A. collision B. comphrensive C. medical D. liability

comphrensive

Long Range Budgeting is all about ______________ cash flow. A. giving up one's B. benefit plan C. inflation adjusted D. Social Security

inflation adjusted

Which of the following are examples of personal risk? A. involuntary unemployment B. great health C. all options are correct D. sufficient income during retirement

involuntary unemployment

If you need more coverage than home and car insurance, you will want to look at comprehensive ______________ __________________ policies. A. underinsured motorist B. personal liability C. uninsured homeowner D. property liability

personal liability

Spare money should first be used... A. to purchase a sports car B. by putting it in a savings account C. to pay off any debt D. by putting it in a checking account

to pay off any debt