QFS Q2 Exam

Which of the following is NOT a good way to track your spending?

In your head

Which of the following answers lists 4-year colleges from generally the least expensive to most expensive?

In-state public university, out-of-state public university, a private university

Something people buy to protect themselves from losing money in the event something happens to them or their stuff.

Insurance

Paying extra for the convenience of borrowing money

Interest

How can you avoid spending more than what's in your bank account?

Keep your records to compare to the financial statements

Investing is best for ____

Long term financial goals like paying for retirement

A printed order for payment of a specified sum, issued by a bank or Post Office.

Money order

What is the correlation between part-time work as a teen and full-time work later in life?

Most successful adults worked a part-time job as a teen

Which is a positive reason for using a credit card to finance purchases?

Paying it off on time can help build your credit history

Which of the following statements is true about taxes?

All of the above (Taxes pay for schools and government departments, taxes pay for roads and emergency services, taxes are often used at the federal, state, and local levels)

Which of the following is a possible tax or deduction that may show up on your paycheck?

All of the above (federal income tax, contribution to retirement savings and FICA)

Which of the following is one of the steps in the networking process?

All of the above (meet people, learn about the people you meet, stay in touch with the people you meet)

What do we call our natural talents and special abilities for doing, or learning to do, certain kinds of things easily?

Aptitudes

For most careers which degree will most likely result in the highest lifetime earnings?

Bachelor's degree

When being interviewed, _______.

Be prepared to tell the interviewer about skills you have that fit the job

Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of ___

Benefits

Which item is important to consider when selecting a credit card?

Both APR and Fees

A plan on spending money you earn

Budget

A document setting out business future objectives and strategies for achieving them

Business plan

What is a person's life long journey of work which is used to meet their earning, learning, and living goals?

Career

Which payment option is not accepted online?

Cash

Which of the following financial institutions typically have the highest fees?

Check cashing and payday loan companies

Which type of bank account typically offers the least (if any) interest?

Checking account

Which form of payment is linked to a bank account which limits the amount of money you can spend to balance?

Checks and debit cards

An exclusive legal right given to an originator or an assignee to print, publish, preform, film, artist to authorize a copy

Copyright

Which payment option could have interest charged to you?

Credit card

What will collision insurance cover in the event of an accident?

Damage to your car

When filing an insurance claim, the policyholder must pay a ________________

Deductible

When an asset loses value....

Depreciation

The electronic transfer of a payment directly from the account of the payer to the recipient's account.

Direct deposit

A person who organizes and operates a business or businesses, taking on greater than normal financial risks to do

Entrepreneur

Moral principles that govern a person's behavior or the conducting of an activity

Ethics

Bank statements, credit statements, and records of cash expenses help you to estimate your____________.

Expenses

Which of the following is NOT a recommended method to protect you from identity theft?

Expensive specialty locking or monitoring service

Public universities tend to be cheaper for out of state residents versus in-state residents?

False

Which of the following should NOT be considered when setting a current budget?

Future income

All of the following are things to remember when resigning from a job professionally except

Give a two-day notice before resigning

The credit score numerical range 670-739 is considered...

Good

A person who is admired or idealized for courage, outstanding achievements, or noble qualities.

Hero

What is one of the best ways to get reliable information

Search online reviews

Which of the following is NOT an advantage of owning a car?

Smaller down and monthly payments than leasing a car

What Is the best reason why someone would want to lease a house instead of buying one?

They are planning on living there for a short period of time

Which of the following is NOT true about emergency funds?

They are used for anything listed on the budget

What is the purpose of the W-4 form?

To inform your employer of how much federal income tax to withhold from check

The more education you receive, the higher your lifetime earnings will be

True

The price of a single item within a group of items is known as the ______________ of the item.

Unit Price

Which of the following is NOT an example of a soft skill?

Working a math problem

What is the consequence of not having health insurance?

You must pay all costs for health care and medical emergencies.

If there is an issue with your bank statement or account balance, who should you contact to resolve the issue?

Your bank

Making a good purchasing decision requires __________.

all of the above (comparing prices of similar items, reading reviews of the product, waiting until the product is on sale, if possible)

An insurance premium is...

the amount of money you pay for an insurance policy.

Your employer send you a ___ form that tells you how much you've made and how much you've paid in taxes in the last year

w-2`

Choosing to spend money on post-secondary education pays off in the long run because:

The salary you will earn with a degree will pay back the cost of college

How long does it take to receive a tax refund?

2 months`

Not managing your debt wisely can result in ______________

A decrease in your credit score

Which of the following statements concerning getting a job today as opposed to the past is NOT correct?

A good education (high school diploma) is still all you need to get a good

Earning an Associate's degree first and then transferring to a four-year college or university can be done by going ____

A local community college

Textbooks, transportation, and room/board are all...

Additional costs for attending a college or university

Which of the following is the #1 objective in finding a job?

Advertising yourself by convincing the employer you are best for the job

A ____ is a share of ownership in a company

Stock