Personal Financial Planning Topic Test Review 100%
Tamara earns $8 an hour at her job working 25 hours per week. If 22% of her paycheck goes to taxes, what is Tamara's monthly cash inflow? (Assume this is her only source of income and that there are 4 pays per month.)
b
Aaron is a high school graduate working as a retail clerk. He earns a median salary for a high school graduate. Aaron is thinking about going to college to get an associate's degree. If he completes his degree in 2 years and college costs total $30,000, how long will it take Aaron to recover his investment, assuming that he earns the median salary and continues to work full time while he is attending school?
a
Four friends want to take a vacation together, so each one gets a part-time job. Each person has 8 weeks to save $720 for the vacation. Analyze the four individual plans below and decide which of the four people will reach his or her goal of saving $720 for vacation.
a
Julian is trying to decide on a future career. He has narrowed down his choices to orthodontist, sound engineering technician, police officer, or editor. The following table represents the total employment numbers for 2006 and projected employment numbers for 2016.
a
The following table shows the assets and liabilities of the Smith family in 2005 and 2009.
a
The table below is comparing level of education achieved to the rate of unemployment and the median weekly earnings in 2008. Based on the information provided, the unemployment rate decreases the most when moving between which two consecutive educational levels?
a: "Less than high school" and "High School Graduate"
If there is a positive correlation between salary and education, then based on the table shown, which of the following careers requires the most education?
a: accountant
A job market expert said, "If this trend continues, we will see further increase in employees." Which of the following graphs could represent the expert's statement?
b
Shaniqua brings home $225 per week working 25 hours. She is able to save $25 of her earnings each week. Shaniqua wants to have $600 saved at the end of 15 weeks. She is allowed to work up to 30 hours per week if she wants. She can save all the money earned working extra hours. Which of the following statements is true?
b
Drake wants to save $750 so that he can take a class on computer analysis for cars. The class is being held on various dates over the next several months. Drake is planning to take the class 6 weeks from now, so he plans to save $125 each week. Unfortunately, Drake had to take out a little money from his savings in the 3rd week. After 4 weeks, Drake has $470. He knows that he must adjust his plan in order to meet his goal. Drake came up with the following options: Option A: Stay with saving the original amount each week but take the class a week later than originally planned. Option B: Increase the amount of money he saves each week by $15 from his original plan. Which of the following is a true statement?
c
Planning for the possibility that the plumbing in your house needs repair is part of a plan for _____.
c
Based on trends displayed in the graphs above, which answer choice represents a likely situation for 2010?
c: There will be roughly 6 million employees in 2010, and those employees will have average hourly earnings of $22.75.
Mike and Kate plan to save money for their wedding over a 20 month period. They will need to save $8,000 to help pay for the wedding. They set aside the same amount each month. After a year they saved $4,000. Mike and Kate know they must adjust their plan in order to meet their goal, so they came up with the following options: Option A: Stay with saving the same amount they've been saving each month but postpone the wedding 2 months. Option B: Increase the amount of money they save each month by $80 from what they've been saving. Which of the following is a true statement?
d
The Polleys want to put in a swimming pool next summer. They need to save $6,000 over 12 months in order to achieve this goal. They set aside the same amount each month and after 7 months discovered they have saved $3,100. The Polleys know that they must adjust their plan in order to meet their goal, so they come up with the following options: Option A: Save the original amount each month but put the pool in one month later than originally planned. Option B: Increase savings each month by $100 from their original plan. Which of the following statements is true?
d
There is a negative correlation between the number of years in college and earnings.
f
