PMM Self Test Questions

Ace your homework & exams now with Quizwiz!

A contract signing requires both parties to sign the contract at the same time and in the presence of each other

False

A house is too large a purchase to consult with my financial buddy.

False

Bank fees are always small and should be ignored when deciding on which institution to bank with.

False

Blue Book Value is used when calculating liability insurance coverage.

False

Buying a car from a quality dealer is a good substitute for calling your financial buddy.

False

My credit rating has no impact, good or bad, on my ability to secure a low cost mortgage.

False

Once a W4 form is submitted to the federal government there is no need to complete a new one ever again, even upon changing employers

False

Shopping for bank financing to buy a car is best done the day before picking up the car.

False

The courts will not accept a contract written in every-day common language.

False

The house purchase closing meeting is simple with little paperwork to sign.

False

The house structure is greater portion of the property value

False

The location of the house I want to buy will have a minor impact on the finances.

False

You should always try to buy a car on your first day of car shopping because the dealer discounts are best when you first meet them.

False

unemployment rates 2015 through 2017 for persons 25 years and older show no difference for levels of education achieved

False

A typical SHU undergraduate can expect to live to 90.

True

AGI is an abbreviation for Adjusted Gross Income.

True

According to Dr. Glasmeier the living-wage-calculator update for this past year some locations as high as 18% in one year.

True

According to Dr. Glasmeier the living-wage-calculator update for this past year the average increase was between 4% and 6%.

True

According to the U.S. Census report the health uninsured rate decreased between 2015 and 2016.

True

An advisor is paid a fee, usually by you, to help you make a decision.

True

Apartment insurance policies are cheap and especially useful if they provide coverage in the case of water damages.

True

Behavioral finance teaches us we have asymmetric risk tolerance, with the pain of loss much greater than the joy of gains for the same amount of money.

True

Car insurance rates for young drivers, like college students, varies dramatically by location in the U.S

True

Carfax is a web site that will provide a vehicle history based on the vehicle identification number (VIN).

True

Credit Unions have less fees and the same or better rates with the equivalent federal government insurance coverage as the commercial retail banks.

True

Crowdsourcing is currently largely outside the purview of labor laws, but only because most platforms classify workers as independent contractors, not employees.

True

Daniel Kahneman and Angus Deaton of Princeton University found people's day-to-day emotional state rose with average annual income only until about $75,000 and then plateaued.

True

Dates and consideration are two key characteristics of a contract.

True

Dental insurance policies come with a typical maximum payout limit of between $1,000 and $2,000 per year.

True

Depending on the amount of college debt you may take 20 years of working to catch up to your peer, with only a high school diploma, in life time earnings.

True

Earning a PhD will lower my salary.

True

Employees in the U.S. are entitled to the protections of the Fair Labor Standards Act minimum wage and overtime pay, but contractors are not even if they are crowdsourced.

True

Even a used car that is a junker can show on my balance sheet with more value than my pet.

True

Every U.S. Dollar bill is unique but fungible.

True

Finding a correlation between inequality in the US and infant mortality does not mean the cause of one is the other.

True

For college students, identity theft insurance is most likely a waste of money.

True

For prime-age male college graduates, real earnings in 2009 were 12 percent below that enjoyed by their counterparts forty years before.

True

GAP car insurance covers the remaining lease payments until the car is repaired.

True

Getting a good job is harder today than for your parents in part because of the increased velocity of today's economy and the disruptions of technology and globalization.

True

Getting organized is a critical first step to paying your bills on time every month.

True

Groups such as Public Citizen argue that people are forced to waive their legal rights because arbitration clauses are presented in contracts on a take-it-or-leave-it basis.

True

Having no new credit card accounts for six months can boost your credit rating score 50 points.

True

Having your job title specified in your employment contract specifies the scope of your corporate role

True

Having your job title specified in your employment contract specifies the scope of your corporate role.

True

I can skip federal income tax filing if my gross income was less than $12,200.

True

If I am self-employed with earning of more than $2,100 then the IRS states I must file.

True

If I had earnings of $4,000 on my W-2 then I will forfeit my deductions to the government unless I file.

True

If I have income and no expenses but can't seem to save then my behavior is that of a spender.

True

If your credit score is in the FAIR range then you will tend not to get the best deals and may be offered credit cards with low credit limits

True

In general, employee deductions pay for 70% for government worker benefits programs and corporations pay 30%.

True

Investment Risk and Reward are linked functions with the greater the risk the greater reward, unless you lose all of your money.

True

Keeping score of your wealth is done with a balance sheet.

True

Legal advice may be all you need in the case of a dispute which is not the same as hiring a lawyer for representation.

True

Many large apartment buildings require renters insurance

True

Medicare taxes 2018 per employee/employer are 1.45% on all earnings

True

Medicare taxes 2018 per employee/employer are 1.45% on all earnings.

True

Most arbitration clauses and provider organizations require that proceedings be kept confidential.

True

Never buy an investment product you do not understand or risk looking stupid after the outcomes are disappointing.

True

On average from a high school diploma to a doctoral degree the higher the education attained the higher the salary.

True

One million people did not file in 2008 and donated refunds worth one billion dollars to the IRS on tax day 2012

True

Paying my school loan payments every month on time every time indicate I am a good credit risk.

True

Post-disaster charity scams are very common and becoming more polished in their deceptions.

True

Preventive dental care, like regular cleanings twice per year, saves money in the long run.

True

Purchasing the extended warranty for my pre-owned car from the dealer is usually a wise option if the car is not certified

True

Purchasing the extended warranty for my pre-owned car from the dealer is usually a wise option if the car is not certified.

True

Read-the-fine-print is a reference to the small print font size on a legal contract where the often important details are written.

True

Reporting an average income for a population may well mask significant disparity in individual incomes.

True

Rich or poor, we all pay a higher percentage of tax on income over $100,000 compared to income under $20,000

True

Risk pools allow me to blend my investment exposure to match a loss probability.

True

Some insurance brokers are employees of an insurance company and sell only that one company's policies.

True

Some states don't care who is at fault for an accident and require no-fault insurance coverage.

True

Ted Cruz quote: The top 1 percent earn a higher share of our national income than any year since 1928

True

The #1 challenge to using a budget is to keep doing it and not stop.

True

The Federal Withholding amount is calculated based on your W4 elections.

True

The NRA, the AARP, and the ACLU, are all examples of 501 C 4 organizations.

True

The Rule of 125 is for every $10,000 that you borrowed in student loans, your monthly payment will be approximately $125/month.

True

The Weekly Gross Pay amount is the total monies you earned prior to any deductions.

True

The average used 3yr old car purchase is about $18,000

True

The bank loan officer expects my house purchase down payment to show in my account for 3 months before applying for a mortgage loan.

True

The basic idea of cryptocurrency is to create a money transfer system that does not require interventions by governments, financial institutions or other third parties. Such systems inevitably require participants to put their trust in those third parties, and are therefore inherently flawed.

True

The best place to get answers to my student tax questions is www.IRS.gov

True

The common faith-based messages have long promoted charity as a virtue.

True

The courts have held there is no excuse for not reading the contract.

True

The government receives your payroll tax payments from your employer using your payroll deductions.

True

The most salient question to answer about car insurance is whether the student will remain on their parents' policy or obtain their own insurance.

True

The most valuable gift of either time, talent, or treasure is giving your time.

True

Typical car insurance is 100/300 limits of bodily injury, meaning $100,000 for one person in an accident and $300,000 for all people injured in one accident.

True

Updating a personal balance sheet every year is an excellent way to evaluate what my car is worth to me

True

While young drivers typically are more expensive to insure, having a separate policy would typically reduce liability exposure for the parents.

True

With a 15 year double digit interest rate loan I could easily payback $2 for every $1 I borrow.

True

You may not withdraw monies from your IRA retirement account before retiring unless there is an emergency.

True

You pay 1.45% out of your pay and your employer pays an additional matching 1.45% to support Medicare.

True

A good rule of thumb is 10% depreciation per year of ownership.

True

A living wage does not include some basic buffers needed to improve one's quality of life or protect against emergencies.

True

A living wage does not provide enough income for ever eating at restaurants, save for a rainy day, or pay for education loans

True

A living wage does not provide enough income for ever eating at restaurants, save for a rainy day, or pay for education loans.

True

A monthly budget provides a FIXED point of reference used to compare to your varying monthly spending.

True

A paycheck is a 3 part record of 3 money transfers between 3 parties.

True

A payment authorization, when using Amazon to buy socks, is the same as signing a contract.

True

A good bill paying habit is to immediately open and review the bills when you receive them to check for errors

True


Related study sets

Intro to Business Chapter 2 Vocabulary

View Set

Polysci chapter 3, Polysci chapter 4, Polysci chapter 5

View Set

The CE Shop Principles of Real Estate 1

View Set

Chapter 5: Data and Knowledge Management

View Set

The Natural Rate of Interest and Zero Lower Bound

View Set