Personal Finance PreTest

Mrs. Hosler

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  1. For investment purposes, collectibles representa a good return and high liquidity.

    2. Your answer:
    TrueFalse

  2. Medicaid is provided for all persons who qualify for medicare benefits but are not over age 65.

    3. Your answer:
    TrueFalse

  3. Bankruptcy does not relieve a debtor of all kinds of debt.

    4. Your answer:
    TrueFalse

  4. Personal information given on a resume should not include age, sex, marital status, and ethnic background.

    5. Your answer:
    TrueFalse

  5. When interest is computed on the original principal plus accumkulated interest, it is called compound interest.

    6. Your answer:
    TrueFalse

  6. To get a work permit, a minor must have a social security number, proof of birth, and parental permission (signature).

    7. Your answer:
    TrueFalse

  7. Unemployment compensation is available to workers who are laid off or fired or who quit their jobs.

    8. Your answer:
    TrueFalse

  8. Workers' compensation is available for work-related accident and injury claims.

    9. Your answer:
    TrueFalse

  9. A certified check does not reveal the identity of the maker.

    10. Your answer:
    TrueFalse

  10. Mutual assent is said to occur when a person makes a counteroffer that is rejected by the first person to make a purchase offer.

    11. Your answer:
    TrueFalse

  11. The power to levy taxes rests with the President of the United States.

    12. Your answer:
    TrueFalse

  12. Both spouses must sign a joint income tax return, even though one may not have had any income.

    13. Your answer:
    TrueFalse

  13. Floating a check is writing a check when you know you do not have sufficient funds to cover it but plan ot make a deposit before it clears.

    14. Your answer:
    TrueFalse

  14. All financial institutions have insurance with the FDIC.

    15. Your answer:
    TrueFalse

  15. Mutual funds are considered more risky but less liquid than real estate investments.

    16. Your answer:
    TrueFalse

  16. Complaints of discrimination in employment may be filed with the Equal Employment Opportunity Commission.

    17. Your answer:
    TrueFalse

  17. A wise investment practice is to act on impulse, in order to get a good deal.

    18. Your answer:
    TrueFalse

  18. Which of the following investments is the most illiquid?

    19. Your answer:
    mutual funds
    money market funds
    Preferred Stock
    real estate

  19. Which of the following acts gave us the minimum wage?

    20. Your answer:
    Taft-Hartley Act
    Fair Credit Reporting Act
    Social Security Act
    Fair Labor Standards Act

  20. Goals that you would expect to complete in the next few months or years are called

    21. Your answer:
    none of these
    long-term goals
    short-term goals
    intermediate goals

  21. Which of the following is false? A resume

    22. Your answer:
    emphasizes strong points
    should contain no errors
    has exact rules for placement of information
    is one page if possible

  22. Which of the following is not an essential part of an enforceable contract?

    23. Your answer:
    written format
    consideration
    agreement
    legality

  23. An endorsement that signs over a check to a third person is a

    24. Your answer:
    special endorsement
    jint endorsement
    restrictive endorsement
    blank endorsement

  24. Income tax returns are due to the IRs no later than

    25. Your answer:
    January 1
    March 15
    April 15
    December 31

  25. Which of the following types of income is not taxable for the recipient?

    26. Your answer:
    alimony
    child support
    dividends
    interest

  26. Treasury _____ are for three months, six months, or one year.

    27. Your answer:
    bills
    bonds
    certificates
    notes

  27. Most banks offer insurance from the

    28. Your answer:
    Fed
    FSLIC
    FDIC
    NCUA

  28. Which is a combination savings-investment plan?

    29. Your answer:
    regular account
    special account
    share draft account
    money market account

  29. Willful failure to pay taxes is called

    30. Your answer:
    tax avoidance
    voluntary compliance
    tax evasion
    tax reduction

  30. The amount borrowed is called

    31. Your answer:
    credit
    principal
    interest
    capital

  31. Purchasing a variety of investments is known as

    32. Your answer:
    liquidity
    diversification
    investment return
    financial stability

  32. The first step in finding a job is to

    33. Your answer:
    write a thank-you letter
    obtain an interview
    make follow-up inquiries
    write a letter of application

  33. Which of these investments is not subject to invome taxes?

    34. Your answer:
    municipal bonds
    corporate bonds
    stocks
    mutual funds

  34. Which of the following is not an employer responsibility?

    35. Your answer:
    safe working conditions
    fair personnel policies
    ovetime hours
    adequate supervision

  35. If the regular rate of pay is $6.00 an hour, and overtime pay is 1 1/2 times theregular rate, what is the gross pay for a 47-hour workweek?

    36. Your answer:
    $282
    $423
    $303
    $240

  36. When all deductions are taken out of gross pay, the amount left is known as

    37. Your answer:
    overtime
    salary
    regular wages
    net pay

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