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Consumer Education- Final Exam
Consumer Education- Final Exam
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Questions
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Answers
1
True or false: Technology can create and eliminate jobs.
True
False
2
Rent is an example of...
Net expense
Variable expense
Discretionary expense
Fixed expense
3
Bartering does not involve....
Money
Negotiation
Goods or services
Exchanging
4
True or false: Employers are not obligated to provide benefits to contract employees.
True
False
5
Of the following, the action most likely to help boost the economy out of a recession is....
decreasing the money supply
raising business taxes
cutting personal taxes
decreasing government spending
6
The purpose of form _______ is to specify the number of allowances you're claiming
W-4
1099
1040
W-2
7
FICA taxes are another name for...
excise tax
income taxes
property tax
social security taxes
8
The largest percentage of federal government revenue comes from....
Social Security Taxes
Corporate income taxes
Individual income taxes
Excise taxes
9
When are income taxes due?
January 15
April 15
November 15
June 15
10
EFT refers to...
the agency that insures deposits in banks
the secret code for your account
the movement of funds by electronic means
using an ATM
11
The Three C's of credit include all of the following EXCEPT...
capacity
capital
character
credibility
12
The consumers who would most likely benefit from inflation would be those who...
have previously borrowed money at a low fixed interest rate
are retired on a fixed income
are about to apply for a real estate loan
have most of their money in a savings account
13
True or false: Form 1099-INT is the form you get from the bank on your interest earned
False
True
14
To conserve means to....
Use Less
Throw Away
Specialize
Add on
15
True or false: having direct deposit means you will not receive a paper copy of our check.
False
True
16
True or false: Many auto insurance companies offer discounts for maintaining good grades
True
False
17
True or false: If the value of the U.S. dollar is high, exports from the US tends to increase.
False
True
18
Technology affects consumers in all ways EXCEPT...
Making information more accessible
Reducing available options
Providing new ways to shop
Making it easier to buy on impulse
19
Auto dealers generally offer _____ for a trade-in
the book value
the average price of comparable cars sold in your area
more than book value
less than book value
20
On a pay stub, the contributions identified as FICA are paid toward....
social security and medicare
health insurance and retirement
federal income tax
state income tax
21
The FMLA allows workers to take leave for any of the following EXCEPT....
Caring for an ill child
Adopting a child
Having elective surgery
Caring for an ill spouse
22
True or false: A 1-year CD will probably earn more interest than a 5-year CD.
False
True
23
True or false: You should shred all of your bank documents when you throw them away.
False
True
24
Everything offered for sale to the general public makes up the....
Public service sector
Economic system
Business sector
Marketplace
25
A business cycle....
Occurs every five years
includes 4 phases
reaches a high point called a trough
leads to a depression
26
True or false: Tax planning can help you reduce the amount of tax you owe.
True
False
27
Ethics are guidelines for behavior based on principles of....
Right and wrong
Economy and efficiency
Self-esteem
Social Interaction
28
Net pay is the same as...
earned pay
overtime pay
take-home pay
hourly pay
29
If your ATM card is lost, you should...
move your accounts to another financial institution
Report the loss to the issuing bank
cancel the last purchase made with the card
notify the Federal Reserve System within 24 hours
30
The Fed's most important and frequently used tool for stabilizing the economy is....
the discount rate
the reserve requirement
tax policies
open market operations
31
An example of an extry level job in the consumer and management field is...
Consumer Safety Inspector
Bank Teller
Financial Planner
Consumer Affairs Director
32
A PIN is a code that is concerned with the...
security of your account
balance of your account
amount in your account
flexibility of your account
33
True or false: Credit bureaus & reporting agencies don't judge whether consumers deserve credit
True
False
34
A telecommuter is a worker who...
Set a flexible personal holiday schedule
Take six months of unpaid leave every five years
Communicates with a central office while working at home
Periodically switch positions with another worker
35
The Equal Credit Opportunity Act protects against discrimination for all of the following...
national origin
race
employment income
sex
36
True or false: In general, most revenue at the state and local level is spent on education.
True
False
37
Most of the economies in today's world are....
Mixed
Traditional
Market
Command
38
An entrepreneur is someone who...
Manages other employees
Receives paid on the job training
Does not work for pay
Owns a business
39
The role of a citizen does not include....
Using public services
Producing goods
Voting
Paying taxes
40
People who sell directly to consumers are...
Retailers
Workers
Advertisers
Volunteers
41
At which month are you most likely to receive a W-2
January
November
August
June
42
The annual rate of interest that is charged for using credit is called the....
APR
variable rate
teaser rate
minimum finance charge
43
A resume should describe a job seeker's....
Police record
Volunteer activities
Age and marital status
Medical history
44
True or false: You should keep your social security card with you at all times.
True
False
45
The correct sequence for the steps in the management process is....
Planning, evaluating, organizing, implementing
Organizing, planning, implementing, evaluating
Planning, organizing, implementing, evaluating
Planning, organizing, evaluating, implementing
46
The maximum amount of credit that the creditor will extend to the borrower is called the...
adjusted balance
maximum payment
credit limit
average daily balance
47
Helpful hints for preparing a resume include....
Proofread for spelling and grammar
Exaggerate when possible
The longer the resume the better
Use your family as references
48
If you make a mistake writing a check, you should....
reconcile the check
void the check
bounce the check
cancel the check
49
You can deduct money from your bank account to make a purchase by use of a...
Credit Card
Charge card
Debit Card
Telephone Card
50
What is the main source of funding for unemployment insurance?
sales tax
tax paid by workers
state and federal grants
tax paid by employers
51
The agency that enforces laws against dishonest advertising is the....
Consumer Product Safety Commission
Federal Communications Commission
Federal Consumer Information Center
Federal Trade Commission
52
Consumer attitudes, new technology, & government spending are examples of factors that...
are directly reflected in the CPI
tend to increase inflation
can trigger economics ups and downs
are tracked by the Bureau of Labor Statistics
53
True or false: Wars may cause consumers to stop spending
False
True
54
Great reasons to have a savings account include all of the following EXCEPT....
direct deposit
interest
low liquidity
safe
55
The amount of money you expect to receive after paycheck deduction is...
fixed income
earned income
gross income
net income
