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