no one should choose a goal based on . . .

what other people think of the goal

the most important thing to consider when choosing an apartment is

if you can afford rent and other costs on an ongoing basis

To file your taxes, you need

W2 and 1099INT reports, and charitable deductions receipts

a plan for career starting in two years

will give more opportunities than career starting right away

it is important for goals to have accomplishment dates because . . .

it's easy to put off long term goals, deadline keeps focus

the federal government offers tax breaks for people saving for education

managing your time in a healthy manner

a major payroll tax is called . . .

FICA, for federal insurance contributions act

when taxpayer's income tax withholding exceeds what's own

a cover letter begins with a(n)

heading, and then an introduction

a cover letter gives a potential employer ____.

the reason you want a particular job

which is not a money management skill discussed in the reading material

managing your time in a healthy manner

the lowest price is generally the wisest choice when _____.

quantity and quality are basically the same

Why is it harder to estimate expenses than to estimate income

expenses often change more from month to month

your landlord has the right to:

charge the late fee stated in lease if rent payment is late

a budget can help you reach a financial goal by:

allowing you to see where you can cut back on spending

which of the following information would not be found in a typical lease?

the name of the previous tenant

a warranty from the manufacturer covers

only what is included in the statement

a paycheck has withholding tax taken out:

that is paid to state and federal taxing authorities

money in your emergency fund could by wisely used . . .

to pay for an unforeseen health expense

how much money should you save each month?

you must decide what you can afford

social security 21% National Defense 21% and net interest 9%

studbud

PF unit 2

84 termsStudBud Administration4 plays

# finance

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Questions 84

Answers

1
no one should choose a goal based on . . .
a hobby that person puts free time into
interests, likes, and dislikes
the type of work that appeals to that person
what other people think of the goal
2
products often purchased using price negotiation are ___.
shampoos
CD players
swimsuits
automobiles
3
the most important thing to consider when choosing an apartment is
how many bedrooms there are
whether or not the apartment is located on a bus line
if you can afford rent and other costs on an ongoing basis
whether or not pets are allowed
4
To file your taxes, you need
every pay stub from the entire year
a computer
every deposit slip from your savings
W2 and 1099INT reports, and charitable deductions receipts
5
which is not a step in research your purchase?
looking at customer reviews
trying on apparel
comparing prices
getting your friends' approval
6
supply and demand are examples of market forces
true
false
7
both parties involved in an accident will be covered by their own insurance policies
comprehensive
no-fault
collision
liability
8
a plan for career starting in two years
will give less opportunities than career starting right away
means no plans or training necessary, goal is two years away
will give more opportunities than career starting right away
cannot benefit from talking to counselor or consulting book
9
the trade-off made by making one choice instead of another is commonly referred to as . . .
opportunity cost
economic choice
trade decision
personal preference
10
purchasing rather than leasing will generally cause your initial monthly payments to be:
the same
low
higher
11
includes all the money you will have to pay to lender beyond amount you need to purchase car
finance charges
transaction fee
lease
down payment
12
what is the main reason people shop
to provide for primary needs
to have fun with friends
to express personality
to look stylish
13
part of Bureau of Consumer Protection, educate consumer & business about right & responsibility
federal consumer information center
consumer product safety commission
federal trade commission
food and drug administration
14
it is important for goals to have accomplishment dates because . . .
career goals are based on interests and aptitudes
it's easy to put off long term goals, deadline keeps focus
to compare your success to other peoples' successes
bonus money always comes when meeting personal goals
15
which of the following forms reports interest income earned on a savings account
1099INT
1040EZ
W2
1099MISC
16
the federal government offers tax breaks for people saving for education
estimating expenses
managing your time in a healthy manner
saving for emergencies
formulating a budget
17
a major payroll tax is called . . .
capital gains tax
SSN, for social security network
FICA, for federal insurance contributions act
business tax
18
a substantial one of these will keep you from going upside down on your loan
insurance
interest
finance charge
down payment
19
Tax refunds
come to taxpayers regardless of whether they file tax return
when taxpayer's income tax withholding exceeds what's own
come from extra money govt has left over at the end of year
interest paid to taxpayer by govt based on holdings in year
20
a cover letter begins with a(n)
introduction, and then a heading
heading, and then an argument
argument, and then an introduction
heading, and then an introduction
21
a cover letter gives a potential employer ____.
a summary of your qualifications
a year-by-year outline of you experience
the reason you want a particular job
the highlights of you skills and abilities
22
Take-how pay is equal to your salary
false
true
23
student loans don't require you to start paying until after you've completed the course(s)
true
false
24
which is not a money management skill discussed in the reading material
formulating a budget
saving for emergencies
managing your time in a healthy manner
estimating expenses
25
how much of you take-home paycheck should be budgeted for base rent?
30%
20%
40%
50%
26
in which of the following locations could you find an ad for an apartment
in the local newspaper
all of these
in the phone book
on the internet
27
which one of the following is not part of your automobile operating costs?
parking
insurance
transaction fees
gas
28
which factor is most important in securing well-paying jobs throughout your career?
having established credit
having a car
having a good education
being well liked
29
the lowest price is generally the wisest choice when _____.
prices and quality differ
quantity and quality are basically the same
you can afford to buy any of the options
you cannot afford to buy the best quality
30
Why is it harder to estimate expenses than to estimate income
you can never truly know how much you spend
none of these
your income will never change
expenses often change more from month to month
31
how can you make the most of a tight budget?
buying on sale
setting good priorities
all of these
making a list before shopping
32
a car and a computer are examples of what?
secondary needs
none of these
primary needs
excess
33
by law an employer must pay for a portion of ___.
social security
fitness programs
legal assistance
child care
34
your landlord has the right to:
end rental agreement within 30 days if finds a better tenant
charge the late fee stated in lease if rent payment is late
enter your apartment without your permission
terminate your lease if she discovers you have lost your job
35
a budget can help you reach a financial goal by:
showing you how you can earn more income
giving tools to change fixed expenses to flexible expenses
all of these
allowing you to see where you can cut back on spending
36
which of the following information would not be found in a typical lease?
the name of the previous tenant
the beginning and ending dates of the rental agreement
amount of monthly rent payment and day of the month is due
the address of the unit being rented
37
a warranty from the manufacturer covers
nothing after sixty days
only what is included in the statement
everything that goes wrong for a year
all moving parts
38
a drawback of paying on credit is having ___.
additional fees
more interest on savings
extra money for emergencies
delivery charges
39
Allows you to borrow money to buy a car, but you will have to pay it back with interest
lend-lease
gift
lease
loan
40
when is a contract made between a buyer and a seller
only when the purchase is more that $500
when you buy something with a credit card
every time you make a purchase
when you buy something online
41
the leading provider of student loans, founded in 1972 which is now a publicly traded company
Ginnie Mae
FICA
Freddie Mac
Sallie Mae
42
big cities are less expensive to live in because there are more apartments avalaible
true
false
43
when estimating income, it is better to be
a little high
either, it doesn't matter
a little low
44
a paycheck has withholding tax taken out:
and automatically refunded to worker without filing a 1040EZ
that is paid to state and federal taxing authorities
that is always equal to $9.54
a person earns more than $600 a year
45
money in your emergency fund could by wisely used . . .
to put money down on a new car
to buy a new pair of shoes that went on sale
to pay for an unforeseen health expense
to lend money to a friend to pay off credit card debt
46
this type of insurance pays to fix damages that you cause, but does not cover your own car
none of these
collision
no-fault
liability
47
how much money should you save each month?
save $50 from every paycheck
always save 10% of you income
you must decide what you can afford
only save your spare change
48
an auto mechanic is employed in a service industry
false
true
49
taxes go to pay for:
social security 50%, national defense 50%, and medicare 12%
social security 21% National Defense 21% and net interest 9%
social security 10%, national defense 10%, and medicare 12%
social security 12%, national defense 12%, and medicare
50
when you compare brands, you should consider price and advertising
false
true
51
internships
are always paid
can never turn into a paid position
always last for one year
can be paid or unpaid
52
preparing a budget is
a method for calculating take-home pay
not an effective way to save money
an ongoing process
something you only have to do once in your lifetime
53
this allows you to use a car for a specified period of time for a specified monthly payment:
contract
loan
lease
gift
54
why is it harder to estimate expenses than to estimate income
none of these
expenses often change more from month to month
you can never truly know how much you spend
you income will never change
55
which of the following is an example of irregular income?
a full-time job
a part-time job
a graduation gift
56
which of the following are considerations in choosing an apartment
proximity to work
all of the above
availability of mass transit
cost
57
how is emma feeling?
unimpressed
depressed
all of the above
stressed
58
the federal government
is not allowed to tax income
the national govt. of US, takes in taxes and funds programs
does not supply social security cards
59
a rebate and a discount are the same
true
false
60
a deficit is when more money is spent than is earned of received
false
true
61
internships . . .
always last for one year
can be paid or unpaid
are always paid
can never turn into a paid position
62
an implied warranty is a written guarantee that covers certain aspects of a product
true
false
63
a resume is generally how many pages in length
any of these is fine
three
two to five
one
64
the W2 forms . . .
reports interest from your bank to the IRS
is provided by employer and lists income and tax withheld
keeps track of donations by cash or check outside of work
is provided by the IRS, and lists your tax paid for the year
65
the penalty for not paying taxes owed . . .
includes penalty fees and interest starting April 15
can't be calculated if you do not file taxes
will be $600 plus interest starting April 15, despite salary
can be determined by social security administration
66
a job may require a specific training course to be completed
false
true
67
a landlord can refuse to rent you an apartment if which of the following is true
you are of Irish descent
you own a cat and a dog
you are married
you are a Buddhist
68
open dating indicates the freshness of milk
false
true
69
aptitude refers to
an inherent talent or ability
a milestone one makes in bettering one's career
a fixed compensation paid regularly for services
acquired skills or talents
70
which is not something you should look for in a savings account?
competitive interest rate
rewards for using your debit card
free online banking
low (or not) monthly fee
71
what are some typical expenses for a person just starting out in a rental apartment
take-home pay, mortgage insurance
all of these
rent, renters insurance, transportation costs
interest income, tax refunds
72
when looking for a used car, this resource will help best determine value of a make or model.
consumer reports
car driver
kelly blue book
road and track
73
a service contract is an extended warranty
true
false
74
which of the following utilities may be billed separately from your rent
water
electriccity
all of the above
phone service
75
the amount of education you have may affect your starting salary
true
false
76
a good budget has all of the following characteristics except
practicality
flexibility
inaccessibility
careful planning
77
How can you tell the value of a purchase?
looking at the price tag
thinking of how it will affect your life
asking a friend
figuring out how much it cost to manufacture
78
which of the following best describes a lease?
legal document of agreement signed by landlord and renter
when renter signs when thinking about renting apartment
between someone searching for apartment & real estate agent
a document that describes in detail he apartment for rent
79
Which of the following is true about the security deposit
deposit is kept by the landlord to cover management costs
none of these
used to repair damage caused by tenant during term of lease
the deposit can never be greater than $100
80
a program like Quicken or Money
is necessary in order to get refund owned to the taxpayer
can help keep track of receipts to make taxes easier to pay
is required to complete taxes
can only be used when filing electronically
81
the Better Business Bureau
a place to report fraud or identity theft
a company that develops rules to protect consumers
a nonprofit consumer organization
a government agency in charge of realls
82
scholarships
are only available once a student is enrolled
always applied for by student w/no help from college/program
are never as good of a deal as loans from the student's bank
available for people of all states, religions, and interests
83
this number helps you compare loans
APR
credit score
principal
GPA
84
a document showing that you have completed a course of study is called a:
cover letter
resume
diploma
affidavit

PF unit 2 Flashcards | StudBud