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