What is business credit?

Important for getting loans, credit cards, or vendor terms.

What does life insurance provide?

Provides money to your family if you pass away.

What is the MAIN step for starting a business?

Learn to challenge your views and seek multiple perspectives.

What is Confirmation Bias?

The tendency to favor information that confirms your existing beliefs.

What is Financial Aid?

Includes grants, scholarships, loans, and work-study.

What does personal credit do?

Ranges from 300–850. Higher = better.

What is the most important fact about saving as a teen?

Save part of every paycheck or allowance.

What is overtime pay?

Overtime is extra pay for hours worked beyond 40 in a week.

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Financial managment software exam

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Questions 16

Answers

1
What is business credit?
Important for getting loans, credit cards, or vendor terms.
By registering your business and opening accounts in the business name.
Like personal credit, but for a business.
2
What does life insurance provide?
Lifelong coverage, has savings/investment features.
all of the above
Provides money to your family if you pass away.
Set period, cheaper.
3
What does the Maryland Chamber of Commerce do?
both
Students can connect for events, internships, and mentoring.
Helps businesses grow through networking, policy advocacy, and resources.
4
Resume building Includes contact info, education, work/volunteer experience, and skills.
False
True
5
What are the different jobs in tech?
all of the above
the Blacks In Technology Foundation support diversity in tech.
Fields include software development, cybersecurity, data science, etc.
STEM programs and coding bootcamps can be helpful.
6
What is the MAIN step for starting a business?
Learn to challenge your views and seek multiple perspectives.
Get necessary licenses/permits and a business bank account.
Learn to challenge your views and seek multiple perspectives.
7
What is Confirmation Bias?
The tendency to favor information that confirms your existing beliefs.
Learn to challenge your views and seek multiple perspectives.
8
What is Financial Aid?
Free application for federal student aid.
Includes grants, scholarships, loans, and work-study.
9
What are the types of savings?
Emergency Fund and High-Yield Savings
Certificates of Deposit (CDs) and 401(k)
All of the above
10
Which is true about 401(k)?
Start early to benefit from compound interest.
Retirement savings plan offered by employers.
all of the above
Pre-tax contributions grow tax-free until retirement.
11
Persona Budgets Create budgets for fictional characters (or yourself!) to practice planning.
False
True
12
What does personal credit do?
Ranges from 300–850. Higher = better.
Built paying bills on time, keeping debt low, and using credit responsibly.
A score that shows how well you manage borrowed money.
13
What is the most important fact about saving as a teen?
Open a student savings account.
Set small, realistic savings goals.
Use budgeting apps like Rocket Money.
Save part of every paycheck or allowance.
14
What is Rocket money?
Create budgets for fictional characters (or yourself!) to practice planning
Both
Great for teens to start understanding financial habits.
15
What is overtime pay?
Overtime is extra pay for hours worked beyond 40 in a week.
Federal law (FLSA) mandates 1.5x regular pay for overtime.
16
System Software,Application Software Utility Software are apart of financial software
False
True

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