Financial Literacy Post test
Terms in this set (50)
Which of the four basic automobile coverages is usually required by state law?
Which of the following investments is the most illiquid?
Sources of financial information include
Magazines and newspapers
Online investor education
Which of the following acts gave us the minimum wage?
Fair Labor Standards Act
Goals that you would expect to complete in the next few months or years are called
Which of the following is false
A resume has exact rules for placement of information.
Which of the following is not an essential part of an enforceable contract
An endorsement that signs over a check to a third person is a
Income tax returns are due to the IRS no later than
Which of the following types of income is not taxable for the recipient?
Treasury _____ are for three months, six months or one year
Beginning investments are which of the following?
Conservative, low risk
Which is a combination savings-investment plan?
Money market account
Willful failure to pay taxes is called
A person who manages money for another is called
Which government agency regulates the quality of over-the-counter medications?
The amount borrowed is called
Purchasing a variety of investments is known as
What is the first step in finding a job?
Write a letter of application
Which of these investments is not subject to income taxes?
Which of the following is not an employer responsibility?
Verifying accuracy of paycheck deductions
If the regular rate of pay is $6.00 an hour, and overtime pay is 1 1/2 times the regular rate, what is the gross pay for a 47 hour work week?
When all deductions are taken out of gross pay, the amount left is know as
Which of the following is not a purpose of a professional organization?
To provide legal counsel
Which type of bankruptcy is called a straight bankruptcy proceeding?
For investment purposes, collectibles represent a good return and high liquidity?
Medicaid is provided for all persons who qualify for Medicare benefits but are not over age 65
Bankruptcy does not relieve a debtor of all kinds of debt
Personal information given on a resume should not include age, sex, marital status, and ethnic background
When interest is computed on the original principal plus accumulated interest, it is called compound interest
To get a work permit, a minor must have a social security number, proof of birth, and parental permission (signature)
Unemployment compensation is available to workers who are laid off or fired or who quit their jobs
Workers' compensation is available for work-related accident and injury claims
A certified check does not reveal the identity of the maker
Mutual assent is said to occur when a person makes a counteroffer that is rejected by the first person to make a purchase offer
The major function of labor unions is collective bargaining on behalf of their members
Buying a home is one of the biggest financial decisions you will ever make
Series EE savings bonds are called discount bonds because they are purchased for less than maturity value
The power of levy taxes rests with the President of the United States
Both spouses must sign a joint income tax return, even though one may not have had any income
Floating a check is writing a check when you know you do not have sufficient funds to cover it but plan to make a deposit before it clears
All financial institutions have insurance with the FDIC
Mutual funds are considered more risky but less liquid than real estate investments
A consumer advocate promotes and protects the causes of consumers
Small-claims court is designed for small disputes where claimants represent themselves without attorneys.
The Better Business Bureau can suspend business licenses for improper business practices
A deposit is refundable, while a fee is not refundable
Jurors must be of legal age, residents of the county, and able to see and hear
Complaints of discrimination in employment may be filed with the Equal Employment Opportunity Commission
A wise investment practice is to act on impulse, in order to get a good deal