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Personal Finance Fall Final
Terms in this set (63)
True or False: The number of jobs in a career area does not affect the workers in that job are likely to make.
True or False: When making decisions that will affect your income it is important to the economy.
True or False: The federal government offers financial aid to students who qualify.
The more exemptions a worker claims the less tax is withheld from his or her paycheck.
Some states have minimum wage and laws that set a higher rate than the federal minimum wage rate.
Specific tasks you can do such as , prepare a spreadsheet, or operate a machine are known as:
Quality of goods and services that producers are willing and able to provide is called:
Money paid for the use of Money is called:
A benefit often received by full time workers is:
Vacation pay, sick leave pay, Health Insurance
Money and benefits people receive from local, state, and federal government are called:
When your estimated expenses are less than your actual expenses the result is a favorable variable.
Financial resources include money or other items that people can use to require goods and services.
Economizing and optimizing are consumer buying strategies that people use at different times.
During times of inflation (rising prices) money received today is worth less than money received in the future
Inflation is an over all increase in the general price level for goods and services.
Owning a small business involves hard work but very little risk.
Amount of money a person has to spend after need are met is called:
As resources become scarce or more difficult to get prices rise in the form of:
Real Cost Inflation
Federal Reserve System
Controls discount rate
What is a required deduction from a workers paycheck:
Federal Income tax
What is the correct sequence for the 5 step financial planning process:
1.) Gather info, 2.) analyze info, 3.) set goals, 4.) develop timeline (benchmarks), 5.) evaluate plan (implement)
True or False: The term ''wants'' refers to items people need for survival
True or False: Checking accounts sometimes pay interest and may require minimum deposits in order to avoid a monthly service fee
True or False: The FDIC insure a checking account deposits in banks, savings and loans, and brokerage accounts.
True or False: A savings account is a demand deposit that may have some restrictions on how quickly or easily the money can be withdrawn.
True or False: Risk is thew chance of injury, damage, or economic loss.
The 2nd step in creating a personal budget is to:
Plan the amount you will save.
Check issued against bank funds is called :
Which risk strategy involves self insuring?
Writing for deposit only than singing name on back of a check is:
True or False: Term life insurance provides a death benefit, but it does not belied cash value:
True or False: When you buy insurance you are following a risk strategy known as reducing risk:
True or False: Because a personal resources are typically not limited the opportunity cost of a purchase is not an important consideration:
What type of health Insurance plans provide for routine medical care, hospital stay:
Basic Health Care
The amount of money you must pay before your insurance company begins to pay is called:
A good buying plan begins with:
Evaluating wants and needs.
What career field would require the least amount of formal education:
A principle that affects the worth you place on a idea or action is known as a
What is an example of formal education:
Attending a class
To enhance your listening skills you should not:
Think about your next response instead of focusing.
When the economy is slowing down:
People often buy fewer goods and services.
True or False: The job market is ever changing to meet the needs of employers with job openings:
True or False: Informal Education may involve on the job training and learning skills as you are working:
True or False: Your skills includes both soft skills such as driving a car and hard skills as leadership:
True or False: Today's most popular careers often require a bachelors degree or more:
True or False: Once you are hired for that job the skills and education needed for that job do not change:
What job assistant services is free of charge?
State employment office
A simple Fed tax return form designed for use by single and joint filers with no dependence is:
Form 1040 EZ
The overtime pay for hours worked above 40 hours in one week must at least be
1/2 times the regular rate
A percentage of a sale paid to a sales person is called:
The amount left after all expenses are deducted from the revenues of a business is:
True or False: Portable life insurance means you take the policy with you when you leave your job:
True or False: Perks are benefits that have high monetary value to employers of large companies:
True or False: Vacation days, sick leave are examples of pay w/o work:
True or False: A lifestyle business is one where the owner intends to keep the business small:
True or False: Salaried workers usually do not keep time cards or count hours?
True or False: The business cycle is the alternating periods of growth and decline in the economy
True or False: An economist is a person who studies the economist;
When the economy is growing people are buying goods and services and the jobs are being created:
True or False: Considering the economy is not important as you make decisions that will not affect your income:
True or False: Hearing means you're actively focusing on what the speaker is saying
False (it's listening)
Programs that reimburse employs for education cost:
Can benefit company because workers has better skills
Workers compensation insurance:
Pays medical and disbality insurance to workers injured on job, may pay benefits to workers
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