Multiple Choice
A ____ is a specific duty, role, or function.
a. Career
b. Job
c. Skill
d. Aptitude
b. job
The acronym SMART stands for what when it comes to creating goals?
a. Special, Measurable, Attainable, Realistic, True
b. Specific, Measurable, Achievable, Results-focused, Time-bound
c. Specific, Measurable, Actionable, Realistic, Time-bound
d. Static, Measurable, Achievable, Results-focused, True
B. Specific, Measurable, Achievable, Results-focused, Time-bound
Savings is _________________
a. Planning for what to do with one's assets in the event of death
b. When you withdraw yourself from an active working life
c. The amount of money you put aside for future use
d. Using money to create wealth over time and is achieved through investment vehicles
c. The amount of money you put aside for future use
How many steps are there in a rational decision-making process?
a. 7
b. 5
c. 3
d. 4
b. 5
___________ is an employer-sponsored retirement plan.
a. medicare
b. 401 (k)
c. social security
d. tax credit
b. 401 (k)
What is the highest academic degree one can earn after high school?
a. doctoral
b. master
c. associate
d. bachelor
a. doctoral
_________ is a goal that you expect to achieve in the near future.
a. medium-term
b. short-term
c. intermediate-term
d. long-term
b. short-term
An emergency fund consists of how much money?
a. 1 year of expenses
b. 1 month of expenses
c. 12 to 24 months of expenses
d. 3 to 6 months of expenses
d. 3 to 6 months of expenses
Opportunity cost is __________.
a. the buying of goods without prior planning
b. the performance of a particular task in exchange for money
c. someone relying on another for financial support
d. an economic concept that represents the benefits you could have received by choosing the alternative.
d. an economic concept that represents the benefits you could have received by choosing the alternative.
What form is an Employee's Withholding Allowance Certificate?
a. W-4
b. 1099-INT
c. W-2
d. 1040
a. W-4
What is called when you teach a person a skill or particular behavior?
a. license
b. associate's degree
c. training
d. bachelor's degree
c. training
What factor determines your priorities in life and is usually influenced by family and friends, society, and media, ethical and religious beliefs, and environment and life experiences?
a. goals, b. consumption, c. values, d. none of the above
c. values
A personal financial plan includes which elements?
a. financial goals
b. insurance plan
c. cash flow plan
d. all of the above
d. all of the above
Personal financial responsibility includes which of the following factors?
a. acceptance, credit, awareness, recognition
b. acceptance, communication, acquisition, remembrance
c. accountability, communication, adaptability, situational awareness
d. accountability, credit, acquisition, remembrance
c. accountability, communication, adaptability, situational awareness
At what age is a person eligible for full retirement benefits through Social Security?
a. 55
b. 67
c. 69
d. 57
b. 67
What concept describes the amount of money needed to sustain a certain standard of living in the location of a job?
a. unemployment rate
b. earning potential
c. cost of living
d. none of the above
c. cost of living
______________ is a person who examines and prepares financial records for individuals and businesses.
a. analyst, b. accountant, c. advisor, d. administrator
b. accountant
___________ is a professional who can help you plan and manage your financial future.
a. financial aid officer
b. financial planner
c. bank teller
d. support specialist
b. financial planner
________ refers to a person's beliefs, values, and practices.
a. emotions, b. culture, c. behavior, d. money personality
b. culture
Tax liability refers to what?
a. Employment eligibility verification
b. payroll deductions
c. amount of taxes owed
d. social security
c. amount of taxes owed
What is the average cost for completing education through a trade school?
a. $55,000
b. $33,000
c. $42,000
d. $31, 000
b. $33,000
What term is used to describe the level of wealth, material goods, and necessities considered to be essential to an individual or group in a particular geographic area?
a. consumption, b. economics, c. scarcity, d. standard of living
d. standard of living
A business financial plan typically works by outlining a variety of financial statements for a time period of ___________.
a. 1 to 2 years, b. 1 to 3 months, c. 3 to 5 years, d. none of the above
c. 3 to 5 years
Delayed gratification means to __________.
a. resist temptation for an immediate purchase
b. make a purchase without prior planning
c. make a purchase immediately
d. resist saving money
a. resist temptation for an immediate purchase
What is the term for a health insurance program for low-income individuals and people with limited resources?
a. Social Security, b. medicare, c. disability, d. medicaid
d. medicaid