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100
Which statement is TRUE about Payroll Taxes? A. Payroll taxes are paid are paid on both earned and unearned income. B. Payroll taxes fund different operations and programs of the federal government. C. Payroll taxes fund the Social Security and Medicare programs. D. The amount of tax paid depends on many different factors but increases as income increases
C. Payroll taxes fund the Social Security and Medicare programs
100
Savings tools offered by depository institutions may earn interest. Which of the following statements is NOT TRUE about interest? A. Interest is the price paid for using someone else’s money. B. When earning interest, look for low rates. C. When paying interest, look for low rates. D. The amount of interest earned or paid is determined by the interest
B. When earning interest, look for low rates.
100
David made a mistake in his checking account recordkeeping and spent $10 more than he had deposited in his account. As a result, he can expect to be charged a(n):A. ATM Fee B. Contact Fee C. Safe Deposit Fee D. Overdraft Fee
D . Overdraft
100
Who is Medicare designed to help? A. Low income families B. Single parents C. Senior Citizens D. Children of unemployed parents
C. Senior Citizens
100
Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called which kind of taxes? A. Sales B. Excise C. Federal use D. property
B. Excise
200
As Mariah was looking over her sales receipt for the shirt she bought at a retail store, she discovered that she was charged 6% more than the price tag showed for the item. What is this extra 6% charge most likely to be?A. An excise tax on the shirt she purchased. B. Property tax on the shirt she purchased. C. Income tax on the shirt she purchased. D. Sales tax on the shirt she purchased.
A. An excise tax on the shirt she purchased.
200
One’s Lifestyle is to their Standard of Living as present is to _? A. Past B. Recent C. Future D. Gif
C. Future
200
Which of the following would most likely be considered a contractual expense? A. Cell Phone B. Food C. Entertainment D. Clothing
A. Cell Phone
200
To calculate her net worth Jordyn should use the following formula A. Assets – liabilities = net worth B. Assets x liabilities = net worth C. Assets + liabilities = net worth D. Assets / liabilities = net worth
A. Assets – liabilities = net worth
200
Which statement is TRUE about Payroll Taxes? A. Payroll taxes are paid are paid on both earned and unearned income. B. Payroll taxes fund different operations and programs of the federal government. C. Payroll taxes fund the Social Security and Medicare programs. D. The amount of tax paid depends on many different factors but increases as income increases
C. Payroll taxes fund the Social Security and Medicare programs
300
Chase has decided to work with a spending plan so he can build up an emergency fund for when he is in college. He learned in class that he could probably reduce his spending the most by looking at his non-contractual expenses. Which of his expenses best fit that category? A. Cell phone bill, gasoline, and car payment B. Internet bill, entertainment, and clothing C. motorcycle payment, food, and cell phone bill D. Gasoline, food, and entertainment
D. Gasoline, food, and entertainment
300
Erin has been in college for 2 years and has decided that the major she has been studying isn’t for her. Changing her major and/or her college could result in: A. a well-rounded college degree. B. the need for backwards planning. C. losing credits for classes she has already taken. D. remediation courses to make up for the change in majors.
C. losing credits for classes she has already taken.
300
Michael wants to develop a spending plan for himself to use during his final year of high school. What will he need to do as his FIRST step? A. Decide what income and spending categories would reflect his values, needs, and wants. B. Decide how much money he can spend for each of the bills he pays each month. C. Track his current income and expenses. If he has already created an Income and Expense Statement then he has completed this step. D. Develop a control system that will work with his life style.
C. Track his current income and expenses. If he has already created an Income and Expense Statement then he has completed this step.
400
Diana and Aaron have decided to develop a spending plan to help them gain control over their finances. Which of the following statements is NOT TRUE about spending plan? A. Spending plans are used to record planned income. B. Spending plans are used to record planned expenses. C. A spending plan includes items NOT usually included when creating a budget. D. When creating a pending plan, it is recommended that you examine your trade-offs and opportunity costs.
C. A spending plan includes items NOT usually included when creating a budget
400
Jose has been challenged by his academic advisor to 'develop some human capital’ this school year. Which activity below would be the LEAST effective way to reach that goal? A. Spend additional time playing video games to further develop his eye-hand coordination. B. Volunteer to pick up trash along the roadsides. C. Attend a workshop on a topic he has little knowledge of. D. Ask his employer if there are any new tasks at work that he might be assigned.
A. Spend additional time playing video games to further develop his eye-hand coordination
400
Lora is a high school computer and technology teacher. She enrolls in a computer class at least twice per year to stay current on recent technology changes and updates. By continuing her education, Lora is investing in her:A. salary B. human capital C. family D. interest inventory
B. human capital
400
Erin and her mother are putting together an Income and Expense Statement for Erin to use as she applies for a college scholarship. Which income source does she NOT need to include for this statement? A. Interest earned on her savings account. B. Money she received from her grandparents for her birthday. C. Social Security income her mother is receiving for her since her father died of cancer last year. D. Taxes she paid based on her income last year.
D. Taxes she paid based on her income last year.
400
Eric is writing a paper on the importance of investing in yourself and he is looking for a sentence to use as the thesis statement for his paper. Which sentence below would be the best choice? A. Completing your college degree is the best way to prepare for a career. B. Education pays in higher earnings and lower unemployment rates. C. Human capital and transferable skills result from formal training. D. Investing in yourself too early can lead to a lower standard of living.
B. Education pays in higher earnings and lower unemployment rates.
500
Andy is developing an Income and Expense Statement. He has gathered all his receipts, bank statements, paycheck stubs, and spending records. He needs to categorize them into income and expenses. He is unsure which of the following items should be recorded as expenses. Which should be recorded as expenses? A. Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and his car insurance B. Money saved from his paycheck for emergencies, interest paid on his car loan, his tax refund from filing last year’s tax return C. The scholarship he receives for studying Chinese at the local community college, his car insurance payment, and stock dividends he received from his grandmother D. Clothing he purchased for a job interview, tuition for a class he is taking at the local community college, and interest from his savings account
What is A. Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and his car insuran
500
Which statement WOULD NOT be true about the value of career research?Everyone values different aspects of an occupation. One person might value the flexible schedule a particular job offers and another might care more about the amount of training that career might require. B. Current job availability and the outlook for future employment are as essential to consider as whether you have the skills, interest and abilities to pursue a particular career. C. Opinions from different people working in the occupation should be considered before ruling out a particular career. D. There are many careers that would support your well-being. Career exploration allows you to find the one that pays the most so your well-being is enhanced to the highest degree.
D. There are many careers that would support your well-being. Career exploration allows you to find the one that pays the most so your well-being is enhanced to the highest degree.
500
Megan’s mother suggested that she was experiencing the consequences of her trade off regarding a decision she made to purchase a dress for prom. Which situation does Megan most likely find herself in for her mother to have made this comment? A. Megan had shopped at several stores when she found the prom dress of her dreams and purchased it. She used the money she had saved for the prom dress PLUS most of the money she had saved for replacing the tires on her car. Now the tires need replacing and Megan is short on the cash needed to do the job. B. Megan had shopped at several stores when she found the prom dress of her dreams. She checked online and found a coupon that enabled her to save 30% when she returned to the store to purchase the dress. C. Megan had shopped in several stores and found six prom dresses she liked a lot. She brought 2 friends shopping with her to tell her which one looked best on her. After much deliberation, she chose the dress that was the least expensive of the 3 she liked best. D. Megan had shopped in the store her mother recommended for her prom dress. She found two dresses she liked a lot. Megan purchased the one that was the most comfortable even though it cost $28 more than the other one.
A. Megan had shopped at several stores when she found the prom dress of her dreams and purchased it. She used the money she had saved for the prom dress PLUS most of the money she had saved for replacing the tires on her car. Now the tires need replacing and Megan is short on the cash needed to do the job.
500
When Charles received his college placement test results, he is informed that he will need remediation in math. Which situation IS NOT TRUE of Charles’ situation? A. Charles will need to take at least one course because he is not college-ready. B. Since the remedial courses Charles must take will not count toward his degree , he needs to take the courses but tuition is not charged. C. Charles should have taken a placement test earlier in high school so he could strengthen his academic skills before heading for college. D. Remediation courses do not count toward his degree program so he may need to take extra credits and his college degree may take longer to complete.
B. Since the remedial courses Charles must take will not count toward his degree , he needs to take the courses but tuition is not charged
500
Dane is researching the topic of property taxes for a presentation he is doing in his Personal Finance class. He has come across the following statements he is considering adding to his presentation. Which should he EXCLUDE from his presentation because it is not correct? A. Property taxes are assessed at the same rate for all types of property, including homes, land and building, regardless of location or whether they are used for business or personal use. B. Property taxes are usually charged by state and local governments to pay for local schools and other services and expenses incurred by these governments. C. Property taxes are commonly paid on automobiles. This tax usually paid once per year when the automobile is licensed. D. Property tax on homes, land and buildings are usually only paid once or twice each year
A. Property taxes are assessed at the same rate for all types of property, including homes, land and building, regardless of location or whether they are used for business or personal use.