twolsey5
  • twolsey5
personal finance final answers
Finance
  • Stacey Warren - Expert brainly.com
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schrodinger
  • schrodinger
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twolsey5
  • twolsey5
1. Which of the following might not be an option for increasing your present income? (1 point) (1 pt) Quitting your job to find another (0 pts) Requesting a merit increase in pay (0 pts) Requesting a promotion (0 pts) Looking for a better job without quitting your old job 1 /1 point 2. Which of the following is true about a merit increase in pay? (1 point) (0 pts) It is based only on how long you have been with the company. (0 pts) You have prove that you deserve it more than your coworkers. (1 pt) You might have to wait for a certain anniversary date to get it. (0 pts) You automatically receive merit raises every year. 0 /1 point 3. Corporate structure may be defined as _____. (1 point) (0 pts) the way a corporate building is structured (0 pts) whether a company pays corporate taxes (0 pts) the method a company uses to pay its employees (1 pt) the way a business is organized 1 /1 point 4. Your resume should include all of the following information EXCEPT (1 point) (0 pts) contact information. (1 pt) personal history. (0 pts) education background. (0 pts) qualifications. 1 /1 point 5. The single best way to increase your income is to get an education. Why? (1 point) (0 pts) You automatically make more money if you are educated. (1 pt) You can obtain jobs that have higher starting salaries. (0 pts) You automatically get promotions if you are educated. (0 pts) You will automatically receive better benefits. 0 /1 point 6. Which of the following will probably earn a higher level of income? (1 point) (0 pts) A female file clerk with a high school diploma and a year of college. (0 pts) a male file clerk with a high school diploma and a year of college. (0 pts) A male accountant with a Bachelor's degree. (1 pt) A female accountant with a Master's degree in business administration. 0 /1 point 7. The term "educational attainment"means _________________. (1 point) (0 pts) you have earned a degree (1 pt) whatever education you have earned (0 pts) you are attending school to earn a degree (0 pts) you have earned the highest degree possible in your field 0 /1 point 8. Which of the following is not a core module of accounting? (1 point) (0 pts) accounts receivable (0 pts) accounts payable (1 pt) debt collection (0 pts) purchase orders 1 /1 point 9. What is a general ledger also known as? (1 point) (0 pts) a normal ledger (0 pts) an enumerated ledger (1 pt) a nominal ledger (0 pts) none of the above 0 /1 point 10. Which of the following is not one of the three types of business arrangements in the United States? (1 point) (0 pts) sole proprietorship (0 pts) partnership (0 pts) corporation (1 pt) sole partnership 1 /1 point 11. With a sole proprietorship, who pays the taxes? (1 point) (0 pts) the shareholders (0 pts) the company (1 pt) the owner (0 pts) both the shareholders and the owner 1 /1 point 12. Which one of the following would not be considered an advantage of a sole proprietorship? (1 point) (0 pts) Decisions can be made quickly without having to consult others. (1 pt) A proprietor is also responsible for his or her own health insurance. (0 pts) There are no legal formalities if the business dissolves. (0 pts) All of the profits from the business go right to the owner. 0 /1 point 13. What can a proprietor do to minimize personal risk and liability? (1 point) (0 pts) change his/her name (0 pts) form a limited liability proprietorship (0 pts) form a limited liability partnership (1 pt) form a limited liability company 1 /1 point 14. Why are partnerships often favored over corporations? (1 point) (0 pts) They have more power. (1 pt) A partnership structure eliminates the dividend tax levied upon profits realized by the owners. (0 pts) They are more successful. (0 pts) none of the above 0 /1 point 15. Who assumes the risk in a sole proprietorship? (1 point) (0 pts) the investors (1 pt) the business owner (0 pts) the board of trustees (0 pts) none of the above 0 /1 point 16. What are the two types of partnerships? (1 point) (1 pt) limited and general (0 pts) limited and sole (0 pts) general and private (0 pts) private and limited 0 /1 point 17. Which of the following would not be considered an advantage of a partnership? (1 point) (0 pts) A partnership usually involves low start-up costs. (1 pt) Each general partner is deemed the agent of the partnership. (0 pts) It's easy to form a partnership. (0 pts) You can share the responsibilities with your partners. 0 /1 point 18. As a generic legal term, __________ means any group of persons with a legal entity. (1 point) (0 pts) partnership (0 pts) business (1 pt) corporation (0 pts) proprietorship 0 /1 point 19. Who regulates a corporation? (1 point) (0 pts) the bondholders (1 pt) the government of the state, province, or national government with which it is registered (0 pts) the corporation's founders (0 pts) the corporation's union 0 /1 point 20. Which of the following is not a legal characteristic of a corporation? (1 point) (0 pts) transferable shares (0 pts) perpetual life (1 pt) legal protection from lawsuits (0 pts) limited liability 0 /1 point 21. When claiming dependents, they must meet the following criteria EXCEPT: (1 point) (0 pts) the dependent must be a relative. (1 pt) the dependent must reside with you. (0 pts) the dependent must be under nineteen years of age unless he or she is a full-time student. (0 pts) the dependent was unable to provide over half of his or her support for the year. 1 /1 point 22. If you opt to put money in a medical flexible spending account rather than trying to amass enough medical expenses to itemize on your tax return, you are taking advantage of ___________________. (1 point) (1 pt) an exclusion (0 pts) a credit (0 pts) a deduction (0 pts) withholding 1 /1 point 23. A form of taxation in which everyone pays an equal rate of taxes is called a _____________. (1 point) (0 pts) progressive tax (0 pts) regressive tax (0 pts) net tax (1 pt) flat tax 1 /1 point 24. A form of taxation in which the highest income earner pays the largest percentage of taxes is called a (1 point) (1 pt) progressive tax (0 pts) regressive tax (0 pts) flat tax (0 pts) net tax 1 /1 point 25. A form of taxation in which the lowest income earners pay the largest percentage of taxes is called a ___________________. (1 point) (0 pts) progressive tax (1 pt) regressive tax (0 pts) flat tax (0 pts) net tax 0 /1 point 26. Which of the following best defines health insurance? (1 point) (0 pts) An annual contract between an insurance company and an individual (0 pts) a type of insurance that protects your personal property if you are unable to pay your bills. (1 pt) a type of insurance whereby the insurer pays the medical costs of the insured (0 pts) a type of insurance that assists your loved ones in the event of your death 1 /1 point 27. Which of the following illustrates the main difference between Medicare and Medicaid? (1 point) (1 pt) Medicare helps to insure the elderly, while Medicaid focuses on low-income individuals and families. (0 pts) Medicaid helps to insure the elderly, while Medicaid insures low-income earners. (0 pts) Medicaid helps to replace lost income for the poor. (0 pts) Medicare is available only to those over the age of 65. 1 /1 point 28. What is life insurance? (1 point) (0 pts) Health insurance that covers you for the rest of your life (0 pts) Insurance that supplements your income if your life is threatened (1 pt) Insurance that assists your loved ones with income in the event of your death (0 pts) Insurance that protects you in the event of an unexpected illness or accident that prevents you from working 1 /1 point 29. Which of the following statements is not true about HMO insurance? (1 point) (0 pts) It is a managed health care system. (1 pt) In an HMO you can choose your own primary care physician (PCP), but specialists must be referred by the PCP. (0 pts) In an HMO , you are assigned a primary care physician. (0 pts) The letters stand for Health Maintenance Organization. 0 /1 point 30. Which of the following might be considered positive aspects of HMOs. (1 point) (0 pts) Free choice of primary care physician (0 pts) Care from non-HMO provider not covered (1 pt) Out-of-pocket expenses are usually low (0 pts) Easy to receive specialized care 1 /1 point 31. Which of the following might be considered a negative aspect of HMOs? (1 point) (0 pts) Out-of-pocket expenses are usually high. (1 pt) Not easy to receive specialized care (0 pts) HMOs focus on preventative care (0 pts) Free choice of primary care physician 1 /1 point 32. On average, compared to a person with good credit a person with poor credit will pay __________ for insurance. (1 point) (0 pts) 5% to 10% more (0 pts) 10% to 15% more (1 pt) 20% to 50% more (0 pts) 55% to 70% more 0 /1 point 33. How long does it take to rebuild your credit history? (1 point) (1 pt) 7 years (0 pts) 8 years (0 pts) 9 years (0 pts) 30 years 1 /1 point 34. Secured debt means a lender gives you money in exchange for what? (1 point) (1 pt) collateral (0 pts) credit report (0 pts) principal (0 pts) interest 1 /1 point 35. When an asset, such as a car, decreases in value over time what is it called? (1 point) (1 pt) depreciation (0 pts) financing (0 pts) equity (0 pts) leasing 1 /1 point 36. If you miss one payment on a credit card, what's generally the penalty? (1 point) (1 pt) a late payment fee (0 pts) a higher interest rate (0 pts) a lower available credit line (0 pts) a negative notation on your credit report 0 /1 point 37. If you miss two payments on a credit card, what's generally the penalty? (1 point) (0 pts) a late payment fee and a lower available credit line (1 pt) a higher interest rate and a late payment fee (0 pts) a late payment fee (0 pts) a negative notation on your credit report 0 /1 point 38. What are expenses that do not change called? (1 point) (0 pts) stable costs (1 pt) fixed costs (0 pts) variable costs (0 pts) known costs 1 /1 point 39. What is the margin of safety? (1 point) (0 pts) How much sales can fall before a business starts making less than 5% profit (0 pts) How much sales can fall before a business makes less than 15% profit (1 pt) How much sales can fall before a business starts taking a loss (0 pts) none of the above 0 /1 point 40. The two components of ______________ are variable and fixed costs. (1 point) (0 pts) entire cost (0 pts) required cost (0 pts) complete cost (1 pt) total cost 1 /1 point 41. What are expenses that change as conditions change? (1 point) (0 pts) changing costs (0 pts) fixed costs (0 pts) moderate costs (1 pt) variable costs 0 /1 point 42. What can be the best type of safety net in hard times? (1 point) (0 pts) Gambling (1 pt) Mortgage (0 pts) Rental property (0 pts) None of the above 0 /1 point 43. Real estate is considered a(n) _____ investment. (1 point) (1 pt) illiquid (0 pts) liquid (0 pts) sure (0 pts) partially–liquid 1 /1 point 44. Individual mortgage interest rates are generally determined by what? (1 point) (0 pts) The economy (1 pt) The individual's credit score (0 pts) The property value (0 pts) The state the property is located in 0 /1 point 45. What is PMI? (1 point) (0 pts) Personal mortgage issuance (0 pts) Personal mortgage investment (1 pt) Personal mortgage insurance (0 pts) Personal mortgage interest 1 /1 point 46. Why is investing in gold beneficial? (1 point) (0 pts) It is easy to mine. (1 pt) It is considered a stable investment. (0 pts) Gold is more expensive than stocks. (0 pts) The value of hold is subject to inflation. 1 /1 point 47. What is an entrepreneur? (1 point) (0 pts) a sole proprietorship (0 pts) a corporation (1 pt) one who opens a new business (0 pts) a bank that loans money 1 /1 point 48. Which of the following is the best definition of probable operating costs? (1 point) (0 pts) Amount of money required to start a business (0 pts) Amount of money required to market a business (0 pts) Amount of money required to purchase business equipment (1 pt) Amount of money required to keep a business running 1 /1 point 49. Which of the following is a start–up cost associated with opening a business? (1 point) (0 pts) Equipment (0 pts) Legal fees/licensing (0 pts) Insurance (1 pt) All of the above 1 /1 point 50. Which of the following is an example of an unsecured bank loan? (1 point) (0 pts) Credit card debt (0 pts) Bank overdrafts (0 pts) Corporate bonds (1 pt) All of the above
anonymous
  • anonymous
Which test is this? I think I've taken it before
twolsey5
  • twolsey5
this is the semester exam for the personal finance class of ca

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