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Easy Quiz for Experts! Personal Finance Planning: Multiple Choice Quiz Contains 20 multiple choice questions worth 1 point each. 30 min has been allotted for
Easy Quiz for Experts!
Personal Finance Planning: Multiple Choice Quiz
Contains 20 multiple choice questions worth 1 point each.
30 min has been allotted for the quiz.
Must take the quiz now and submit solution in 30 minutes and counting...
Must upload solution within 30 min. Personal Finance Planning: Multiple Choice Quiz Question 1. 1. (TCO 1) A(n) _____ summarizes your current financial situation, analyzes your financial needs, and recommends a direction for your financial activities. insurance prospectus (Points : 1) statement budget investment forecast financial plan Question 2. 2. (TCO 1) _____ is the ability to convert assets and financial resources into usable cash relatively easily. (Points : 1) Bankruptcy Solvency Investing Opportunity cost Liquidity Question 3. 3. (TCO 1) The Federal Reserve has the responsibility to (Points : 1) monitor illegal business activities. approve spending by Congress. set federal income tax rates. maintain an adequate supply of money. maintain a balanced budget for the federal government. Question 4. 4. (TCO 1) As Jean Tyler plans to set aside funds for her young children's college education, she is setting a(n) _____ goal. intermediate (Points : 1) long-term short-term intangible durable Question 5. 5. (TCO 1) If you want your money to double in 12 years, what rate of return would you need to earn? (Points : 1) 6% 8% 9% 10% 12% Question 6. 6. (TCO 1) With an inflation rate of 8%, prices would double in about _____ years. (Points : 1) 10 6 8 9 12 Question 7. 7. (TCO 1) If you put $4,000 in a saving account and make additional deposits of $1,000 each year, what type of calculation would provide you with the value of the account in 20 years? (Points : 1) Present value of a single amount Simple interest Future value of a single amount Present value of a series of deposits Future value of a series of deposits Question 8. 8. (TCO 1) The simple calculation of interest can be performed by multiplying the amount in a savings account by the (Points annual interest rate. : 1) annual interest rate and the time period. number of months in a year. time period and number of months. time period. Question 9. 9. (TCO 1) Personal relationships, health, and informal education goals fall into the category of _____ goals. (Points : 1) intangible-purchase short-term consumable-product durable-product intermediate Question 10. 10. (TCO 1) _____ risk refers to the changing cost of money. (Points : 1) Monetary Inflation Economic Personal Interest rate Question 11. 11. (TCO 1) You want to determine the current value of an annuity that pays $350 a month for the next 5 years. What type of calculation would provide you with this value? Future value of a single amount (Points : 1) Simple interest Present value of a single amount Future value of a series of deposits Present value of a series of deposits Question 12. 12. (TCO 1) If an employee has tax-deferred benefits, this means that the benefits are (Points : 1) taxed at some point in the future. not subject to state income tax. exempt from federal income tax. taxed at a special rate. Question 13. 13. (TCO 1) Personal financial statements would include (Points : 1) budget and credit card statements. income tax forms and a cash flow statement. a checkbook and a budget. a balance sheet and a cash flow statement. a bank statement and a savings passbook. Question 14. 14. (TCO 1) When a person demonstrates efficient work habits in the workplace, this is referred to as (Points : 1) an employee's initiative. continuing education. dedication. cooperative education. a visionary outlook. Question 15. 15. (TCO 1) When a prospective employee presents a _____ rsum, this means that educational and work experiences are presented in a reverse time sequence. (Points : 1) goal-oriented functional sequenced chronological database Question 16. 16. (TCO 1) Which of the following would be a competency commonly associated with successful people? (Points : 1) An ability to work well with others in a variety of settings A desire to do tasks better than they have to be done An ability to solve problems creatively in team settings Well-developed written and oral communication skills All of the above Question 17. 17. (TCO 1) A family with $66,000 in assets and $52,000 of liabilities would have a net worth of (Points : 1) $66,000. $52,000. $118,000. $14,000. $41,000. Question 18. 18. (TCO 1) Personal balance sheets can be used to analyze (Points : 1) future income and expenses. the net worth of an organization. the cash flow of an individual or a family. debt payment activities. what an individual or family owes and owns. Question 19. 19. (TCO 1) Solvency can be assessed through the analysis of the following financial document. (Points : 1) Cash flow statement Debt consolidation statement Personal income statement Credit report The balance sheet Question 20. 20. (TCO 1) If a person has a payment that does not vary from month to month, then this type of payment is _____. (Points semivariable current variable fixed budgeted : 1)Step by Step Solution
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