1. The health care plan that has the main advantage that you will still have coverage even if you go outside the plan is a/an | a. Fee-for-service plan | | b. HMO | | c. PPO | | d. POS | |
2. The formula for calculating simple interest is Principal X Rate X Time = Interest, where | a. Principal = the amount of money earned on the amount deposited | | b. Rate = the amount of money deposited | | c. Time = the number of months, years, etc., that money is deposited | | d. Interest = the amount paid on each dollar saved during a time period | |
3. If you want a new car every few years, the best option is | a. Borrowing against the cash value of a life insurance policy to purchase your automobiles | | b. A lease | | c. A loan via the car dealership | | d. None of the above | |
4. Joe Smith is paid on the first and fifteenth of each month and receives 24 paychecks each calendar year. His pay period is | a. Biweekly | | b. Monthly | | c. Semi-monthly | | d. Weekly | |
5. Popular electronic funds transfer (EFT) features include | a. Automatic transfer of funds, allowing you to pre-authorize the bank to pay certain bills on a regular basis | | b. Direct deposit of payroll and Social Security checks | | c. Automated teller machines (ATMs), where you insert your plastic ATM card that looks like a credit card, and enter your personal identification number (PIN). | | d. All of the above | |
6. Every check is identified by | a. The number of the bank on which it is drawn. | | b. The Federal Reserve number (routing number). | | c. The customers account number. | | d. All of the above. | |
7. Part of the wages that an hourly employee in a service industry earns, such as waiting tables in a restaurant or driving a taxicab, are also called | a. Commissions | | b. Piecework | | c. Salary | | d. Tips | |
8. The fixed expenses of owning and maintaining a car include | a. Gasoline and oil | | b. Tune-ups | | c. Tires | | d. Insurance | |
9. Usury laws limit the | a. Highest credit score possible to no more than 800 | | b. Number of years a bankruptcy can stay on a credit record | | c. Percentage of commission a pawnbroker may take from the sale of goods | | d. Rate of interest a lender may charge | |
10. The most common type of resume is the | a. Application resume | | b. Chronological resume. | | c. Data resume. | | d. Networking resume. | |
11. The health insurance required by state governments for employees who suffer injuries or illness as a result of their working conditions is called | a. Portable health insurance | | b. Supplementary Security Income Benefits (SSI) | | c. Unemployment insurance | | d. Workers compensation | |
12. Advantages of owning a home include all of the following EXCEPT | a. Improvements increase the value of the property | | b. Privacy and freedom | | c. There is usually no down payment required | | d. You can use home equity as collateral for a loan | |
13. When using travelers checks, | a. You sign them in front of the agent issuing them | | b. You must sign the check a second time in the presence of the person receive the check and present identification | | c. If you provide the list of serial numbers of the checks and identification in case they are lost or stolen, they will be replaced immediately | | d. All of the above | |
