Which one of the following events could make your retirement benefit LESS than expected? [PFL#6]

Your rate of return is slower than you had calculated.

Inflation occurs at a lower rate than you calculated.

You earn a larger retirement benefit than you had calculated.

You inherit money you had not anticipated.

Life expectancy refers to [PFL#6]

a statistical measure of the average life span of a specific population.

your perception of how long you expect to live.

an estimate of how much money you need for retirement.

a statistical estimate of the number of years you will live in retirement.

When planning for retirement, you need to determine [PFL#6]

how much money you will need and how many years you will need it.

how much money you need to live in a nursing home or retirement center.

how much money you want your children to inherit.

where you plan to live after you quit working.

Most people plan to work [PFL#6]

more years than they actually do.

until they are 60 years of age.

until they are fired or forced to retire.

only until they qualify for their company retirement.

Which of the following statements about Social Security is the MOST accurate? [PFL#6]

Social Security was originally designed to be a supplemental income for people over the age of 65.

Even if you do not start saving and planning for retirement, you will earn enough money from Social Security to maintain your current lifestyle.

Because Social Security is a government program, it is guaranteed to be there when you retire.

The average income from Social Security is about $40,000.

When renting a place to live, utilities are [PFL#10]

paid either by the tenant or the landlord.

always included in the monthly rent.

If you want to buy a house, MOST experts would recommend that finance it with a(n) [PFL#10]

any loan that you can qualify to receive.

To reduce your monthly house payment, you can [PFL#10]

increase your emergency savings fund.

When making decisions about a place to live, you should [PFL#10]

determine how much you can spend and stay within your budget.

determine what you want and figure out a way to pay for it.

not worry about the cost because it is most important that you feel safe and happy with where you live.

base your final choice on cost because you can learn to be happy living anywhere you can afford to live.

Amenities refer to [PFL#10]

additional features such as swimming pools, exercise rooms, etc.

the actual location of an apartment complex.

extra features that cost more than most people can afford.

basic features such as the color of the walls, the type of carpeting, etc.

A down payment is the [PFL#10]

part of the purchase price paid in cash up front.

amount that a person must pay when renting an apartment.

difference between how much a house is worth and how much is owed on it.

loan to finance the purchase of real estate, usually with specified payment periods and interest rates.

A month-to-month lease can be terminated [PFL#10]

only by the landlord or the tenant.

only after all conditions of the lease have been met.

Which of the following statement is TRUE? [PFL#11]

You can reduce your risk but not eliminate it.

You can control all risk factors.

Your behavior has no impact on your level of risk.

It is impossible to reduce your risk.

Which of the following is a potential social benefit of gambling? [PFL#12]

Increased jobs in a local community.

Increased number of counseling jobs for people with gambling addiction.

Increased number of attorneys needed for new bankruptcies.

Increased revenue from advertising sales.

The odds of winning most games are [PFL#12]

in favor of the sponsor, not the player.

in favor of the player, not the sponsor.

designed to give both the player and the sponsor equal odds.

readily available, allowing players to improve their chances of winning.

Which of the following statements is MOST accurate? [PFL#12]

People at lower income levels use a larger percentage of their income to buy lottery and scratch tickets than people at higher levels of income.

Casinos only have a positive impact on communities because they create jobs and generate wealth.

Gambling is a moral issue, with little or no economic or financial impact on individuals or society.

Most people who engage in gambling activities become addicted to it and end up taking bankruptcy because they cannot pay their bills.

_____ is one sign that a person has a gambling problems. [PFL#12]

Buying lottery tickets regularly

Probability is best defined as [PFL#12]

how likely it is that something will happen.

making choices based on past events.

Bankruptcy is BEST defined as [PFL#13]

being legally released from the obligation to repay some or all debt in exchange for giving up some of your assets.

being unable to repay your bills because of overspending and irresponsible behavior.

being in a situation where your monthly payments are greater than your monthly income.

filing a request with the courts to dismiss your bills due to the inability to make payments as required.

Which of the following statements about bankruptcy is TRUE? [PFL#13]

Bankruptcy stays on your credit report for 10 years and decreases your credit score.

People who file bankruptcy pay lower interest rates because they have no debts.

Bankruptcy stays on your credit report for 7 years and decreases your credit score.

Bankruptcy stays on your credit report for 10 years, but has little, if any, impact on your credit score.

Bankruptcy should be considered when [PFL#13]

your insurance company will not pay all of your medical bills.

you lose part of your income due to a divorce or death of a partner.

it become difficult to make your monthly payments.

In order to rebuild your credit history after bankruptcy, you should [PFL#13]

use credit cautiously and pay your bills on time.

start borrowing money at any interest rate to prove you can handle payments.

hire a credit repair company to remove the bankruptcy from your credit files.

wait until the bankruptcy information is removed from your files to borrow money.

Making false statements when filing bankruptcy is [PFL#13]

a crime and has serious consequences.

acceptable because everyone does it.

a crime, but the penalty is so low that you still gain.

only a problem if you get caught.

Which of the following statements is TRUE? [PFL#13]

People who file bankruptcy pay higher interest because they are higher risk to lenders.

Only poor people file bankruptcy.

People who file bankruptcy can never get credit again.

People who file bankruptcy are deadbeats who do not want to pay their bills.

People who file bankruptcy [PFL#13]

can still get credit but will pay higher interest rates until they rebuild their credit history.

are often victims of crime and need a fresh start.

should be penalized for the rest of their lives for their lack of responsibility.

are irresponsible individuals who should never be able to get credit again.

Depending upon your level of income, you [PFL#14]

may be able to deduct all or part of your donations from your personal income taxes.

have the right to deduct all of your donations from your personal income tax.

can avoid paying any personal income taxes if you donate enough money to charitable organizations.

may need to increase deductions to offset the cost of making cash contributions to charitable organizations.

Charitable contributions [PFL#14]

should be a part of your budget or monthly spending plan.

are a personal matter and should not be included in a budget or financial plan.

have a negative impact on your budget and should be avoided.

Should be a low priority unless you have a lot of money to throw around.

Which of the following provides the MOST reliable information about a charitable organization? [PFL#14]

Checking out the organization on one of the philanthropy Web sites such as guidestar.org.

Speaking with the president or director about the mission of the organization.

Visiting the organization’s Web site.

Reading the materials mailed out by the organization.

Being classified as a non-profit means an organization is [PFL#14]

a legal entity that provides services without commercial or monetary gain.

any organization that collects donations to help others.

a legal entity that provides services to the community.

any organization that provides benefits to the community.

Following are several tips about making contributions to organizations. Which of the following is NOT recommended? [PFL#14]

If you get an e-mail asking for money, only send a check or ask if they take credit cards.

Avoid responding to telemarketers who call asking for contributions.

Do not make donations in “cans” or “jars” sitting next to cash registers.

Listen or read carefully to understand the organization’s name; it could be a “sound alike” organization instead of the one you want to support.

In-kind contributions refers to [PFL#14]

donating items of value to the receiving organization.

giving your time to charitable organizations.

giving to people when working with charitable organizations.

donating things you do not need to an organization.

Charitable contributions come in many forms, including all of the following EXCEPT [PFL#14]

paying someone to work in your place.

PFL 2nd Semester Exam - 5, 6, 10, 11, 12, 13, 14

Authored by Vicki Droddy

Business, Social Studies

9th - 12th Grade

Used 14+ times

PFL 2nd Semester Exam - 5, 6, 10, 11, 12, 13, 14

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50 questions

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MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is TRUE? [PFL#5]

Savings and investing is only for wealthy people.

Savings and investing is important for people of all income levels.

Savings is only for people with limited income and investing is for people with high levels of income.

Savings is only for people with high levels of income and investing is for people with limited income.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Inflation refers to [PFL#5]

an overall increase in prices.

how quickly your money can double.

the amount of money earned by investing.

the level of risk associated with equity investing.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Stocks and bonds are similar in that both [PFL#5]

have a guaranteed rate of return.

have relatively high levels of risk.

provide ownership in a business.

are tied to the rate of inflation.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If you are planning to put aside money for long-term goals, your BEST option is probably [PFL#5]

keeping your money in a jar by the bed because banks are not safe.

putting your money in a savings account because it is insured.

putting your money into a mutual fund because it is diversified.

buying stock only in the company where you work.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Liquidity is defined as [PFL#5]

how easy it is to turn an item into cash without losing any money.

how easy it is to lose money when you invest in a risky business.

the ability of savings to earn interest.

the potential loss from rising prices.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Deciding whether to save $25 or buy a pair of shoes illustrates [PFL#5]

risk.

opportunity cost.

budgeting.

denial of benefits.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Compound interest is calculated as [PFL#5]

principal plus any interest they have already paid you.

principal minus the amount you are paid annually.

principal but not on the interest earned.

prorated interest over the life of an investment.

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PFL 2nd Semester Exam - 5, 6, 10, 11, 12, 13, 14

Which of the following is TRUE? [PFL#5]

Inflation refers to [PFL#5]

Stocks and bonds are similar in that both [PFL#5]

If you are planning to put aside money for long-term goals, your BEST option is probably [PFL#5]

Liquidity is defined as [PFL#5]

Deciding whether to save $25 or buy a pair of shoes illustrates [PFL#5]

Compound interest is calculated as [PFL#5]

Which one of the following events could make your retirement benefit LESS than expected? [PFL#6]

Life expectancy refers to [PFL#6]

As a young person, saving for your retirement is an example of a _____ goal [PFL#6]

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