Personal Finance Exam Review

Checking you credit report frequently can help with early detection of ID Theft.

• TRUE

• FALSE

If goals are to be meaningful, they should be broadly stated & without a specific time frame to be achieved.

• TRUE

• FALSE

Overtime pay is not considered when you calculate your gross pay.

• TRUE

• FALSE

Employers must contribute matching amounts into each employee's medicare and social security accounts.

• TRUE

• FALSE

On a local level, taxes pay for services such as education, parks, roads, and police, fire, & health departments.

• TRUE

• FALSE

If you file a joint tax return, you can take an exemption for your spouse.

• TRUE

• FALSE

Before you prepare a budget, it is a good idea to keep track of your income and expenses for a month or two.

• TRUE

• FALSE

In the short-run, fixed costs are easier to change than variable costs.

• TRUE

• FALSE

A check cannot be cashed until it is reconciled.

• TRUE

• FALSE

FDIC insurance protects the deposits of customers against loss up to $1 million per account.

• TRUE

• FALSE