Personal Finance Final Exam

Which of the following is likely to have the least influence on an individual’s values?

• media

• family

• grade average

Whitney is shopping with her mom and they are deciding on clothing to purchase. Which scenario BEST represents the purchase of a NEED?

• Whitney has several pairs of jeans in her closet but when she and her mom were shopping, she found some at an excellent price that really fit her well. Her mom agrees that with these jeans at this price, they need to purchase a pair

• Whitney has been selected to attend a national leadership conference and has been instructed that she will need to dress ‘professionally’ for one of the tours. She plans to wear her new jeans and a t‐shirt that has the logo of the leadership conference on it. Her mother thinks she needs to purchase something more appropriate.

• Whitney is being inducted into the National Honor Society at her high school. Students have been directed to ‘dress nice’. Whitney has a dress she wore to a wedding last year that still fits but hermom thinks she needs a new one to celebrate this occasion.

Kaylee will save her allowance of $25 per month to purchase a $150 mp3 player in six months. This is an example of what type of goal?

• Long‐term goal

• Short‐term goal

• This is not an example of a goal.

Mark and Susan, a recently married couple with full‐time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?

• unrealistic

• short term goal

• long term goal

Miranda is working to develop a broad base of transferable skills. This means that she:

• Needs to maintain at least a part time job during the school year.

• Use her available hours outside of school for paid employment rather than volunteering.

• Will have a set of versatile skills that she can apply to many personal and professional roles.

Lora is a high school computer and technology teacher. She enrolls in a computer class at least twice per year to stay current on recent technology changes and updates. By continuing her education, Lora is investing in her:

• salary

• family

• human capital

Individuals with more formal educational training usually have:

• greater amounts of leisure time

• lower personal satisfaction

• higher estimated lifetime earnings

The amount of money left once all deductions have been taken from gross income

• dependent

• net income

• employee benefits

Products or services provided by an employer that adds extra value for employees beyond wages paid

• dependent

• employee benefits

• tax liability

A person who relies on the taxpayer for financial support

• income

• liability

• dependent