Unit 1 Personal Finance Review

Miguel knows he wants to join the military. What should Miguel do before enlisting to help with employment after his service? (Select all that apply.)

• He should take out a loan to help him pay for his future education options

• He should investigate training opportunities available while in the service and tuition assistance available afterwards

• He should sign the paperwork, attend basic training, and see what training opportunities are available

• He should speak with the recruiter about the specific opportunities and jobs that he will be able to pursue

Company A uses social media to advertise, while company B places its product in the store.

Which is an example of a push marketing strategy?

• company A

• company B

• both companies

• neither company

Why is the marketing mix important to advertisers? (Select all that apply.)

• It helps determine how much money people will have to buy a product

• It helps define a particular product and identify what makes it different

• It helps advertisers to spread the word about a product being available

• It helps companies decide how long the product will take to be produced

You own a greeting card startup business with a limited advertising budget.

Which form of advertising offers the greatest benefit at the lowest cost

• television, because it reaches the widest consumer base once production costs are met

• newspaper, because it reaches a small but educated subscriber base in most markets

• online, because it reaches the widest consumer base and is cost-effective

• radio, because it has a focused consumer base and is cost-effective

Which correctly explains fixed expenses?

• Barbara paid the rent on the first day of the month to keep her apartment

• Barbara purchased new clothes for the party this Saturday

• Barbara attended a hockey game with her friends last month

• Barbara refilled her car with gas after driving to San Diego for a concert

When should you start planning for retirement? 

• You should start planning after starting a job and buying a home

• You should start planning only after receiving an income tax refund so that the money can be deposited immediately

• You should start planning as soon as you decide on a career path

• You should start planning after college graduation and after you have developed your financial goals

On average, who earns the highest salaries?

• people with a master’s degree

• people with a bachelor’s degree

• people with a professional degree

• people with an associate’s degree

Where would you find the most useful information about post-secondary education and training? (Select all that apply.)

• Department of Education

• college alumni associations

• job fairs

• military and school websites

Alfonso is 19 years old and has a high school diploma. Recently, he was promoted to assistant manager at the fast-food restaurant where he has worked since the age of sixteen. His dream is to become the restaurant’s manager.

What is his best option for achieving his dream? 

• He should find another job and work his way up to a higher position

• He should work hard, work longer hours, and remain assistant manager

• He should hope that his manager transfers to another location and that he is his replacement

• He should attend classes at the local college to receive training in management

Which is NOT a part of the marketing mix?

• know what people will pay 

• have multiple locations 

• have the proper packaging

• sell out in the first week