FCP Final

Any money going into the account or leaving the account should always be written down in the __________________.

• Deposit Slip
• Memo
• check register
• bank statement

Checking accounts are sometimes called _______________ because money can be withdrawn at any time.

• "it's my money and I want it now accounts"

• Demand Deposits

• Debit Accounts

• Credit Accounts

What role does insurance play in financial planning?

• It guarantees that income and assets are protected
• It helps build and maintain one's credit score
• It helps cover day-to-day expenses
• It grows in value and appreciates over time

Investing is best for __________.

• short-term financial goals, like building an emergency fund.
• long-term financial goals, like paying for retirement
• earning a little interest while keeping your money safe
• guaranteed fast growth on your money.

Which of the following is NOT something that a cover letter should always contain in its closing paragraph?

• Suggestion/request for an interview.
• Statement thanking the employer for considering the letter-writer.
• Statement that the letter-writer looks forward to hearing from the recipient.
• Statement suggesting starting salary.

Which savings account will earn you the most money?

• One that compounds interest daily.

• One that compounds interest monthly.

• One that earns simple interest daily.

• One that earns simple interest monthly.

Why is it important to reconcile your bank statements?

• To avoid spending more than what is in your account.
• To detect any errors in your account.
• To determine if you were charged any fees
• All of the above

What is net pay?

• The amount of pay earned for the total number of hours worked.

• The amount of money you're paid after all taxes and deductions are taken out of your paycheck.

• The amount of money you're paid before all taxes and deductions are taken out of your paycheck.

• Your gross pay plus any bonuses.

Generally, _____________ you receive, the higher your lifetime earnings will be.

• the less education
• the more education
• the lower the score on standardized tests
• the higher the score on standardized tests

If your earning potential is higher than the cost of your higher education, you will have a _____.

• positive return on investment for higher education
• negative return on investment for higher education
• positive experience while earning a degree
• negative experience while earning a degree