PFLE Nine Weeks Review

The role of the entrepreneur in society is to

• provide capital to the firm which the management combines with labor.

• bring the factors of production together and take the risks of producing.

• control the land upon which all production takes place to get the most rent.

• regulate what products are considered safe to market.

Audra Parker has done some research and has found that the population in the U.S. is living longer which means there will be an increased need for health care professionals in the future. This is an example of (a)   influencing jobs in the future.

• geographic trends

• industry trends

• demographic trends

• work place conditions

Patrick Guitman recently graduated from college with $20,000 in student loans and $5,000 in credit card debt. He usually makes minimum payments on his debt and he has been late with three payments in the last year. He wants to buy a new car but was told that his interest rate on a loan would be very high. What is the most likely reason this might be so?

• General interest rates are very low.

• His credit rating is below average due to missed payments.

• He already has a student loan outstanding.

• Recent graduates are not allowed to have more than $25,000 in debt outstanding.

Which of the following is NOT a main function of the entrepreneur?

• to make routine pricing decisions

• to innovate

• to assume the risk of economic losses

• to make strategic business decisions

The term networking refers to:

• using the internet to locate job listings.

• making and using contacts to obtain and update career information.

• accessing career databases online.

• building a list of certifications and accomplishments.

Which of the following would most likely lead to increased economic opportunities?

• Two year vocational degree

• Bachelor's degree

• Master's degree

• Professional or doctoral degree

At the end of the year, Walter received a form that showed his payments from independent contracting. That form is called a:

• 1040

• W-2

• 1099

• W-4

To apply for a student loan, you must first complete and submit a Free Application for Fedral Student Aid (FAFSA) form.

• Federal

• State

• Local

Which of the following is the most effective way to prevent identity theft?

• Use the same password for all your accounts to make them easier to remember

• Share your personal information only with trusted friends on social media

• Shred documents containing personal information before disposing of them

• Store your Social Security card in your wallet for quick access

Which of the following best describes the "Rule of 72" in investing?

• It calculates the total return on investment

• It determines the number of years needed to double your money

• It measures the risk level of an investment

• It calculates the inflation rate over time