PF midterm review

Fixed expenses include

• Birthday and holiday gifts and vacation

• Installment payments, insurance premiums and rent

• New cloths, entertainment, and food

• All of the above

Human Resources include

• Energy, skills, talents, and knowledge

• Furniture, car, and cloths

• Money, tools, and materials

• All of the above

In international trade, the balance of payments refers to

• The value of goods and services a nation imports and exports

• The amount one nation owes another in the exchange of goods and services

• The payment made to keep proper balance between imports and exports

• A account of the flow of goods, services, and money coming into and going out of a country

Key sources of state and local tax revenue include all of the following except

• Social security tax

• Sales tax

• Property tax

• Personal and corporate income tax

Liquidity of savings refers to

• Availability of your funds on short notice

• Earning potential of savings

• Security or safety of funds on deposit

• Tax-free accumulation of savings

Long-term liabilities include

• Medical bills

• Taxes

• The unpaid amount of a home mortgage

• Unpaid balances on credit cards

Opportunity cost refers to

• An advantageous sale price

• The financial cost of purchases

• The loss of one alternative when another is chosen

• The chance to buy goods or services at a discount

The amount you pay to use credit depends on all of the following except

• Reason for using credit

• Length of repayment period

• Annual percentage rate charged

• Amount of credit used

The chief advantage of a budget is

• Can help you make the most of your money and avoid financial problems

• Helps you know how to save money

• Keeps you from wasting money

• Tells you exactly how much to spend for different things

The deductible on a health insurance claim is the amount

• The patient must pay before the insurer makes any payments

• Paid by the insurance company

• Paid by the government

• Doctors and hospitals absorb when patients cannot pay