Unit 1 Quiz Review Semester 2 EPF

Which term describes an objective specifically related to money?

• bank declaration

• mission statement

• financial goal

• prospectus

Which type of goal is saving for college?

• a short-term goal

• a mid-range goal

• a long-term goal

• an educational goal

Why is prioritizing important?

• It maintains focus on the most important goals.

• It earns more money to purchase more things.

• It chooses the best bank to begin an account.

• It creates more job opportunities.

What is the best example of an unexpected expense?

• automobile repairs

• a new outfit

• monthly rent

• grocery bill

How can someone meet a financial goal without changing it or the date to achieve it by?

• Increase paycheck withholding.

• Accept sales incentives.

• Reduce reoccurring expenses.

• Apply for government grants.

Which statement best defines gross pay?

• the amount an employee earns before payroll withholding is performed

• the employee's earnings after taxes are withdrawn from their pay

• the sum of all withdrawals made from an employee's earnings

• an employee's 'take home' pay for any given fiscal year

What is the best example of a fixed expense?

• car repairs

• medical costs

• electricity bill

• monthly rent

What is most accurate about wants?

• They are enduring expenses.

• They are essential in nature.

• They include food and shelter.

• They are discretionary expenses.

What is the best example of an expense that is typically part of a budget?

• emergency room visit

• housing costs

• auto repairs

• a new washing machine

What best describes the notable qualities or characteristics of a product?

• features

• needs

• benefits

• costs