WorksheetsEOPA Financial Services Review
Total questions: 81
Worksheet time: 57mins
Name
Class
Date
1.
The maximum amount the lender is willing to make available to the borrower.
a)
Credit Limit
b)
Credit History
c)
Creditor
d)
Debit Limit
2.
An agreement between a borrower and a lender, where the borrower agrees to repay money with interest over time.
a)
Loan
b)
Interest
c)
Income
d)
Deposit
3.
How do we calculate total costs?
a)
Fixed Costs - Variable Costs
b)
Total Revenue - Fixed Costs
c)
Variable Costs x Total Revenue
d)
Fixed Costs + Variable Costs
4.
What happens at Break Even Point?
a)
Company makes neither profit nor loss
b)
Company makes profit
c)
Company makes loss
d)
Company goes bankrupt
5.
What happens at Break Even Point?
a)
Company makes neither profit nor loss
b)
Company makes profit
c)
Company makes loss
d)
Company goes bankrupt
6.
Sales - Cost of Sales = ???
a)
Money In
b)
Net Profit
c)
Expenses
d)
Gross Profit
7.
Gross Profit - ??? = Net Profit
a)
Expenses
b)
Sales
c)
Cost of Sales
d)
Money Out
8.
Which of the following is not a feature of a Government Grant?
a)
Awarded as one off payment
b)
Subject to limitations and restrictions
c)
Repaid in monthly instalments
d)
Must be used for specific purpose
9.
Revenue is ...
a)
Money made from selling products
b)
Money paid to suppliers for materials
c)
Expenses x Units produced
d)
Monthly rent payments to landlord
10.
Which of these does not belong on a cash budget?
a)
Money In
b)
Opening Balance
c)
Net Profit
d)
Money Out
11.
A mortgage is used for ...
a)
Buying a new machine
b)
Buying a new vehicle
c)
Buying land or premises
d)
Paying staff wages
12.
Fixed costs _______ vary with production. (fill in the blank)
a)
Do
b)
May
c)
Sometimes
d)
Do not
13.
Variable costs _______ vary with production. (fill in the blank)
a)
Do
b)
May
c)
Sometimes
d)
Do not
14.
A _________ is a plan or forecast of how much money you will have, and how you will spend it.
a)
Profit Statement
b)
Job Cost Statement
c)
Cash Flow Report
d)
Cash Budget
15.
A job cost statement is produced to ...
a)
Predict how much money we'll make next year
b)
Tell us how much net profit we made
c)
Produce a quotation for the cost of a job
d)
Calculate wage payments for a month
16.
Which source of finance is internal?
a)
Government Grant
b)
Retained Profits
c)
Bank Loan
d)
Overdraft
17.
A ______ can issue shares on the stock exchange to raise finance
a)
PLC
b)
Ltd
c)
Sole Trader
d)
Franchise
18.
If a business conducts a SWOT analysis to decide whether or not to expand, which of the following would be categorized as an "0"?
a)
company expenses have increased
b)
new competition could enter the market
c)
there is the potential for increased profits
d)
money is available for the expansion
19.
The North American Free Trade Agreement (NAFTA) created a free trade area for
a)
Mexico and Canada
b)
Mexico, Guatemala, and Belize
c)
Mexico and Panama
d)
Mexico, the U.S., and Canada
20.
Two types of business partnerships are general and
a)
limited
b)
contractual
c)
fiduciary
d)
cooperative
21.
The planning, pricing, promoting, and distribution of goods and services is known as
a)
advertising
b)
logistics
c)
marketing
d)
forecasting
22.
A good way to develop additional business-related career skills is to
a)
work extra hard at your current job
b)
participate in available education classes
c)
network to create contacts
d)
develop a close relationship with supervisors
23.
When a company sends a packet of information and forms prior to the interview, be sure to
a)
Leave it at home since it is not needed at the interview
b)
take the entire packet with you to the interview
c)
bring information about competitors to the interview
d)
bring your salary and benefit requirements to the interview
24.
Robert is a new employee and has joined a work team for the company. What is the best way the other team members can help Robert to participate meaningfully in the team discussions?
a)
Instruct Robert not to talk very much during the first meeting he attends, so he can learn as much as possible.
b)
Assign Robert to watch the group during the first few meetings.
c)
Let Robert fend for himself.
d)
Tell Robert about the "ground rules" the team has created to guide the meetings and explain what the group has done in recent meetings.
25.
To be a good team leader, it is important to
a)
be a technical expert in the field
b)
recognize the strengths of others
c)
be autocratic and make all decisions alone
d)
socialize with team members and be well liked
26.
When a group is ____________ possible solutions for a problem, they should record all comments and suggestions.
a)
forming
b)
brainstorming
c)
thinking
d)
working out
27.
The company ABC sends an "anniversary" card to each client on the date they started working with the company. To maintain an electronic record, they should use a
a)
calendar
b)
planner
c)
database
d)
card file
28.
James wants to send a personalized letter to each of his sales clients. To do this, James should use
a)
mail-merge
b)
auto-formatting
c)
design templates
d)
auto-addressing
29.
When an employee is giving an oral presentation he or she should speak clearly and
a)
in a low voice
b)
quickly
c)
confidently
d)
in a monotone voice
30.
An example of active listening skills is
a)
planning what to say next
b)
paraphrasing what has been said
c)
taking notes after the conversation
d)
nodding during the conversation
31.
Which of the following situations is an example of an employee exhibiting unethical behavior?
a)
clocking out at the end of the day
b)
scheduling a two week vacation
c)
taking a day of sick leave to play golf
d)
working four ten hour days to shorten the week
32.
An example of nonverbal communication is
a)
speaking
b)
nodding
c)
writing
d)
emailing
33.
A CEO urges employees to buy stock in the company and then sells his/her personal stock because of a coming change that will likely decrease the stock prices. The actions of the CEO showed
a)
a keen business activity
b)
loyalty to the company
c)
unethical behavior
d)
honesty and integrity
34.
A company follows procedures in the following chart when determining how to handle delinquent accounts. If today's date is October 15th and a customer's bill was due August 1st, the billing department will handle this lack of payment by:
DAYS LATE ACTION TO BE TAKEN
31 to 60 Send reminder in next bill
61 to 90 Contact customer by telephone
91 to 120 Send letter from billing manager
Over 120 Turn over to collection agency
DAYS LATE ACTION TO BE TAKEN
31 to 60 Send reminder in next bill
61 to 90 Contact customer by telephone
91 to 120 Send letter from billing manager
Over 120 Turn over to collection agency
a)
sending a reminder in the next bill
b)
telephoning the customer
c)
sending a letter from the billing manager
d)
turning the customer's account over to a collection agency
35.
Which of the following acts regulates the federal minimum wage for interstate commerce?
a)
Fair Labor Standards Act
b)
National Labor Relations Act
c)
Revenue Act
d)
Equal Pay Act
36.
A country exported $689,269 worth of goods and imported $3,465,029 worth of goods. What is the trade surplus or deficit?
a)
-$2,775,760
b)
-$986,637
c)
$2,775,760
d)
$4,154,298
37.
According to the law of supply and demand, when high winds in Hawaii damage the coffee plants, coffee will be
a)
low in price because people will switch to tea to avoid price increases
b)
in short supply, and therefore higher in price
c)
unaffected in price or supply
d)
in short supply with an unchanged price
38.
If a worker's gross pay is $750.00 and 1.25 percent of the workers' earnings are withheld for Medicare tax, what dollar amount of Medicare tax is being withheld?
a)
$7.35
b)
$93.75
c)
$9.38
d)
$125.50
39.
Which of the following sentences is grammatically correct?
a)
The injured accident victim was laying on the road until the ambulance arrived
b)
We arrived their at 3 PM to begin the meeting
c)
The manager busted into the wrong office by mistake
d)
Ann missed the meeting because she was lying in bed with the flu
40.
To gain employee acceptance of new changes in an organization, the owner should provide adequate training and
a)
provide advance notice of the new changes
b)
make changes effective immediatedly
c)
reprehend employees who do not implement the change immediately
d)
explain changes in detail to the management staff only
41.
Motivational praise from an employer should be specific and
a)
personal
b)
financially rewarding
c)
work related
d)
include increased benefits
42.
One difference between strategic and tactical planning is that strategic planning tends to be
a)
shorter term and more narrowly defined
b)
longer term and more broadly defined
c)
targeted towards middle management
d)
targeted towards new employees
43.
The main purpose of an effective performance evaluation is to
a)
help companies determine who to fire when times get hard
b)
help workers to determine when they should ask for a salary increase
c)
help workers develop their strengths and work on their weaknesses
d)
help companies to determine what other jobs workers might be good at
44.
A mission statement describes an organization's
a)
absentee policy
b)
building plans
c)
purpose or goal
d)
job postings
45.
money a business earns above and beyond the money that it spends for salaries and other expenses
a)
price
b)
product
c)
profit
d)
increase
46.
a summary of all the financial data in the account ledgers that ensures the figures are correct and balanced
a)
credits
b)
losses
c)
ledger
d)
trial balance
47.
books in which financial records are written
a)
checking account
b)
ledger
c)
trial balance
d)
bank statement
48.
a yearly statement of the financial condition, progress, and expectations of an organization.
a)
annual report
b)
trial balance
c)
summary statement
d)
bank account
49.
a financial statement showing revenue, expenditure and profit during a given period
a)
account summary
b)
bank account
c)
profit and loss account
d)
credits and debits
50.
earnings (= profit / the bottom line)
a)
P&L Account begins with
b)
PB&J Account begins with
c)
P&L Account ends with
d)
PB&J Account ends with
51.
What is the first step in budgeting?
a)
Record what you spend
b)
Estimate your income
c)
Set financial goals
d)
Review and evaluate monthly
52.
Your emergency savings fund should have how many months worth of income?
a)
1-2 months
b)
10 months
c)
It doesn't matter
d)
3-6 months
53.
All of the following are examples of supplemental income, except
a)
Child support
b)
Disability
c)
Workman's comp
Workman's comp
d)
Your regular paycheck
54.
Money set aside for an unplanned costly event
a)
Income
b)
Budget
c)
Discretionary Income
d)
Emergency Funds
55.
What does it mean to "live within your means"?
a)
use credit excessively
b)
spend what you make (or less)
c)
repay college loan debts before other debt
d)
spend more $ than you make
56.
What is something financially wise consumers do?
a)
postpone major purchases until money can be saved for it
b)
spend now, figure out how to pay for it later
c)
worry about emergencies when they happen
d)
set only short term financial goals
57.
Which of the following is NOT a wise financial decision?
a)
using credit for everything
b)
saving for the future
c)
writing down expenses to track spending
d)
creating a budget based on your NET income
58.
What percentage of monthly income is recommended for spending on housing/ rent?
a)
10%
b)
25%
c)
30%
d)
50%
59.
If expenses were to exceed income on a spending plan, what would be a financially smart solution?
a)
Earn less income
b)
Decrease expenses
c)
Increase purchases
d)
Use a credit card more often
60.
What are your liabilities?
a)
things you own
b)
money you have in the bank
c)
money you owe others
d)
the excuses you have for not meeting your budget
61.
What is the first step in budgeting?
a)
Record what you spend
b)
Estimate your income
c)
Set financial goals
d)
Review and evaluate monthly
62.
Your emergency savings fund should have how many months worth of income?
a)
1-2 months
b)
10 months
c)
It doesn't matter
d)
3-6 months
63.
All of the following are examples of supplemental income, except
a)
Child support
b)
Disability
c)
Workman's comp
Workman's comp
d)
Your regular paycheck
64.
Money set aside for an unplanned costly event
a)
Income
b)
Budget
c)
Discretionary Income
d)
Emergency Funds
65.
What does it mean to "live within your means"?
a)
use credit excessively
b)
spend what you make (or less)
c)
repay college loan debts before other debt
d)
spend more $ than you make
66.
What is something financially wise consumers do?
a)
postpone major purchases until money can be saved for it
b)
spend now, figure out how to pay for it later
c)
worry about emergencies when they happen
d)
set only short term financial goals
67.
Which of the following is NOT a wise financial decision?
a)
using credit for everything
b)
saving for the future
c)
writing down expenses to track spending
d)
creating a budget based on your NET income
68.
Why budget?
a)
prevent debt
b)
plan for future
c)
save money
d)
all of these
69.
What percentage of monthly income is recommended for spending on housing/ rent?
a)
10%
b)
25%
c)
30%
d)
50%
70.
If expenses were to exceed income on a spending plan, what would be a financially smart solution?
a)
Earn less income
b)
Decrease expenses
c)
Increase purchases
d)
Use a credit card more often
71.
What are your liabilities?
a)
things you own
b)
money you have in the bank
c)
money you owe others
d)
the excuses you have for not meeting your budget
72.
Why is budgeting important?
a)
It's good to live pay check to paycheck
b)
You should always live at your parents house
c)
You might get into a house or other large expense you can’t afford
d)
Always spend more than you can afford
73.
What is a discretionary Income?
a)
an estimate of income and exponditure for a set period of time.
b)
a corporate expense that varries with production output.
c)
Income remaining after deduction of taxes, other mandatory charges.
d)
cannot avoid or help doing something.
74.
Protects you against unexpected expenses
a)
Income
b)
Salary
c)
Savings
d)
Wages
75.
Earnings before deductions are
a)
Net pay
b)
Gross pay
c)
Take home pay
d)
Revenue
76.
Earnings you take home after deductions are
a)
Gross Pay
b)
Net Pay
c)
Income
d)
Savings
77.
Allowance, wages, tips, and interest earned over time are
a)
Income
b)
Savings
c)
Fixed Income
d)
Budget
78.
Clearly written financial goals are known by the acronym
a)
GOALS
b)
SOUND
c)
SMART
d)
none of these - you're making this up
79.
A good practice for staying within your budget especially if your income varies is to
a)
estimate your income as more than you think you will receive
b)
estimate your income as less than you think you will receive
c)
don't estimate your income as all
d)
put any number you want
80.
The amount of money you earn that you actually take home is your
a)
gross pay
b)
net pay
c)
total pay
d)
neat pay
81.
Find the overtime rate if straight time pay is $12.00 per hour and time and a half is paid for overtime.
a)
$18.00
b)
$6.00
c)
$24.00
d)
$20.00
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