WorksheetsBusiness Studies Final
Total questions: 30
Worksheet time: 30mins
What is a value?
A fundamental belief or practice about what is desirable, worthwhile, and important to an
individual
Thoughts that are created independently with no external influence
Beliefs or practices that all individuals share and agree upon
Ideas that individuals are born with and are not influenced by daily experiences
What is the definition of a major decision?
Made on a day‐to‐day basis without a lot of thought
Choices that have long‐term effects on a person’s life
May become a habit
The process of identifying personal interests
Which characteristic does not describe both routine and major decisions?
Affect a person’s life
Guided by individual values
Can be made without thinking and may become a habit
Contribute to an individual’s or family’s well‐bei
What is a goal?
Something desired but not necessary
An individual’s perception of items necessary for life
The end result of something a person intends to acquire, achieve, reach, or accomplish
A feeling of personal satisfaction
The following elements describe a SMART goal
Specific, Measurable, Attainable, Realistic, Time Bound
Short, Measurable, Action, Realistic, Time Bound
Specific, Monetary, Attainable, Recognize, Temporary
Short term, Mandatory, Attainable, Repetition, Timely
What is the most common type of depository institution?
Credit union
Savings and loan institution
Commercial bank
Mortgage broker
How does an individual “bounce a check”?
Writes a check for more than the amount in the designated account
Writes a check for more than the charged amount
Does not write enough checks per day
Deposits more money than withdrawn
Electronic banking allows all of the following services except:
Move money between accounts electronically
Make withdrawals, deposits and bill payments
Provides worldwide access to funds
Face‐to‐face interaction with depository institution employees
To use an ATM and debit card safely, follow the following tips except:
Memorize the PIN and keep it hidden
Report lost or stolen debit/ATM cards immediately
Keep depository institution contact information in your purse or wallet
Change the PIN if it is suspected someone else knows it
People use a checking account for the following reasons except:
Reduces the need to carry large amounts of cash
Written record of expenses
Convenience
Earn large amounts of interest
What is a monthly statement?
A report that lists each monetary transaction and the current account balance
A slip that contains the account number and allows money to be deposited into the correct
account
A piece of paper pre‐printed with the account holder’s information and is used to purchase
items
A plastic card that is connected to an individual’s bank account that can be used to make
purchases
What does it mean to reconcile an account?
Pay outstanding transactions
Deposit income and record withdraws
Balance the checkbook register each month to the balance shown on the statement
Track Check 21 transactions
The following are benefits to creating a spending plan except:
encourage individuals to spend more money
track income and expense
help individuals meet financial goals
help individuals live within their income
What is income?
Money spent
Money earned
Money saved
Money invested
What is an expense?
Money spent
Money earned
Money saved
Money invested
Which of the following best describes a career?
Skills obtained from completing various jobs
Building skills, knowledge, and experiences throughout a lifetime
An occupation held during one part of a person’s life
Personal satisfaction obtained from completing a job
What is the definition of human capital?
The process of self investment
The combination of all events in an individual’s life
Purchasing wanted or desired items
Decisions influenced by friends, coaches and teachers
To be considered financially secure, it is recommended that a person have how much money in
savings?
At least 3 months’ worth of expenses
At least 6 months’ worth of expenses
No more than 6 months’ worth of expenses
It is not necessary to have saving to be considered financially secure
Which of the following is not a characteristic of transferable skills?
Transferable skills are acquired through various life experiences
Transferable skills can only be applied to one job
Transferable skills create a greater range of career opportunities
Transferable skills enhance an individual’s human capital
Which of the following is the safest method to save money?
Piggy bank
Jar
Coffee can
Accounts with depository institutions
Which of the following depository institution accounts has the potential to earn the most interest?
Savings account
Certificate of Deposit
Money market deposit account
All accounts at depository institutions earn the same amount of interest
What is the pay yourself first strategy?
A strategy that helps a person take advantage of high interest rates when saving money
A strategy that requires a person to give up one thing for another
A strategy that recommends a person set aside a portion of money for saving each time
money is received
A strategy for developing goals
What is credit?
Goods, services, or money is received in exchange for a promise to pay a definite sum of
money at a future date
A fee for borrowed money
The maximum amount of money that can be charged to a credit card
A plastic card that holds pre‐approved credit
A credit card holder can avoid paying interest on the amount of money charged by:
paying the minimum payment every month
paying the APR every month
paying the credit card balance in full every month
It is not possible to avoid paying interest on a credit card
If an individual uses a credit card and does not pay the required amount by the due date, they are
charged a(n):
minimum payment
late payment fee
annual percentage rate
over‐the‐limit fee
One way to protect credit cards and credit card information is to:
carry a list of all credit card account numbers and phone numbers with your credit cards
leave unused accounts open for possible use in the future
wait 3‐5 days before reporting a lost or stolen card
sign the back of all credit cards with your signature and “Please See I.D.”
Define impulse buying:
Making thorough consumer decisions
Purchasing clothes only
Rational buying
Unplanned buying with little consideration
Which of the following is not a characteristic of comparison shopping?
Emotional buying
Includes careful consideration
Evaluate product’s features and quality
Long‐term satisfaction in quality of product
Liam is purchasing his first car. Which of the following expenses should Liam consider when adding
the costs of his new car to his monthly spending plan?
Utilities
Moving costs
Public transportation
Insurance
What is insurance?
A savings account for vacations and other planned activities
Holiday spending plans for families to purchase gifts and make charitable donations
An arrangement between an individual and an insurance company to protect the individual
against risk
Offers full protection against any financial loss
