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Fin Lit Final Review

Total questions: 36

Worksheet time: 25mins

Name
Class
Date
1.

Your Prior credit history will be analyzed when you apply for a loan or credit

a)

True

b)

False

2.

Typically, speculative investments are the least riskiest of investments.

a)

True

b)

False

3.

Both creditors and debtors have responsibilities to each other.

a)

True

b)

False

4.

A person taking out a loan is referred to as a creditor.

a)

True

b)

False

5.

Bankruptcy does not relieve all kinds of debt.

a)

True

b)

False

6.

Complaints of discrimination in employment may be filed with the Equal Employment Opportunity Commission.

a)

True

b)

False

7.

Credit is the use of someone else’s money to use now and pay back at a later date.

a)

True

b)

False

8.

Failure to pay taxes can lead to garnishment of wages, fines, or possible imprisonment.

a)

True

b)

False

9.

Which of the following would be considered a professional career?

a)

cashier

b)

lawyer

c)

waiter

d)

painter

10.

Someone who organizes, manages, and assumes the ownership risks of a new business is referred to as a(n):

a)

engager

b)

salesman

c)

entrepreneur

d)

professional

11.

Which of the following might not be included on a recent graduate’s resume?

a)

social security number

b)

eduacation

c)

personal information experience

12.

ohn and Terri are both Level 1 supervisors at a manufacturing company. When they communicate with each other at work, they engage in

a)

upward communication

b)

downward communication

c)

diagonal communication

d)

horizontal communication

13.

All of the following are levels in Maslow’s Hierarchy of Needs except:

a)

Safety and security

b)

Income and Net Worth

c)

SELF ESTEEM

d)

self actualization

14.

If you are a salaried worker,

a)

you don't pay federal income taxes

b)

you get paid an hourly wage

c)

no deductions will be taken from your paycheck

d)

your gross pay is the same as your salary

15.

A type of incentive pay based on quality of work done or years of service on the job is called a

a)

bonus

b)

stock option

c)

profit sharing plan

d)

pension plan

16.

You must file your tax return by this date every year.

a)

January 1

b)

April 15

c)

June 1

d)

December 31

17.

Which of the following would be considered a long-term need?

a)

major appliance purchase

b)

weekend getaway vaction

c)

home ownership

d)

car repair

18.

Which of the following is not one of the 5 C’s of Credit?

a)

character

b)

collateral

c)

capability

d)

conditions

19.

Which of the following is a reorganization form of bankruptcy for businesses?

a)

Chapter 11

b)

Chapter 13

c)

voluntary

d)

involuntary

20.

Income that you can spend as you please and is left after deductions and fixed expenses is referred to as

a)

Deferred income

b)

Discretionary income

c)

Disciplined Income

d)

Dependent Income

21.

Savings accounts at accredited banks are insured by the FDIC up to what amount?

a)

100,000

b)

250,000

c)

500,000

d)

1,000,000

22.

An interest rate that changes over time is referred to as a:

a)

fixed rate

b)

market rate

c)

variable rate

d)

margin rate

23.

The amount borrowed or deposited into a savings account that collects interest is referred to as:

a)

accrued

b)

premium

c)

rate

d)

principal

24.

Which one of the following is not a credit bureau that reports credit scores

a)

Equifax

b)

Transunion

c)

Transportation

d)

Experian

25.
To build a good credit history, you should
a)
open as much credit as possible quickly
b)
use the maximum credit allowed on all your credit cards
c)
pay on time and as much of your balance as possible
d)
all of these
26.

All of the following are levels in Maslow’s Hierarchy of Needs except: 

a)

Saftey and Security

b)

Self-esteem

c)

Income and Net Worth

d)

Self-actualization

27.

A type of incentive pay based on quality of work done or years of service on the job is called a

a)

bonus.

b)

profit sharing plan

c)

stock option.

d)

pension plan.

28.

 You must file your tax return by this date every year. 

a)

January 1

b)

June 1

c)

April 15

d)

December 31

29.

Influencing legislation to pass favorable laws is referred to as:

a)

arguing

b)

commuting

c)

defending

d)

lobbying

30.

 The main revenue source for the Federal Government is:

a)

excise taxes

b)

social security taxes

c)

income taxes

d)

employment taxes

31.

All the taxable income you receive is referred to as:

a)

Adjusted Income

b)

Net Income

c)

Gross Income

d)

Total Income

32.

The two-factor motivational theory was devised by what psychologist?

a)

Heimlich

b)

Hershey

c)

Herzberg

d)

Maslow

33.

Income that you can spend as you please and is left after deductions and fixed expenses is referred to as: 

a)

Deferred Income

b)

Disciplined Income

c)

Disposiable Income

d)

Dependent Income

34.

In the United States, the power to impose federal taxes rests with 

a)

the President.

b)

IRS

c)

Congress

d)

Department of the treasury

35.

Who tracks all of your credit information? 

a)

Credit reporting agencies (Equifax, Experian and TransUnion)

b)

Federal government

c)

Consumer Financial Protection Board (CFPB)

d)

Parents

36.

 In order to qualify for financial aid, which application must you submit?

a)

FAFSA

b)

PLUS

c)

EFC

d)

EFC