WorksheetsWealth Management Unit 1 Review #2
Total questions: 15
Worksheet time: 8mins
Karen paid for her car by using bitcoin, which is a digitally secure, electronic form of currency. This form of money is what type:
Fiat Currency
Commodity Currency
Representative Currency
None of these
Which of the following factors is always needed for effective decision-making:
Money
Information
Time
Logic
An overall purpose of establishing goals is to increase your chances of
achieving immediate success.
satisfying your wants.
enlarging your income.
avoiding making mistakes.
Which of the following is one of the functions of money:
Method of investment
System of cash
Medium of exchange
Process of accounting
Kyle bought a stereo at a local appliance store. When he brought it home, he discovered that the stereo did not operate properly. Which of the following should he do first:
Fix it himself
Return the item to place of purchase
Sell it on Craigslist
Take legal action
For which of the following items would you save (rather than invest):
Spring break
Retirement
Future children's college
House
A formal legal agreement between a lender and a borrower usually includes a
proposal for disbursement.
tax code listing.
repayment schedule.
guarantee of eminent domain.
Who is legally responsible for repaying a bank loan if the loan borrower fails to make payments as indicated in the loan contract?
Credit union
Co-signer
Treasury Department
Debt collectors
By understanding the time value of money concept, you know that
it is better to receive $101 a year from now than $100 today.
it is better to receive $100 today than $101 a year from now.
saving money can buy time on debt payment.
time and money are related by due date.
Saving the money that you might ordinarily spend each day on a cup of coffee and a donut
can help you achieve larger financial goals.
will not result in significant savings.
is the sacrifice you must make for future financial security.
is not a practical step in reaching your financial goals.
Financial planning can be described as a way to
retire with a million dollars by the time you're age 40.
remove the fun from saving and investing.
make it all right to treat yourself.
realize what it takes to get the things you really want.
Mary's gross pay per pay period is $1,200. Calculate Mary's net pay if she owes 25% in federal income tax, and 6.2% Social Security tax, and 2% state tax.
$801.60
$1200
$906.10
$825.50
When Sandra pays her electric bill, herelectric bill is an example of __________ expenses.
Essential
Non-Essential
Variable
Fixed
Determine personal net worth if you own and owe the following: Own: Home $300,000, Car $15,000, Motorcycle $ 3,500, 401K $73,000, Savings account $8,500. Your debt: Student loan $125,000 Mortgage balance $85,000 Credit card balance $22,000
$168,000
$191,500
$400,000
$232,000
Which employment form would you use to prove that you are eligible to work in the United States?
I-9 Form
W-4 Form
Job Application
None of these
