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Adulting 101 - Finance - 1st Semester Test

Total questions: 90

Worksheet time: 3hrs 0mins

Name
Class
Date
1.

Which of the following is the most complicated form of business?

a)

Corporation

b)

Franchise

c)

Partnership

d)

Sole proprietorship

2.

Raising your credit standing is an advantage of equity capital.

a)

True

b)

False

3.

Advantages of entrepreneurship include which of the following?

a)

Increased cash flow due to business revenue

b)

Getting to set your own work schedule

c)

Putting in less hours than a regular job

d)

All of the above

4.

Which of the following is an example of a natural risk?

a)

Customer dishonesty

b)

Competition

c)

Fire

d)

Employee error

5.

The factors of a start-up cost estimate include which of the following?

a)

Size of the business

b)

Type and amount of inventory needed

c)

Operating expenses which must be paid before any revenue is received

d)

All of the above

6.

Which is NOT a criterion banks use for evaluating loan applicants?

a)

Capital

b)

Control

c)

Capability

d)

Circumstances

7.

Ron opened the first McDonald's® in his small town after reading about the success of others in his state. This is an example of which way to enter into business?

a)

Started his own business

b)

Purchased an existing business

c)

Purchased a franchise

d)

Took over the family business

8.

Businesses can handle risks through which of the following?

a)

Controlling risks

b)

Transferring risks

c)

Avoiding risks

d)

All of the above

9.

All are examples of economic risks except:

a)

Customer dishonesty

b)

Competition

c)

Product obsolescence

d)

Recession

10.

Sources of capital include which of the following?

a)

Banks and credit unions

b)

Suppliers

c)

Previous owners of the business

d)

All of the above

11.

Most countries try to maintain an inflation rate of __________ per year.

a)

One percent or less

b)

Two to three percent

c)

Four to five percent

d)

Six to seven percent

12.

Which of the following is NOT one of the constants the aggregate supply curve assumes?

a)

State of technology

b)

Resource prices

c)

Rules providing production incentives

d)

Rate of production

13.

Cost-push inflation leads to a leftward shift of the aggregate supply curve.

a)

True

b)

False

14.

Hyperinflation means it is easier for people to make purchases because they are able to carry around a larger amount of money.

a)

True

b)

False

15.

Which of the following is NOT an effect of inflation?

a)

Lowers purchasing power

b)

Lowers the standard of living for those on fixed incomes

c)

Lowers employment rates among unskilled workers

d)

Lowers domestic competition if higher than in other countries

16.

The __________ considers the weighted averages of a group of consumer goods and services.

a)

Consumer price index

b)

Aggregate supply

c)

Producer price index

d)

Aggregate demand

17.

The aggregate demand curve assumes all things are constant, including other countries’ price levels and exchange rates.

a)

True

b)

False

18.

__________ is a decrease in the rate of inflation.

a)

Hyperinflation

b)

Disinflation

c)

Deflation

d)

Stagflation

19.

__________ refers to a decrease in price level.

a)

Hyperinflation

b)

Disinflation

c)

Deflation

d)

Stagflation

20.

__________ occurs in the economy when unemployment and inflation are both high.

a)

Hyperinflation

b)

Disinflation

c)

Deflation

d)

Stagflation

21.

Money can be saved and used in the future without rapidly losing its purchasing power. This describes which of the following basic functions of money?

a)

Medium of exchange

b)

Store of value

c)

Unite of accounts

d)

Standard of deferred payments

22.

President Thomas Jefferson is on the obverse of which of the following U.S. coins?

a)

Penny

b)

Nickel

c)

Dime

d)

Quarter

23.

U.S. Capital is featured on the reverse of which of the following U.S. bills?

a)

$10 bill

b)

$20 bill

c)

$50 bill

d)

$100 bill

24.

Government bonds are issued by which of the following financial institutions?

a)

A Federal Reserve Bank

b)

The Treasury Department

c)

The Federal Trade Commission

d)

The Federal Deposit Insurance Corporation

25.

Which of the following types of treasuries have the longest maturities of all government bonds?

a)

Treasury bonds

b)

Treasury funds

c)

Treasury bills

d)

Treasury notes

26.

When was the nation’s “free banking era”?

a)

1776 to 1789

b)

1811 to 1831

c)

1836 to 1865

d)

1877 to 1908

27.

Which of the following types of notes were produced in 1863?

a)

Federal Reserve notes

b)

Silver standard notes

c)

National bank notes

d)

Continental

28.

The Gold Standard Act was passed in which of the following years?

a)

1879

b)

1900

c)

1913

d)

1933

29.

Which of the following is NOT a regional location of the Federal Reserve Bank?

a)

St. Louis

b)

Minneapolis

c)

Los Angeles

d)

San Francisco

30.

Which of the following is a type of currency a government has declared to be legal tender, but is not backed by a physical commodity?

a)

Treasury money

b)

Commodity money

c)

Representative money

d)

Fiat money

31.

Short-term goals cover a time period of one to two years.

a)

True

b)

False

32.

Budgeting finances requires calculating __________ and __________.

a)

A. Income; expenses

b)

B. Investments; savings

c)

C. Utility; opportunity cost

d)

D. Inflation; taxes

33.

__________ explains how a person changes financial position, earnings, consumption and savings throughout the life cycle.

a)

Financial evolution

b)

Money life cycle

c)

Portfolio growth

d)

Family life cycle

34.

Budgets assist in reorganizing finances to reduce ________ or increase ________.

a)

Problems; happiness

b)

Funds; expenses

c)

Debt; savings

d)

Consistency; originality

35.

If income exceeds expenses, which of the following is recommended?

a)

Increase income sources

b)

Go on vacation

c)

Decrease income sources

d)

Research investment and savings options

36.

Anyone can open a 401K savings plan.

a)

True

b)

False

37.

Which of the following is NOT true of a Roth IRA?

a)

Can be withdrawn at any time

b)

Applies a 10 percent tax penalty on any withdrawals made before the age of 59.5

c)

Does not require taxes paid on the interest

d)

Does not reduce tax liability

38.

Common stock differs from preferred stock in which of the following ways?

a)

Voting rights

b)

Exchange rates

c)

Callable features

d)

Liquidity

39.

A ________ account has a higher rate of return, but a __________ account has a lower required minimum balance

a)

Savings; money market

b)

Money market; savings

40.

Which of the following accurately describes stocks?

a)

Employee-sponsored retirement benefit plans

b)

Savings accounts which include tax benefits

c)

Investments providing ownership of public companies

d)

Contributions for the government required of people

41.

Which of the following describes the rate at which the general level of prices for goods and services rise?

a)

Liquidity

b)

Interest

c)

Inflation

d)

Appreciation

42.

Which of the following is the act of buying an asset to generate returns from it over a period of time while also taking care of risk and volatility?

a)

Investing

b)

Saving

c)

Compounding

d)

Evaluating

43.

Which of the following is interest computed on the principal, excluding previously earned interest?

a)

Fixed interest

b)

Compound interest

c)

Variable interest

d)

Simple interest

44.

How much would $10,000 on deposit at a five percent annual compound interest rate for three years earn?

a)

$1,500

b)

$1,250

c)

$1,576.25

d)

$2,576.25

45.

Which of the following are intermediaries between buyers and sellers to facilitate security transactions?

a)

Insurance companies

b)

Brokerages

c)

Commercial banks

d)

Investment banks

46.

Which of the following is a true statement about saving?

a)

Saving is income which is not consumed

b)

Saving is typically for long-term goals

c)

Saving usually involves a high risk of losing money

d)

Saving earns a higher return compared to investments

47.

Which of the following is NOT protected by FDIC?

a)

Savings account

b)

High-yield bank account

c)

Certificate of deposit

d)

Money market fund

48.

Which of the following is a contract between an investor and an insurance company in which the company promises to make periodic payments to the investor?

a)

High-yield bank account

b)

Certificate of deposit

c)

Money market fund

d)

Annuity

49.

Which of the following is a type of mutual fund which invests only in low-risk securities?

a)

Certificate of deposit

b)

High-yield bank account

c)

401K plan

d)

Money market fund

50.

Which of the following does a prepaid tuition plan NOT cover?

a)

Books and supplies

b)

Tuition and fees

c)

Room and board costs

d)

Computer and peripherals

51.

What happens when you don't have enough money to pay your credit card payment each month?

a)

You end up owing LESS than you owe.

b)

You end up owing MORE than you owe.

c)

You end up owing the same amount you borrowed- it just takes longer to pay back.

d)

The things you bought with your credit card are owned by the credit card company.

52.

Which statement is TRUE about making a budget?

a)

They encourage people to spend as much money as possible.

b)

When you have a budget you earn more money.

c)

A good budget is one where you spend EXACTLY what you earn each month.

d)

A budget allows people to track where they spend their money each month.

53.

How is a teenager's budget similar to an adult's budget?

a)

The goal for both is to have more money coming IN than being spent.

b)

They both earn less than they spend.

c)

Adults and teenagers spend their money on the same things.

d)

There is no similarity.

54.

If you make $20 a month- how much should you spend to stay on budget?

a)

Exactly $20

b)

Between $10 and $30

c)

Nothing

d)

$20 or less

55.

If the SALES tax is 10%- how much would you actually pay for a $70 pair or shoes?

a)

$77

b)

$71

c)

$80

d)

$100

56.
Jenna wants to improve her financial well‐being. Which of the following would contribute the most to her financial well‐being?
a)
Take a personal finance class to learn how to manage her money. 
b)
Pay her grandma back the money she borrowed to take a school trip last year. 
c)
Talk to her friends about how to manage her money better. 
d)
Open another checking account to help her organize her money.
57.
Kaylee will save her allowance of $25 per month to purchase a $150 mp3 player in six months. This is an example of what type of goal?
a)
Short‐term goal 
b)
Long‐term goal
c)
Mid‐term goal 
d)
This is not an example of a goal.
58.
Mark and Susan, a recently married couple with full‐time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?
a)
Short‐term 
b)
Intermediate 
c)
Long‐term
d)
Unrealistic
59.

Borrowed money

a)

Debt

b)

Capital

c)

Assets

60.

Costs of living or doing business.

a)

Operating Expenses

b)

Interest Expense

c)

Equity

61.

The reduction in value of an asset over time.

a)

Depreciation

b)

Debt

c)

Liabilities

62.

Cryptocurrency is...

a)

virtual money

b)

enigmatic money

c)

money on a bank account

d)

pocketmoney

63.

Bitcoin is...

a)

money in Bangladesh

b)

money in the casino

c)

the first cryptocurrency

d)

the first bank check

64.

Bitcoin was launched in

a)

2018

b)

2015

c)

2011

d)

2009

65.

The creator of Bitcoin is

a)

Bill Gates

b)

Satoshi Nakamoto

c)

Steve Jobs

d)

Mark Zuckerberg

66.

Cryptocurrency needs

a)

blockchain technology

b)

tax evasion

c)

Euro implementation

d)

fair trade

67.

A blockchain is

a)

a chain of lego blocks

b)

a National Bank database

c)

a Chinese currency

d)

a database with information on transactions

68.

A blockchain is secured by

a)

PIN code

b)

'hash' code

c)

password

d)

login

69.

What is the first type of cryptocurrency?

a)

Bitcoin

b)

Litecoin

c)

Ripple

d)

NEO

e)

Ethereum

70.

Bitcoin was the first and is the most successful of all the cryptocurrencies. All the other coins are grouped together under this category.

a)

Bitcoin

b)

Altcoins

c)

Cryptocurrency

d)

Circulating Supply

71.

The blockchain is made up of these and each one holds a historical database of all cryptocurrency transactions made until it's full. It's a permanent record, like a bag of data that can be opened and viewed at any time.

a)

Bitcoin

b)

Blockchain

c)

Block

d)

Address

72.

The very first cryptocurrency. It was created in 2008 by an individual or group of individuals operating under the name Satoshi Nakamoto. It was intended to be a peer-to-peer, decentralized electronic cash system.

a)

Crytocurrency

b)

Altcoins

c)

Blockchain

d)

Bitcoin

73.

The process of encrypting and decrypting information.

a)

Decentralized Application

b)

Cryptocurrency

c)

Block

d)

Cryptography

74.

What is most significant about cryptocurrency security?

a)

Decentralisation

b)

Hash Encryption

c)

Blockchain Technology

d)

None of the Above

75.
Bitcoin derives value through which method?
a)
Collapse of national banks
b)
Insider dealing
c)
Scarcity
d)
ETF trading
76.
What is the fastest time you can send or receive payment in bitcoin without verification?
a)
Instantaneously
b)
2 minutes
c)
60 minutes
d)
24 hours
77.
The computers that process transactions for the bitcoin network are commonly called
a)
GPU
b)
Bitcoin Foundation Member Units
c)
Miners
d)
Truckers
78.
What is the name of the general ledger that tracks all bitcoin transactions?
a)
The Block Chain
b)
The Gox Chain
c)
Ledger Link
d)
Satoshi Square
79.

What is a fiat currency?

a)

Currency backed by a gold standard

b)

A currency used to purchase a car

c)

A currency backed by a physical commodity

d)

A currency that is declared a currency by the government, although not backed by a physical commodity

80.

Where is the bitcoin central server located?

a)

none of the below

b)

Washington DC

c)

Tokyo

d)

London

81.

How many Bitcoins will

there ever be?

a)

21 million in 2140

b)

21 million in 2020

c)

14 million 2015

d)

23 million in 2140

82.

Where was Bitcoin used to purchase items during an economic crisis?

a)

Haiti

b)

NIgeria

c)

Russia

d)

Venzuela

83.

Cryptocurrency is virtual money, you cannot touch it

a)

True

b)

Fase

84.

Value means how much something is worth

a)

True

b)

False

85.

Where do you store your cryptocurrency?

a)

Bank account

b)

Exchange

c)

Wallet

d)

In your pocket

86.

What does bullish mean?

a)

That the prices are going up

b)

That the prices are going down

c)

That the prices are stable

87.

What does bearish mean?

a)

The prices are going up

b)

The prices are going down

c)

The prices are stable

88.

Altcoins are all cryptocurrencies that are not bitcoin.

a)

True

b)

False

89.

Defi stands for decentralized finance

a)

True

b)

False

90.

Defi stands for decentralized finance

a)

True

b)

False

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