WorksheetsFinal Exam Practice (Business English)
Total questions: 50
Worksheet time: 1hrs 2mins
Which of the following is NOT a common feature of a financial institution?
Access to ATMs
Investment trading
Direct deposit
Debit cards
Which of the following financial institutions typically have the highest fees?
Check cashing and payday loan companies
Credit unions
Brick-and-mortar banks
Internet banks
Which type of bank account typically offers the least (if any) interest?
Checking account
Savings account
Money market account
Certificate of deposit
Savings accounts typically offer more interest than what type of account?
Retirement account
Money market account
Checking account
Certificate of deposit
Which type of bank account is best for everyday transactions?
Checking Account
Savings Account
Money Market Account
Certificate of Deposit
Why is it important to reconcile your bank statements?
To avoid spending more than what is in your account.
To detect any errors in your account.
To determine if you were charged any fees.
All of the above
Which of the following statements is TRUE?
If there is a mistake on one of your bank accounts, there is nothing you can do about it.
If there is a mistake on one of your bank accounts, you should wait 30 days as these issues tend to resolve themselves.
If there is a mistake on your bank account, you should contact your financial institution immediately.
None of the above.
If there is an issue with your bank statement or account balance, who should you contact to resolve the issue?
The local police station
Your bank
The CFPB
All of the above
Which of the following statements about investing is TRUE?
On average, putting money in a savings account earns a higher return than investing money in the stock market.
Investing is riskier than putting money in a savings accounts.
Investing is best for short-term financial goals.
Investing is a guaranteed way to make money.
Which of the following statements about investing is FALSE?
Investing is a guaranteed way to grow your money.
Investing is riskier than putting money in a savings account.
Investing is best for long-term financial goals, like paying for retirement.
On average, investing money in the stock market earns a higher return than putting money in a savings account.
Which of the following statements about stocks is TRUE?
A stock is a share of ownership in a company.
A stock is a type of debt investment that acts like a loan.
A stock is a type of investment that invests in a mix of different types of investments.
A stock is a type of savings account that pays interest based on current interest rates in the money market.
For most careers, which degree will most likely result in the highest lifetime earnings?
High school degree
Associate's degree
Licensure or certification
Bachelor's Degree
What is net pay?
The amount of pay earned for the total number of hours worked.
The amount of money you're paid after all taxes and deductions are taken out of your paycheck.
The amount of money you're paid before all taxes and deductions are taken out of your paycheck.
Your gross pay plus any bonuses.
Which of the following is a possible tax or deduction that they may show up on your paycheck?
Federal income tax
Contributions to retirement savings
FICA
All of the above
Which of the following is NOT a possible tax or deduction that could show up on your paycheck?
State income tax
Contributions to retirement savings
FICA
Sales tax
What is the purpose of the W-4 form?
To file your tax return.
To determine how much your gross pay should be.
To inform your employer of how much federal income tax to withhold from your paychecks.
To avoid paying income taxes on your paychecks.
Your employer sends you a _______ form that tells you how much you've made and how much you've paid in taxes in the last year.
1040
W-2
W-4
W-9
What do taxes pay for?
Schools, government departments, roads, and emergency services
Privately-owned businesses
Operation of financial institutions
None of the above
What is the gig economy?
The number of people in the economy who have full-time employment jobs.
The total availability of employment and labor in the economy.
An economic system in which assets or services are shared between individuals.
A flexible market that allows you to work short-term, independent jobs.
What documents are necessary to complete your 1040 form?
Your W-2
Your routing and bank account number
A record of any other supplemental income
All of the above
How much you're being paid is the only thing you need to consider when considering a job offer.
TRUE
FALSE
Which of the following is NOT considered part of your benefits package available from your employer?
Free technology equipment
Disability Insurance
Paid time off
Healthcare insurance
All of the following may be a part of your benefits package available from your employer, except:
disability insurance
matching contributions to a retirement account
FICA
healthcare insurance
Why is using a budget beneficial?
Helps to keep track of the money you receive
Helps to prioritize your spending
Helps reach short- and long-term financial goals
All of the above
Which of the following should you consider when setting a budget?
Your financial goals
Needs and wants
Savings
All of the above
Bank statements, credit statements, and records of cash expenses help you to estimate your _______.
credit score
emergency fund needs
expenses
available investments
In addition to needs, what should you plan for first when creating a budget?
Possible charitable donations
Shopping money
Investments
Recurring expenses
Which of the following is a way to track your spending?
Spreadsheet budget
Envelope method
An app
All of the above
Which choice or choices best describes the purpose of an emergency fund?
An emergency fund prepares you for unexpected expenses.
An emergency fund keeps you from borrowing money from friends and family.
An emergency fund removes the worry about expenses not in the budget.
All of the above are good reasons to have an emergency fund.
Which of the following is TRUE regarding unexpected expenses?
They usually don't affect your budget.
They should be planned for.
They usually don't affect your ability to pay bills.
They should not be included in your budget.
What budgeting tip(s) would help you to stay on track financially?
Find a friend with similar goals and hold each other accountable
Put aside fun money in your budget so you’re not missing out
Only use your closest gas station to fill up gas
All of the above
Making a good purchasing decision requires ________.
comparing the prices of similar items
reading reviews of the product
waiting until the product is on sale, if possible
All of the above
How is a post from a social media influencer different than a comment from a regular consumer?
It isn’t any different.
The post by the influencer is likely one-sided.
The post by the influencer may have been posted by the seller.
The influencer is paid to post the product.
What is one of the best ways to get reliable information about a product?
Follow a social media influencer
Look for the advertisements
Search online reviews
Ask someone who has never used it
What is true about social media in regards to business etiquette?
Employers can and will look up your social media profiles
What you post on social media can effect whether you are hired for a position or let go from a position
You should never post anything incriminating or inappropriate
All of the above
A ___________is a document that describes a new business. It explains to lenders and investors why the new business deserves Financial support.
Business concept
Demand
Business plan
Financial statements
Which part of the business plan describes how the product or service will reach customers?
Operations
Company Overview
Sales and Marketing
Financials
Which is an important step to identify who your business will sell to/service?
Determines the tax rate
Identify the target market
Determine startup costs
Research the competition
What does it mean to invest money?
To save it under your mattress
To spend it on vacations
To use it to buy assets that could increase in value over time
To donate it to charity
