WorksheetsBus, Mkgt, fin final exam review
Total questions: 50
Worksheet time: 38mins
Which of the following is an effective strategy for personal saving?
Wait until the end of the month and save whatever is left in your checking account
Cover all of your wants and needs and save whatever is left over
Save a certain percentage of each paycheck and deposit it directly into a savings account
Take out a payday loan so you can save before you receive your paycheck
What do we call the situation where Apple and Google are trying to appeal to the same customers to get them to purchase their product (iPhone and Android)?
Capitalism
Competition
Productivity
Business Cycle
Which of the following represents a general rise in prices in an economy and is known to lessen the purchasing power of money?
Inflation
CPI
Interest Rate
GDP
A loan with a shorter term length will have _______ monthly payments, and you will pay _______ in total interest.
What is a target customer?
The customers marketed by competitors
The customers a business should avoid
The ideal customers a business should try to attract
The possible customers for a business
What does the acronym SMART stand for?
Specific, Measurable, Attainable, Relevant, Timely
Specific, Maintainable, Attitude, Relevant, Timely
Smart, Measurable, Attitude, Required, Trust
Short, Math, Apex, Repetitive, Training
What customer type would be in place when Academy Sports buys shoes to sell from Under Armour?
Business 2 Business
Business 2 Customer
Government
Institutions
Which of the following Four Ps of marketing is being addressed when a business is making decisions on how to get their goods or services to their possible customers?
Product
Price
Place
Promotion
Which one of these kinds of banks is the most common?
Savings and Loan
Credit Union
Securities Firm
Commercial Bank
All of the following would show up on a credit report EXCEPT:
Salary of your current job
Payment history of your car loan
Credit card payment history
Student loan activity
Which one of these do you usually plan for by month?
Account
Budget
Payroll
Statements
Which one is not a type of asset?
Stock
Bond
Cash
Deposit
Which P would the cost of a product be classified as?
Promotion
Price
Product
Place
Which one is not a branch of government?
Legislative
Executive
Communism
Judicial
What is the cost per month to pay for insurance?
Deductible
Premium
Mortgage
Out of pocket maximum
Which one of these would be upper management?
Manager
Supervisor
CEO
Employee of the month
If a manager motivates an employee to influence him/her to work toward a shared goal of the business, which management function is being used?
Leading
Controlling
Staffing
Organizing
Of the following, which type of financial exchange permits customers to make purchases that are paid for from his/her checking account?
Credit Card
Debit Card
EBT
Cash
How can a business show it is socially responsible?
Reduce price of product or service
Create a Facebook
Philanthropy
Create a code of conduct for its employees
What type of contract is used when a business rents a space to build its product?
Sales
Service
Employment
Lease
What type of economy would still exist in some underdeveloped countries?
Traditional
Command
Mixed
Market
Which of the following cities would have the lowest standard of living?
Greenville, SC
Charlotte, NC
Manhattan, NY
Chesnee, SC
ABC, Inc. has earned income of $10,500 and expenses of $7,800. What is the company's profit?
2,700
18,300
10,500
None
What could be an employee incentive?
Longer work days
Flexible hours/flextime
Shorter lunch
More responsibility
All of the following are hard skills EXCEPT...
Coding
Accounting
Carpentry
Adaptability
The Boiling Springs Chick-Fil-A is a part of what type of business opportunity?
Licensing
Franchise
Joint Venture
Co-op
What level of management is a department head considered a part of?
Top Management
Middle Management
Low Level Management
First-Line Management
What business function considers satisfying customers' demands?
Production
Marketing
Finance
Management
What is net income?
The amount of your total check
Your gross pay minus deductions/taxes = Take home pay
Cash
Stocks
What is the term for unprocessed natural resources that are refined into end products?
Raw materials
Process materials
Supplies
Component parts
What is the difference between debit and credit?
What is branding? What is a logo? What is a slogan?
Explain the differences between investing and saving. Give an example of each.
Explain the concept of a target market.
What is the key benefit of turning savings into a bill?
It increases your income
It ensures you save consistently
It reduces your expenses
It improves your credit score
Katrina works for Penny's Pickles, which offers a 401(k) match for up to 3% of her salary, which is $65,000 per year. In her budget, she only has $150 per month available to save for retirement. What should she do?
Opt out of the 401(k) plan since she doesn’t have much to contribute; use the money elsewhere in her budget
Contribute $75/mo to her 401(k) and $75/mo to an IRA, so that she's diversified
Save the $150/mo in a bank account until she has enough to max out her 401(k), and then invest
Contribute the full $150/mo to the 401(k) because her company will match that full amount, "doubling" her investment every month
What is a good rule of thumb for how much of your income to devote to savings?
10%
20%
30%
40%
How can you earn money to save or invest?
By finding it on the street
By working jobs, like doing chores for allowance
By wishing for it really hard
By trading your old toys
Why is saving money important?
So you can buy snacks
To have money for emergencies
To make your piggy bank heavy
All of the above
Why is it important to keep track of your spending?
So you can brag to your friends
To make sure you don't spend more money than you have
Because it's fun to write numbers
To show your parents
What is a savings account?
A box under your bed
A type of bank account that earns interest over time
A place to store your toys
A book where you write down your secrets
What is budgeting?
Spending all your money at once
Saving all your money and not spending any
Planning how to spend and save your money wisely
Borrowing money from friends
What should you do before buying something expensive?
Buy it immediately
Ask a friend if you should buy it
Save enough money for it and think carefully if you really need it
Borrow money from your sibling
What is an effective strategy for managing personal finances?
Spending without tracking
Investing all your money in one stock
Creating and following a budget
Using credit cards for all purchases to collect points
People need to save and invest because:
their money can make them money
put more money into circulation
be able to buy what ever they want
they can talk with service providers
Your sister is looking for a way to increase the amount of interest she is earning on her savings account. What should she do?
Use the money from her savings account to open a checking account instead
Make monthly withdrawals from her savings account
Switch to a savings account with a lower interest rate
Deposit money into her savings account each month
How does investing in the stock market differ from putting money in a savings account at a bank?
Investing is always a less risky option than saving
Investing is best for short-term situations like emergency funds; saving is best for the long-term
Investing typically earns between 1-2% while saving generally earns between 5-7%
Investing allows you to accumulate wealth for retirement while saving is best forshort-term purchases or emergencies
