Font size
WorksheetsIntro to Business Semester Review Quiz
Total questions: 59
Worksheet time: 50mins
The quantity of a good or service that consumers are willing to buy at a given price
(a)
The quantity of a good or service a producer is willing to produce at different prices
(a)
Compares the cash balance to its bank statement
The act of leaving one's job and ceasing to work
(a)
Advance a sum of money to the borrower. In return, the borrower agrees to a particular set of terms, including any finance charges, interest, repayment date, and other conditions
(a)
Are known as lenders, persons, businesses, and service providers
(a)
Ability to purchase goods and services; acquire (something) by paying for it; buy
An organization or business that provides types of financial services to customers and deals with various monetary transactions that include cash deposits, loans, raising capital, and exchanging securities
Is money's potential to grow in value over time. The relationship between time, money, a rate of return, and earnings growth
When all deductions are taken out of gross pay
(a)
Cards are issued in association with checking or savings accounts that allow point-of-sale purchases that are deducted from bank balances and ATM withdrawals
(a)
Is the yearly interest rate on a card
Is when money is given to another party to repay the principal loan amount plus interest. They are agreed upon before any money is exchanged
(a)
Are products you can see and touch
(a)
A plan for making and spending money
(a)
The amount subtracted from your gross pay
(a)
A practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for a premium payment.
(a)
Activities that are consumed as they are produced
(a)
This is a required payment by a taxpayer mandated by the government.
(a)
When an individual puts money into an account, the bank offers its consumers interest rates.
(a)
The process of setting money aside to increase wealth over time for long-term financial goals.
(a)
Is offered by a financial institution that lets you store your money securely while earning interest.
(a)
This is the amount of money the credit card company will charge you unless you pay off your balance each month.
(a)
Is a general term that describes all investors' transactions involving the buying and selling stock shares issued by a company.
(a)
Are credit that comes with a card you can borrow on an ongoing basis; it has interest rates, a spending limit, and monthly payments.
(a)
Are things that are required for you to survive, and needs are essential
(a)
Wealth in the form of money or other assets owned by a person after deducting your debts
(a)
Is money that a person or a business receives in return for working, providing a product or service, or investing capital.
(a)
An account at a financial institution that allows for withdrawals and deposits
(a)
Is a number ranging from 300-850 that represents your creditworthiness to lenders.
(a)
Health insurance, retirement, flexible spending, dental insurance, life insurance, eye insurance, union fees are optional deductions from your paycheck.
True
False
Social Security and Medicare are examples of government programs that provide insurance against loss of income and benefits to eligible recipients are also known as FICA.
True
False
The most common form of reporting income is a W-2 form.
True
False
You can write checks without having money in a checking account.
True
False
Financial institutions exist to solve the problem of making money available to the people and businesses who need it.
True
False
Banks profit from the difference in interest rates paid on deposits and charged on loans and collecting fees for services.
True
False
Banks profit from the difference in interest rates paid on deposits and charged on loans and collecting fees for services.
True
False
Banks profit from the difference in interest rates paid on deposits and charged on loans and collecting fees for services.
True
False
Credit statement is a report about your credit activity and credit situation, such as loan history and status of your credit accounts.
True
False
Spending is essential when it comes to personal finances, but before you can spend money, you need to create a budget; that way, you can maintain practical and reachable financial goals.
True
False
To be financially savvy, you always want to ensure your income is always higher than your expenses.
True
False
When it comes to personal finance, you don’t need to understand economic wants and needs.
True
False
Needs and Wants drive not only society but you when it comes to prioritizing your spending, budget, and financial goals.
True
False
An essential skill when it comes to spending and buying goods and services is comparison shopping practices.
True
False
Supply and demand theory defines how the relationship between the availability of a particular product and the desire (or demand) for that product affects the price of the product.
True
False
Consumers will answer what goods and services are being produced, how they will be produced, and to whom.
True
False
Retirement and Insurance play a huge role in financial planning as wealth-building and preservation tools.
True
False
A financial Planner recommends saving at least 30% of your monthly net income.
Keep in mind that it’s essential to understand the power of compounding and the importance of starting early in implementing a saving and investing plan.
True
False
The age of 62 is when a person is able to get full social security benefits.
True
False
Using your knowledge from the semester, answer the following questions about the W-2 below.
What is this person’s Social Security number?
(a)
What did Lily Smith make in wages, tips, and other compensation this year?
(a)
How much federal income tax was withheld?
(a)
What is Lily’s employer’s state ID number?
(a)
How much was withheld in social security tax?
(a)
Who is Lily’s employer?
What was withheld from Lily’s pay to cover the medicare tax?
(a)
How much did the State of Indiana withhold for income taxes?
(a)
