WorksheetsFinLit Unit 1 Exam Study Guide
Total questions: 37
Worksheet time: 19mins
Name
Class
Date
1.
Communication is one of the most important hard skills in today's workplace.
a)
True
b)
False
2.
The business cycle repeats every year, peaking during the Christmas shopping season.
a)
True
b)
False
3.
Regardless of the style used, a resume should always include personal information, education, and work experience.
a)
True
b)
False
4.
All types of earned income are subject to income taxes and Social Security taxes.
a)
True
b)
False
5.
Employers are required by law to make contributions to employee retirement accounts.
a)
True
b)
False
6.
Payments received for alimony and child support are forms of unearned income.
a)
True
b)
False
7.
Sales tax is a progressive tax because it places a greater burden on higher-income people.
a)
True
b)
False
8.
Employees are required to have money withheld from their paychecks for income tax, Social Security tax, and Medicare tax.
a)
True
b)
False
9.
As inflation rises, the real purchasing power of each dollar falls.
a)
True
b)
False
10.
Economizing and optimizing are two basic strategies for rational buying.
a)
True
b)
False
11.
A target audience is a specific group of people who are likely to buy a product or service.
a)
True
b)
False
12.
Businesses need a normal profit in order to stay in business.
a)
True
b)
False
13.
____________ is a set of moral values that people consider acceptable.
a)
Ethics
b)
Values
c)
Character
d)
Goals
14.
Which of the following statements regarding education is correct?
a)
Unemployment rates tend to be higher for people with college degrees.
b)
Informal education should not be listed on a resume.
c)
Earnings potential increases as you complete more formal education.
d)
All of these are correct.
15.
All of the following are Internet tools that can be used for job searching except
a)
Job boards
b)
Job fairs
c)
Company websites
d)
Craigslist
16.
A document that describes the steps that will be taken to open and operate a business is a(n)
a)
Statement of net profits
b)
Business plan
c)
Revenue and cost report
d)
Entrepreneur's guide
17.
The federal minimum wage is
a)
higher than the minimum wage set by most states
b)
applicable only to federal government employees
c)
not subject to overtime pay
d)
set by the U.S. Congress
18.
Overall benefits provided by taxes to everyone are called
a)
transfer payments
b)
indirect income
c)
public goods
d)
unearned income
19.
Employees are required to have money withheld from their paychecks for all of the following except
a)
income taxes
b)
dependents
c)
Medicare
d)
Social Security
20.
A pricing method based on the per-unit cost of production increased by a percentage markup is called
a)
value-based pricing
b)
cost-plus pricing
c)
market-based pricing
d)
cost-recovery pricing
21.
Which of the following is a type of sales promotion?
a)
customer loyalty programs
b)
coupons
c)
free samples
d)
all of these
22.
All of the following are good consumer buying strategies except
a)
prepare a list of the things you need before shopping
b)
avoid shopping in times of emotional distress
c)
choose items that are marked "clearance" whenever possible
d)
avoid last-minute purchases in the check-out line
23.
A _______ is a fraudulent investment operation in which money collected from new investors is used to pay earlier investors
a)
pyramid scheme
b)
bait and switch
c)
Ponzi scheme
d)
pigeon drop
24.
What is the rate employees are to be paid for overtime hours?
a)
Their regular rate
b)
2x
c)
1.5x
d)
1.2x
25.
Maria's current job pays an hourly wage of $16. She has been offered another job that pays an annual salary of $40,000. The average work week for both positions is 45 hours. If Maria accepts the salaried job, her annual income will
a)
decrease by $683
b)
increase by $2,560
c)
remain the same
d)
increase by $480
26.
Maureen worked 52 hours last week. Her hourly rate is $9.00. Maureen’s gross pay for last week was:
a)
$468.00
b)
$522.00
c)
$360.00
d)
$702.00
27.
David worked 48 hours last week. His hourly rate is $7.60. David’s gross pay for last week was:
a)
$304.00
b)
$364.80
c)
$395.20
d)
$547.20
28.
Janice works for a salary of $2,396 per month. She has federal income tax withheld at the rate of 15 percent, Social Security tax at the rate of 6.2 percent, Medicare tax at the rate of 1.45 percent, and health insurance premiums of $95 per month. What is her net pay?
a)
$1,448.45
b)
$1,840.10
c)
$1,758.31
d)
$2,387.56
29.
What is the largest percentage of gross domestic product (GDP)?
a)
imports
b)
consumer spending
c)
government spending
d)
exports
30.
What options are available after receiving a high school diploma? List at least 3.
4 lines
31.
What is disposable income?
a)
the amount of money left after paying taxes and other mandatory deductions
b)
the amount of money before taxes
c)
Your gross income
d)
the amount of money that is left after paying for your expenses
32.
Explain sick leave. Who does this qualify for?
4 lines
33.
Explain how inflation affects the dollar value. Think back to the examples in the video.
4 lines
34.
Consumer Protection Laws protect consumers from unsafe products and unfair or deceptive business practices. Explain one of these laws and how it protects you.
4 lines
35.
Transfer payments is money and benefits received from local, state, or federal governments. What is an example of a transfer payment provided by the state and government?
4 lines
36.
If you had an opportunity for a job shadowing experience, where would you choose to go and why?
4 lines
37.
Explain why effective communication is more critical in the workplace than in high school.
a)
Because it helps in making friends
b)
Because it ensures clarity and efficiency in achieving business goals
c)
Because it is less formal
d)
Because it is not necessary
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