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Personal and Family Finances
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Transcript of Personal and Family Finances
Personal and Family Finances
EOC TEST Review
_____ are needs and wants that rank high in order of importance to an individual.
A. AttitudesB. AlternativesC. BingesD. Priorities
An option an individual can choose when making a decision is a/an:
A. Alternative.B. Plan.C. Priority.D. Resource.
Randy has been smoking cigarettes since he was fourteen. Lately he has begun to think about the importance of good health and has decided to quit. What is influencing Randy’s decision?A. Gender
B. ResourcesC. Trade-offs D. Values
Lee looks through newspaper ads, an electronics magazine, and in a catalog for information about compact disc players. In which step of the decision-making process is he?A. Defining the problem
B. Determining alternatives C. Establishing the problemD. Evaluating the results of decisions
The process of sending and receiving messages is the definition for which term?
A. AcceptanceB. CommunicationC. CooperationD. Development
Food, water, shelter, sleep, and clothing are examples of which human need?
A. Love and belongingB. PhysicalC. Safety and securityD. Self-actualization
The ability to do something well which comes from knowledge and practice is:
A. energy.B. patience.C. skill.D. talent.
Which of the following is a nonhuman resource?
A. EducationB. PossessionsC. SkillsD. Talents
Which of the following resources is required for completing a family project?
A. CreativityB. EnergyC. TimeD. All of the above
A role filled by someone other than the members of a group who have commonly filled that role throughout history is:
A. dual-worker family.B. nontraditional role.C. role conflict.D. socialization.
A/An ______is a planned meeting between a job applicant and an employer.
A. ApprenticeshipB. Career planC. InterviewD. Job application
All the following are reasons for working EXCEPT:
A. to be a useful contributor.B. to be financially dependent.C. to earn money.D. to receive satisfaction.
A natural ability or an acquired inclination is referred to as a/an:
A. aptitude.B. goal.C. need.D. value.
A degree from a ______ usually takes four years to complete and provides students with a general education and a specialized degree.
A. college or universityB. community collegeC. junior collageD. vocational technical school
When filling out a job application you should:
A. give incomplete answersB. make negative comments about past
employers.C. read the entire application carefully
before completingD. use a pencil
Which of the following must be included on a resume?
A. Facts concerning social lifeB. ReferencesC. Places where your family has livedD. Work Experience
Which of the following is not appropriate behavior during a job interview?
A. Keep eye contact with persons conducting interview.
B. Maintain good posture with both feet flat on floor.
C. Place personal belongings on employer’s desk.
D. Show enthusiasm.
Which of the following would make a NEGATIVE impression during a job interview?A. Arriving a few minutes early for
interviewB. Maintaining eye contact with person
conducing the interviewC. Sitting down only after being offered a
seatD. Taking a friend with you to the
interview
The term “potential” describes:
A. a person’s physical traitsB. a person’s total personality.C. everything a person is capable of
becomingD. the activities a person is not
capable of doing.
Which of the following should be AVOIDED when making a business telephone call?A. Excuse yourself periodically to speak
to someone in your office.B. Identify yourself and the company you
work for.C. Make calls brief and to the point.D. Speak in a clear, firm voice.
Which of the following could give a NEGATIVE impression during a job interview?
A. Maintaining eye contact during the interview
B. Offering a firm handshake before and after the interview
C. Pointing out negative attributes and apologizing for them
D. Showing respect for the interviewer’s territory
What is a plan for managing income and expenses to achieve desired goals?
A. Allowance B. BudgetC. Credit reportD. Tax
Which of the following statements about financial management is FALSE?
A. Allows an individual or family to get the most from their income
B. Helps avoid worries and problems related to money
C. Organizes financial resourcesD. Promotes impulse buying
Money spent on clothes and food is an example of :
A. Daily cash record.B. Fixed expenses.C. Flexible expenses.D. Income.
A/An ____ is an order written by a depositor directing a bank to pay a specific amount of money to a designated source.A. bank statement
B. checkC. endorsementD. overdraft
A debit card can NOT be used to:A. automatically transfer money from a
checking account to a store account.
B. automatically transfer money from a checking account to pay bills.
C. pay for retail purchases at the time of purchase.
D. purchase items now and pay for them later
Judy is using a debit card to pay for groceries. A mistake is made at the time of the transaction. She should call her ____ for assistance as soon as possible.
A. bank customer serviceB. bank loan officerC. credit counselorD. insurance agent
What type of tax is levied on certain products or services such as gasoline, cigarettes, liquor, and telephone service.
A. EstateB. ExciseC. PropertyD. Sales
Which of the following forms is a statement of earnings that shows how much money you earned and how much tax was withheld. A copy of this form must be sent to the Internal Revenue service with the income tax return.
A. W-2B. W-4C. W-6D. W-8
Which of the following is money withheld from workers’ paychecks and used to help pay for expenses of Government.
A. 401K planB. Federal Income TaxC. FICA/MedicareD. State Income Tax
Which is a disadvantage of credit?A. Can extend an individual’s or family’s
purchasing powerB. Can take advantage of sales on goods
or services when cash is not availableC. Promotes impulse buyingD. Relieves temporary cash shortage
Which of the following terms is defined as a legal action which declares persons unable to pay their debts and divides their assets and estate among creditors?
A. ArrestB. BankruptcyC. Divorce D. Subpoena
Which source of credit lends small amounts of money at higher rates of interest to individuals who might be considered a credit risk?A. Commercial banks
B. Credit unionC. Finance companyD. Savings and loan associations
What is the money remaining after meeting necessary expenses such as food and shelter.
A. Discretionary incomeB. Fringe benefitsC. Gross payD. Net pay
Which of the following describes an assessment of a person’s credit worthiness is called:
A. credit limit.B. credit rating.C. finance charge.D. interest.
Which of the following is a sign of credit overload?
A. Paying cash for living expensesB. Paying off credit card balances each
monthC. Saving money each month D. Using credit cards to pay other credit
accounts
Personal property pledged to a lender to secure a loan is :
A. collateral.B. equity.C. interest.D. principal
In a rent-to-own contract, an individual will not own the item until:
A. a down-payment is made.B. all the payments are made.C. half the payments are made.D. the first payment is made.
Which bank form is used to put money into a savings account?
A. Deposit slipB. Money orderC. Personal checkD. Withdrawal slip
_____ is the process of using money with the idea of making money.
A. CollateralB. EquityC. InvestmentD. Liquidity
_____ is an investment that represents a share of ownership in a corporation.
A. BondB. CapitalC. CollateralD. Stock
Which term is defined as a promise by a manufacturer or seller that goods meet certain standards?
A. Annuity B. Bill of saleC. TrustD. Warranty
Which consumer right affords protection from false and misleading information?
A. Right to be heardB. Right to be informedC. Right to choose D. Right to safety
Which is NOT a factor that influences consumer spending?
A. EnvironmentB. HeredityC. NeedsD. Values
Which advertising technique associates a product with glamour, excitement, or success?A. Demonstration
B. LifestyleC. Problem-solvingD. Product comparison
____ is an identifying mark used to designate the products of a company.
A. Brand nameB. Hang tagC. LabelD. Seal of approval
In order to be a responsible consumer you must understand:
A. business management.B. consumer law.C. money management.D. product development.
Choosing one product from several similar products by examining price and label information is the definition for:
A. comparison shopping.B. decision making.C. impulse buying.D. unit pricing.
Error in bill, defective product, and poor service are examples of:
A. common consumer problems.B. effects of impulse buying.C. items covered by warranty.D. technological advances.
Which of the following is an extended period of rest from routine?
A. ProcrastinationB. Research C. VacationD. Volunteer work
Which of the following is an advantage of managing time wisely?
A. Individual feels less stress while completing daily activities.
B. Individual focuses on what is important to him or her.
C. More time becomes available for recreational activities.
D. All of the above.
____ is arranging activities together to save time.
A. CompensatingB. Distraction C. Dovetailing D. Procrastination
Kathy has been putting off her book report that is due next week. This is an example of :
A. distraction.B. disorganization.C. prioritizing.D. procrastination.
Which are the following is defined as a part of the purchase price that a buyer pays at the time of purchase?
A. Down paymentB. Mortgage loanC. Security depositD. Warranty
All the following are factors that influence the purchase of a home EXCEPT:
A. Affordable price.B. Lease agreement.C. Location of home.D. Size of family
Which is an advantage of buying a used car?
A. Large initial depreciationB. Low initial costC. Low resale valueD. Selection of a variety of options
When a housekeeper working for a housekeeping service proves to be unsatisfactory, the consumer should voice his or her complaint to the service:
A. by letter.B. by telephone.C. in person.D. all of the above.
How could technology affect future housing trends?
A. causing a decrease in land available for housing.
B. increasing computer-controlled systems used in homes.
C. making it possible to design furniture to fit a person’s body.
D. All of the above.
Credit cards, automated teller machines, and electronic fund transfers are examples of technological advances in:
A. banking. B. communication.C. consumer shopping.D. transportation.