EPF Exam Review 3
Quiz by Rebecca Booth
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10 questions
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- Q1What is it called when a man budgets $200 a month for clothing but spends $150?a budget variancean income overagea budget deficitan outflow deficit30s
- Q2Why are cigarettes considered expensive?the government imposes an excise tax on themthe tobacco industry imports most of the tobaccotheir cost is controlled by the Food and Drug Administration (FDA)the tobacco supply is controlled by the Federal Trade Commission (FTC)30s
- Q3Which of the following is usually considered a variable expense?rent paymentelectric bill paymentmortgage paymentcar payment30s
- Q4What does financial planning help individuals to achieve?eliminate risk on investmentsachieve all goals by set target datesguarantee future incomehave strategies for saving and investing30s
- Q5What does a stock broker or financial consultant do?Gives financial advice to clientsGuarantee a return on investmentDo not have to be licensedSells money orders and certified checks30s
- Q6If Rossi is working to raise money for college, what is this considered?GoalsHopesValuesDreams30s
- Q7What is something you are working to achieve within a defined period of time?ValueIdealDreamGoal30s
- Q8If Ann's expenses exceed her income, what should she try to do immediately?reduce or eliminate some expensesopen an IRA accountignore her budgetapply for a loan30s
- Q9After owning a Roth IRA for five years, can a person withdraw money to buy their first home?but must pay a set penaltyand have penalties deferred until retirementtax and penalty freeand owed taxes are deferred until retirement30s
- Q10What does a defined-contribution pension plan provide upon retirement?the total amount of money contributed plus investment earningsone-half of the employee's last year’s salarya specified amount based totally on the profitan amount based only on the length of time worked30s