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Personal Finance Unit 3+5

Quiz by Christina McLamb

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31 questions
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  • Q1
    The regular schedule that employers use to pay their employees is called the:
    employee benefits.
    worker’s compensation.
    pay period.
    employer contributions.
  • Q2
    Which statement would not be true about the value of career research?
    Current job availability and the outlook for future employment are as essential to consider as whether you have the skills, interest and abilities to pursue a particular career.
    There are many careers that would support your well-being. Career exploration allows you to find the one that pays the most so your well-being is enhanced to the highest degree.
    Everyone values different aspects of an occupation. One person might value the flexible schedule a particular job offers and another might care more about the amount of training that a career might require.
    Opinions from different people working in the occupation should be considered before ruling out a particular career.
  • Q3
    Jamie has elected to be paid by direct deposit at her new job. This means:
    she will receive her pay automatically loaded onto her payroll card at the end of each pay period.
    she will receive her paycheck delivered directly to her at her place of employment at the end of each pay period.
    she will receive her paycheck mailed directly to her each pay period.
    she will receive her pay directly into her checking account at her depository institution for each pay period.
  • Q4
    An example of a transferable skill is a skill:
    used in your job that you acquired through past jobs, volunteering, hobbies, school sports, or other life experiences.
    that is learned at one job and is required at other jobs as well.
    that each employer requires you to learn.
    that can only be used in an individual’s job or career.
  • Q5
    Carson’s family has always struggled financially due to his parents leaving high school before graduating and working lower paying jobs to support the family. His parents do not want him to make the same mistake and are encouraging him to apply for scholarships and any type of student aid he might qualify for. Which application will determine which type of need-based aid he will qualify for?
    Direct Subsidized Stafford Loan Application
    Federal Work Study Application
    Free Application for Federal Student Aid (FAFSA)
    Perkins Federal Loan Application
  • Q6
    Sarah learned in her Financial Education class that she needs to consider the cost of living when comparing job offers. Which is the most important consideration?
    How much she will spend in moving expenses to relocate to the city where her new job is
    The total value of the benefits package she will be offered in her new job
    The total amount of her college costs compared to the salary she is being offered in her new job
    The average cost of basic necessities, such as housing and food in the city where her new job is
  • Q7
    Steven is considering taking a job with a company that is offering gym memberships, flexible hours, repayment of education loans, merchandise discounts, and childcare. These components of the job offer are called:
    work incentives.
    job perks.
    employee benefits.
    competitive hiring practices.
  • Q8
    In order to make an informed career decision, a high school student will want to:
    develop personal goals, complete a career assessment, and research careers.
    choose a career that offers the amount of money desired.
    choose a training program that will guarantee employment after the course work is completed.
    commit to a profession that requires a college degree.
  • Q9
    Shannon is reviewing her pay stub to determine how much money she earned before her deductions were subtracted. Which column should she check to find this amount?
    Hours and Earnings
    Gross Income
    Net Income
    Employer Contributions
  • Q10
    Which statement is true regarding college-level expectations for studying and completing projects?
    The busier your schedule gets, the more important it is to write down only the most critical tasks to be done. Wasting time writing down smaller details is not recommended.
    Plan backward from major deadlines.
    It is best to study alone in a quiet environment.
    Multitasking during study time develops the important skill of working while being distracted, so it is okay to message with friends or watch TV while studying.
  • Q11
    Susan is currently working in Kansas City, MO earning $30,000 per year. She is offered a position in Indianapolis, IN earning $32,000 per year. If Kansas City’s Cost of Living Index is 100 and Indianapolis’ Cost of Living Index is 125, which is true?
    Susan will have the same spending power in Indianapolis as she has in Kansas City.
    Susan will have more spending power if she moves to Indianapolis.
    Susan will have more spending power if she stays in Kansas City.
    There is not enough information to decide.
  • Q12
    Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal withholdings tax, $33.21 into state withholdings tax, and $42.05 into FICA (Social Security Tax). What is Bob’s gross pay on his paycheck?
  • Q13
    Elliot’s stock broker is suggesting that he consider investing in a diversified portfolio. A diversified portfolio is desirable because it:
    limits investor choices to only one or two investment tools.
    increases the risk/return ratio.
    decreases risk by investing money in a variety of investment tools.
    indicates an investor is a good predictor of the return an investment will have.
  • Q14
    When taking advantage of the time value of money, which is most likely to result in the largest return?
    Invest as long as possible and at the highest interest rate possible.
    Invest a large principal amount of money and then make no additional investments.
    Invest at a high interest rate because interest is the only factor that affects return.
    Invest a small amount of money for a short period of time at the highest interest rate possible.
  • Q15
    Hannah needs a savings tool to help her manage her everyday purchases. The savings tool needs to be very liquid and accessible. Which savings tool should Hannah choose?
    Any of the above savings tools
    Money market deposit account
    Checking account
    Certificate of deposit

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