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Business 8 Final Review Part I
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) Which of the following is earned income?
A
ownership
B
investment
C
wages
D
rental properties
2) Once you are married, your family income will usually:
A
stay the same
B
go up
C
go down
3) Taxes are _______.
A
usually go up as your income goes up
B
the government's way of raising funds
C
need to be paid
D
all of the above
4) It is impossible to lower your taxes.
A
false
B
true
5) Income that you have left over after taxes, bills, and other necessary expenses is called _____ income
A
disposable
B
savings
C
interest
D
taxalbe
6) A benefit of paying with cash is
A
all of the above
B
its your money
C
you don't have to get a loan for it
D
you can only spend what you have
7) Whenever you use your credit card; you will have to pay _____ along with the cash you borrowed.
A
taxes
B
credit
C
interest
D
income
8) When writing the amount of a check; you should always start from the far left because...
A
c) so you don't run out of room
B
B and C only
C
a) it looks neat
D
b) prevents others from adding numbers to your check
9) Balancing your checkbook is important because...
A
takes up time
B
is not advised
C
promotes overspending
D
you know how much money you have left
10) Purchasing a home is usually the biggest single purchase a person will ever make.
A
true
B
false
11) A loan for a home is called a
A
Loan
B
IRA
C
401K
D
mortgage
12) Leasing a vehicle means
A
You own the vehicle
B
You rent the vehicle
C
You can drive it forever
D
You build equity on the vehicle
13) Owning a vehicle will give you lower monthly payments than leasing one.
A
true
B
false
14) Which is most accurate when describing U.S. saving habits
A
As a whole country, we are very poor at it, but are making improvements
B
Only old people do it
C
We rock, everyone does it
D
no one saves
15) What does open-end credit mean?
A
Anyone can borrow
B
You have no limits on borrowing
C
Once you pay part of your expense you can borrow more
D
This term doesn't exist
*select an answer for all questions
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