Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Personal Finance - Unit 3 (Part 1)
Test Description: Part 1
Instructions: Answer all questions to get your test result.
1) It is recommended that one's educational loan payments require no more than 10–15% of one's estimated starting income. What should a student consider in order to calculate this amount?
A
Debt-to-income ratio
B
Career pathway
C
Benefit
D
Opportunity cost
2) 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?
A
Susan will have more spending power if she moves to Indianapolis.
B
Susan will have the same spending power in Indianapolis as she has in Kansas City.
C
There is not enough information to decide.
D
Susan will have more spending power if she stays in Kansas City.
3) Individuals with more formal educational training usually have:
A
higher estimated lifetime earnings.
B
greater amounts of leisure time.
C
more comfortable work environments.
D
lower personal satisfaction.
4) Hunter has been offered a job by a local mechanic who has offered to pay him in cash; he is excited that the amount of money he will take home each week will be larger since his employer will not be deducting any taxes from it. Which is true?
A
will not need to pay taxes because the total amount he will earn is under the amount required for federal tax deductions.
B
The employer is doing him a favor by offering to pay him in cash. He will potentially earn more by this method of payment.
C
It is illegal for Hunter to receive payment for his work in cash. He could be fined for doing so.
D
He will need to pay his federal and state taxes on his own, since his employer is not paying these required taxes for him.
5) Which statement is true regarding college-level expectations for studying and completing projects?
A
Plan backward from major deadlines.
B
t is best to study alone in a quiet environment.
C
Multitasking during study time develops the important skill of working while being distracted; it is okay to message friends.
D
The busier your schedule gets, the more important it is to write down only the most critical tasks to be done.
6) The money one would have earned if she/he had worked instead of continuing her/his education is called the:
A
benefit.
B
debt-to-income ratio.
C
total estimated cost.
D
opportunity cost.
7) Which statement would not be true about the value of career research?
A
One person might value the flexible schedule a particular job offers and another might care more about the amount of training
B
Job availability and the outlook for future employment are as essential to consider as whether you have the skills/abilities.
C
Opinions from different people working in the occupation should be considered before ruling out a particular career.
D
Career exploration allows you to find the one that pays the most so your well-being is enhanced to the highest degree.
8) Erin has been in college for 2 years and has decided that the major she has been studying is not for her. Changing her major and/or her college could result in:
A
losing credits for classes she has already taken.
B
a well-rounded college degree.
C
the need for backward planning.
D
remediation courses to make up for the change in majors.
9) Jamal is considering defaulting on the student loan. Which is not a potential consequence if he decides to default on the student loan?
A
His wages may be garnished.
B
He may not be able to obtain a marriage license.
C
He could be denied credit cards, car or home loans, or apartment leases.
D
The bank could refuse to allow him to open a checking account.
10) Mallory decides to attend a 2‐year program to become a veterinary technician, and then work for 3 years in that field while she saves money for her remaining 2 years of college and veterinary school. This is known as a/an:
A
opportunity cost.
B
debt‐to‐income ratio.
C
SMART goal
D
career pathway.
11) Gross income – deductions =
A
employee benefits
B
net income
C
Social Security
D
Medicare
12) To be considered for lifelong employment a person must continually maintain their employability. Which of these actions will not help maintain employability?
A
Adjust your actions to be appropriate for different situations you find yourself in
B
Continue to learn by taking classes and striving for continual improvement on the job.
C
Blend your personal and professional images online; employers see that you have an interesting life both in and out of work.
D
Maintain high standards in honesty, reliability, and punctuality.
13) Rob’s parents asked him what employee benefits his employer was providing. Which would be considered an employee benefit?
A
Travel opportunities
B
Paid sick leave
C
Monthly salary
D
Location within walking distance of his apartment
14) 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.Which application will determine which type of need-based aid he will qualify for?
A
Federal Work Study Application
B
Direct Subsidized Stafford Loan Application
C
Free Application for Federal Student Aid (FAFSA)
D
Perkins Federal Loan Application
15) Career assessments help to identify:
A
positions available in a particular occupation.
B
the job an individual should have if he/she wants high well‐being.
C
fastest and slowest growing careers in a particular occupation.
D
possible career areas related to one’s interests.
16) The regular schedule that employers use to pay their employees is called the:
A
employee benefits.
B
pay period.
C
worker’s compensation
D
employer contributions.
17) The average cost of basic necessities, such as housing and food for a particular city is called the:
A
lifestyle.
B
economy of living.
C
standard of living.
D
cost of living.
18) Which statement is not true?
A
People can develop human capital in a variety of ways.
B
Jobs are paid positions.
C
Most people have several careers throughout their lifetime.
D
Transferable skills can be applied to many personal and professional roles.
19) One’s lifestyle is to their standard of living as present is to:
A
future.
B
recent.
C
past.
D
gift.
20) 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?
A
The average cost of basic necessities, such as housing and food in the city where her new job is
B
The total value of the benefits package she will be offered in her new job
C
How much she will spend in moving expenses to relocate to the city where her new job is
D
The total amount of her college costs compared to the salary she is being offered in her new job
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?