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Semester Exam 2 REVIEW - Part 3
Test Description: Semester Exam
Instructions: Answer all questions to get your test result.
1) Employees who assist customers, take orders, and answer questions that come into the company via phone or website are called the _____.
A
order department
B
sales team
C
customer support team
D
phone group
2) Information and resources available to customers through the Internet is _____.
A
sales and service
B
online support
C
feature-benefit selling
D
web department
3) A _____ is the exchange of payment and product.
A
barter exchange
B
selling process
C
transaction
D
charged expense
4) Verbal or nonverbal signs that a customer is ready to purchase are called _____.
A
sales signs
B
buying signals
C
ergonomics
D
sales indications
5) A _____ is a type of financial investment issued by a corporation, government, or other organization.
A
loan
B
financial exchange
C
security
D
banknote
6) As a function of money, _____ means that money is a common measure of the worth or price of a good or service.
A
unit of value
B
store of value
C
banknote
D
monetary system
7) As a property of money, _____ means that money must maintain its value over time in order to be widely accepted.
A
durable
B
stable
C
portable
D
recognized
8) The process of transferring money from one individual or organization to another is _____.
A
financial services
B
monetary policy
C
financial exchange
D
medium of exchange
9) A(n) _____ is an example of a nondepository financial institution.
A
insurance company
B
commercial bank
C
credit union
D
mutual savings bank
10) The mechanism a nations uses to provide and manage money for itself is called a(n) _____.
A
banking system
B
inventory system
C
monetary system
D
financial system
11) A prearranged amount of credit that is available for a business to use as needed is a _____.
A
treasury note
B
letter of credit
C
line of credit
D
bond
12) A process used by individuals to manage limited income to meet personal unlimited needs and wants is called _____.
A
money decisions
B
personal financial management
C
wealth management
D
want management
13) _____ is income received from employment or from self-employment,
A
Overtime wage
B
Minimum wage
C
Earned income
D
Annual revenue
14) A person who has the ability to understand basic topics related to finance is _____.
A
financially capable
B
accounting capable
C
investment savvy
D
business savvy
15) An expense that is equal in amount each budget period is a(n) _____.
A
fixed expense
B
standard deduction
C
annuity
D
variable expense
16) The difference between a budgeted dollar amount and the actual dollar amount is a(n) _____.
A
expense
B
variance
C
profit
D
income
17) An expense that can go up and down during the budget period is a(n) _____.
A
allowance
B
exemption
C
variable expense
D
fixed expense
18) An amount that a taxpayer can claim for each person who is dependent on that person's income is a(n) _____.
A
itemized deduction
B
standard deduction
C
exemption
D
allowance
19) Tax returns must be filed no later than _____ each year.
A
June 1st
B
April 15th
C
January 15th
D
December 31st
20) Taxes paid by the employee and the employer that are used to finance the federal Social Security and Medicare programs are _____ taxes.
A
net
B
FICA
C
W-4
D
deduction
*select an answer for all questions
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