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Financial Management
Test Description: Final Exam Review #1
Instructions: Answer all questions to get your test result.
1) An example of a short term goal is:
A
Saving for 2 months for an $80 outfit
B
Saving for 3 years for a $1500 car down payment
C
Saving for 5 years for a $3000 dream vacation to Italy
2) Victor wants to save $100 over the next 4 months for a lift ticket to go skiing. How much should he save each month in order to meet his goal?
A
$400 a month
B
$25 a month
C
$50 a month
3) Salena wants to save $2400 over the next 2 years to pay for a trip to Mexico to visit family. How much will she need to save each month in order to reach her goal?
A
$1000
B
$83.33
C
$100
4) Housing is an example of a(n):
A
Want
B
Income
C
Need
5) The amount Travis spends in gas every month changes based on gas prices and how much he drives. This would make gas an example of a:
A
variable expense
B
fixed expense
C
periodic expense
6) Which of the following is one of the steps in creating a budget?
A
Create a spending chart for special events like birthdays and holidays.
B
Create a table for cash gifts and gift cards you receive.
C
Use percentages to see how much of the total income should be set aside for each expense.
7) John wants to budget 20% of his income for savings. If he makes about $1,600 each month, how much of his budget will be savings?
A
$320
B
$160
C
$400
8) Which financial institution usually has the highest interest rates?
A
payday loans
B
credit unions
C
commercial banks
9) Tommy has a basic account that allows him to deposit and withdraw money, write checks, and receive a monthly statement with no service charge if he maintains a minimum balance of $250. What type of account is this?
A
Savings Account
B
Checking Account
C
Retirement Plan Account
10) Pam is ready to reconcile her bank statement with her check register. What should she do?
A
Add outstanding checks made since the statement.
B
Add outstanding deposits and subtract outstanding checks written since statement.
C
Subtract deposits made since the statement.
11) A __________________ is a for profit financial institution that is run by share holders.
A
credit unions
B
retirement account
C
commercial bank
12) A ____________________ is a nonprofit financial institution that is run by its members.
A
credit union
B
commercial bank
C
pay day loan
13) Nellie earns $10.00 per hour. During this pay period she worked 36 hours. How much was her gross pay?
A
$540
B
$360
C
$36
14) Pay for work beyond 40 hours in a work week is called ______ _____.
A
net pay
B
gross pay
C
overtime pay
15) A fixed amount of money paid to a worker for each item satisfactorily produced or assembled or each action satisfactorily completed is a _______________.
A
production rate
B
piece rate pay
C
hourly wage
16) Jen makes widgets at a factory. If she can make 400 widgets in 8 hours, what is her hourly production rate?
A
50 widgets per hour
B
3200 widgets per hour
C
5 widgets per hour
17) Mark assembles widgets at a factory. He makes $.10 for each widget that he correctly assembles. The production rate is 80 widgets an hour. What is John's gross pay for an 8 hour shift if he meets this production rate?
A
$640
B
$64
C
$80
18) Sara earns $10.00 an hour. She worked 40 hours this pay period. Her gross pay was $400.00. She had the following deductions taken from her pay stub ($60.00 in Federal Income Tax, $28.00 in State Income Tax, $30.60 in FICA). What is Sara’s net pay?
A
$281.40
B
$118.60
C
$518.60
19) The federal program that assists older Americans with insurance and income is called _____.
A
Federal Income Tax
B
FICA (Federal Insurance Contribution Act)
C
State Income Tax
20) Jerry’s gross pay for this pay period was $525.00. He had the following deductions taken from his pay check ( Federal Income Tax $78.75, State Income Tax $36.75, FICA $40.16). What is his net pay?
A
$155.66
B
$525.00
C
$369.34
*select an answer for all questions
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