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Financial Management
Test Description: Final Exam Review #2
Instructions: Answer all questions to get your test result.
1) Fill in the Blank: Taxes are fees that the government ___________ people to pay in order to live and work in their state and the USA.
A
requires
B
does not require
2) Fill in the Blank: A _______________ is a person who relies on another person, usually a family member, for financial support.
A
dependent
B
community
C
taxpayer
3) Which answer below is an example of earned income?
A
Money earned from working at the mall.
B
Money received from Social Security.
C
Interest earned on a savings account.
4) Which item listed below is not funded by taxes in your community?
A
public library
B
community center
C
fast food restaurant
5) Fill in the Blank: When you get a job, you will be required to complete a ________ form. This form is usually completed on your first day of work or at an employee training prior to starting work.
A
1040EZ
B
W-2
C
W-4
6) Eric buys a copy of his favorite video game for $25.70. You give the clerk $30. How much change will you receive?
A
$4.20
B
$4.40
C
$4.30
7) Alexis bought a new skirt and blouse with a purchase price of $100.00. Calculate 6.75% sales tax for her purchase.
A
$10
B
$13
C
$6.75
8) Books are on sale for $30 for 3 books. Calculate the unit price.
A
$90
B
$10
C
$30
9) Angelina has a 20% off coupon to use on a shirt that cost $10.00. Calculate the sale price.
A
$2.00
B
$8.00
C
$12.00
10) Which of the following is NOT one of the five major types of insurance?
A
Health
B
Earthquake
C
Auto
11) True or False: Auto insurance is required by law if you drive.
A
True
B
False
12) Fill in the blank: Insurance is a financial agreement between a person and an insurance company to financially protect the person from ______________ events.
A
current
B
expected
C
unexpected
13) Which of the following is NOT an example of an unexpected event?
A
fire
B
car accident
C
trip to Florida
14) True or False: A deductible is the amount you have to pay out-of-pocket for expenses before the insurance company will cover the remaining costs.
A
False
B
True
15) Fill in the Blank: Medicaid is a ________________ health insurance program to help people who cannot afford health care costs.
A
government
B
military
C
private
16) True or False: Life insurance will help cover funeral costs when a person dies.
A
False
B
True
17) Bill has to have back surgery will be out for 3 months. His disability insurance policy will pay him 60% of his salary. If his salary is $3000 per month how much money will he receive from his insurance company for the three months he will be out?
A
$1,800
B
$9,000
C
$5,400
18) Bob was in a car accident. The damages to his car totaled $6,000, but he only had to pay $1,500 because his insurance company covered the rest. How much money did Bob not have to pay because he had auto insurance?
A
$7,500
B
$4,500
C
$2,000
19) Karen determined that the property in her apartment was worth $28,500. Which insurance option below should she choose?
A
$30,000 personal property
B
$20,000 personal property
C
$10,000 personal property
20) What is the only payment method that does not charge interest or fees?
A
Debit Card
B
Currency
C
Credit Card
*select an answer for all questions
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