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Virtual Business Semester Exam Review
Test Description: Review for VB Semester Exam
Instructions: Answer all questions to get your test result.
1) With online banking, you can:
A
Pay bills, check your balance, and see if checks have cleared on your bank's online Web site
B
Access accounts that are not your own and transfer money into your own account
C
Use a telephone to talk to a bank teller
D
Put a check through a scanner to pay bills automatically
2) Overdraft fees can be avoided by:
A
Trying to keep a minimum balance of $10 in your account
B
Having a cell phone bill that automatically re-ups your minutes without you being aware of how much money that will cost
C
Knowing your account balance and what upcoming bills will be paid
D
Going to the bank branch after being charged the fee and explaining that you meant to have more money in the account but forg
3) The W2 form:
A
Is provided to you by your employer, and it lists total income and all tax withheld amounts
B
Is provided by the IRS, and lists your tax paid for the year
C
Keeps track of charitable donations made by cash or check outside of work
D
Reports interest from your bank to the IRS
4) The W4 form:
A
Is filled out by each employee, stating the number of withholding allowances claimed
B
Lists the number of people who claim the worker as a dependent on their tax returns
C
Should be attached to the tax return with a staple when filing
D
Is a report sent from the employer to both the IRS and the employee showing gross wages
5) FDIC is:
A
A government program that funds all interest payments for savings accounts
B
The real cause of the 1929 stock market crash
C
A government insurance program that will pay back account holders if the bank or lending institution fails
D
A private corporation
6) Inflation is:
A
Automatically subtracted from interest rates quoted by banks for their savings accounts
B
A number measured by the government that describes the changing prices of everyday goods
C
A number set by the government that causes prices to rise
7) The Dow Jones Industrial Average is a collection of:
A
Thirty U.S. stocks
B
Thirty municipal bonds
C
Thirty U.S. industries
D
Thirty globally diverse stocks
8) Investing in a global stock fund is a good idea to:
A
Diversify holdings to spread risk outside the U.S. economy
B
Diversify into municipal and corporate bonds
C
Keep your portfolio dependent solely on the U.S. dollar
D
Focus all risk on the U.S. economy
9) Diversification is good because:
A
Mutual funds have higher fees than individual stocks
B
It focuses investments on a single stock to take advantage of growth potential
C
It spreads the risk of investment
D
Interest rates rise and fall
10) A personal investing plan:
A
Will focus on small-cap stocks for those people who do not like risk of any kind
B
Will always have funds from a single mutual fund company
C
Should be prepared every six months by a different financial advisor
D
Is a good way to build toward a financial goal
11) When should you begin saving for retirement?
A
After age 50
B
As soon as you enter the workforce
C
Before age 50 and not after
12) Social Security replaces about what percent of most people's pre-retirement income?
A
70%
B
100%
C
40%
13) The location of a home is important because:
A
A good location will make a home easier to sell later
B
Homes in good locations will usually appreciate in value
C
Not all locations have good school systems or the same amenities
D
All of the above
14) A real estate agent is able to:
A
Both b and c
B
Arrange for you to tour homes that you are interested in purchasing
C
Assist you at closing
D
Get you a lower price on a home
15) Which of the following is NOT a type of insurance?
A
Homeowners
B
Deductible
C
Identity theft
D
Auto
16) A deductible is:
A
The discount you deduct from your premium
B
The amount of the loss you pay
C
The discount received by a health care provider
D
The amount that is deducted when you buy a policy
17) If your MP3 player is stolen from your apartment, what type of insurance would it be covered under?
A
Life insurance
B
Auto insurance
C
Homeowners insurance
D
Renters insurance
18) If you crashed your car into a house, which kind of insurance would you use:
A
Homeowners insurance
B
Renters insurance
C
Disability insurance
D
Auto insurance
*select an answer for all questions
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