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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
phone group
B
customer support team
C
sales team
D
order department
2) Information and resources available to customers through the Internet is _____.
A
feature-benefit selling
B
online support
C
web department
D
sales and service
3) A _____ is the exchange of payment and product.
A
barter exchange
B
transaction
C
charged expense
D
selling process
4) Verbal or nonverbal signs that a customer is ready to purchase are called _____.
A
buying signals
B
sales signs
C
sales indications
D
ergonomics
5) A _____ is a type of financial investment issued by a corporation, government, or other organization.
A
banknote
B
loan
C
financial exchange
D
security
6) As a function of money, _____ means that money is a common measure of the worth or price of a good or service.
A
store of value
B
unit of value
C
monetary system
D
banknote
7) As a property of money, _____ means that money must maintain its value over time in order to be widely accepted.
A
stable
B
recognized
C
durable
D
portable
8) The process of transferring money from one individual or organization to another is _____.
A
financial exchange
B
financial services
C
monetary policy
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
inventory system
B
monetary system
C
financial system
D
banking system
11) A prearranged amount of credit that is available for a business to use as needed is a _____.
A
letter of credit
B
line of credit
C
treasury note
D
bond
12) A process used by individuals to manage limited income to meet personal unlimited needs and wants is called _____.
A
want management
B
money decisions
C
personal financial management
D
wealth management
13) _____ is income received from employment or from self-employment,
A
Overtime wage
B
Minimum wage
C
Annual revenue
D
Earned income
14) A person who has the ability to understand basic topics related to finance is _____.
A
financially capable
B
business savvy
C
investment savvy
D
accounting capable
15) An expense that is equal in amount each budget period is a(n) _____.
A
variable expense
B
fixed expense
C
standard deduction
D
annuity
16) The difference between a budgeted dollar amount and the actual dollar amount is a(n) _____.
A
income
B
variance
C
profit
D
expense
17) An expense that can go up and down during the budget period is a(n) _____.
A
allowance
B
variable expense
C
exemption
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
exemption
B
standard deduction
C
allowance
D
itemized deduction
19) Tax returns must be filed no later than _____ each year.
A
January 15th
B
April 15th
C
June 1st
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
W-4
C
deduction
D
FICA
*select an answer for all questions
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