Virtual Business Semester Exam Review: Question Preview (ID: 28362)

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Which of the following is NOT a type of insurance?
a) Homeowners
b) Auto
c) Deductible
d) Identity theft

A deductible is:
a) The discount you deduct from your premium
b) The amount of the loss you pay
c) The amount that is deducted when you buy a policy
d) The discount received by a health care provider

A real estate agent is able to:
a) Get you a lower price on a home
b) Arrange for you to tour homes that you are interested in purchasing
c) Assist you at closing
d) Both b and c

Social Security replaces about what percent of most people's pre-retirement income?
a) 70%
b) 40%
c) 100%

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

A personal investing plan:
a) Should be prepared every six months by a different financial advisor
b) Is a good way to build toward a financial goal
c) Will always have funds from a single mutual fund company
d) Will focus on small-cap stocks for those people who do not like risk of any kind

When should you begin saving for retirement?
a) As soon as you enter the workforce
b) Before age 50 and not after
c) After age 50

Diversification is good because:
a) It focuses investments on a single stock to take advantage of growth potential
b) Mutual funds have higher fees than individual stocks
c) Interest rates rise and fall
d) It spreads the risk of investment

Investing in a global stock fund is a good idea to:
a) Focus all risk on the U.S. economy
b) Keep your portfolio dependent solely on the U.S. dollar
c) Diversify into municipal and corporate bonds
d) Diversify holdings to spread risk outside the U.S. economy

The Dow Jones Industrial Average is a collection of:
a) Thirty U.S. stocks
b) Thirty municipal bonds
c) Thirty globally diverse stocks
d) Thirty U.S. industries

Inflation is:
a) A number set by the government that causes prices to rise
b) A number measured by the government that describes the changing prices of everyday goods
c) Automatically subtracted from interest rates quoted by banks for their savings accounts

FDIC is:
a) The real cause of the 1929 stock market crash
b) A government program that funds all interest payments for savings accounts
c) A government insurance program that will pay back account holders if the bank or lending institution fails
d) A private corporation

The W4 form:
a) Lists the number of people who claim the worker as a dependent on their tax returns
b) Is filled out by each employee, stating the number of withholding allowances claimed
c) Is a report sent from the employer to both the IRS and the employee showing gross wages
d) Should be attached to the tax return with a staple when filing

The W2 form:
a) Reports interest from your bank to the IRS
b) Is provided to you by your employer, and it lists total income and all tax withheld amounts
c) Is provided by the IRS, and lists your tax paid for the year
d) Keeps track of charitable donations made by cash or check outside of work

Overdraft fees can be avoided by:
a) Trying to keep a minimum balance of $10 in your account
b) Going to the bank branch after being charged the fee and explaining that you meant to have more money in the account but forg
c) Knowing your account balance and what upcoming bills will be paid
d) Having a cell phone bill that automatically re-ups your minutes without you being aware of how much money that will cost

With online banking, you can:
a) Access accounts that are not your own and transfer money into your own account
b) Use a telephone to talk to a bank teller
c) Pay bills, check your balance, and see if checks have cleared on your bank's online Web site
d) Put a check through a scanner to pay bills automatically

If your MP3 player is stolen from your apartment, what type of insurance would it be covered under?
a) Auto insurance
b) Homeowners insurance
c) Renters insurance
d) Life insurance

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

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