Personal Finance Final Exam||Latest
Exam With Correct Answers||Graded
A+
Specific tasks you can do, such as prepare a spreadsheet or operate a machine, are
known as -CORRECT ANSWER Job Skills
A principle that reflects the worth you place on an idea or action is known as a(n) -
CORRECT ANSWER Value
When the economy is slowing down, -CORRECT ANSWER people often buy fewer
goods and services
The charge for instruction at a school is called -CORRECT ANSWER Tuition
A system of moral values that people consider acceptable is called -CORRECT
ANSWER Ethics
A simple federal tax return form designed for use by single and joint filers with no
dependents is -CORRECT ANSWER Form 1040EZ
Overtime pay for hours worked above 40 hours in 1 week must be at least -CORRECT
ANSWER 1-1/2 times the regular rate
A percentage of a sale paid to the salesperson is called a -CORRECT ANSWER
Commission
The amount left after all costs are deducted from the income of a business is called -
CORRECT ANSWER Profit
A benefit often received by full-time workers is -CORRECT ANSWER ALL CORRECT
ANSWER S ARE CORRECT (sick leave pay, vacation pay, health insurance)
Programs that reimburse employees for education costs -CORRECT ANSWER can
benefit the company because the worker has better skills
Workers' compensation insurance
**tip: read the CORRECT ANSWER s carefully and choose the BEST CORRECT
ANSWER . -CORRECT ANSWER pays medical and disability benefits to workers who
are injured on the job AND may pay benefits to a worker's family if the worker is killed
on the job
Dividends are
, **tip: read the CORRECT ANSWER s carefully and choose the BEST CORRECT
ANSWER . -CORRECT ANSWER money shared with stockholders when a corporation
makes profits AND a form of unearned income
Which of the items listed is a required deduction from a worker's paycheck? -CORRECT
ANSWER federal income tax
Social Security tax
**tip: read the CORRECT ANSWER s carefully and choose the BEST CORRECT
ANSWER . -CORRECT ANSWER provides a system of old-age, survivors, and
disability insurance
Which of the following items listed is an optional deduction from a worker's paycheck? -
CORRECT ANSWER retirement plan contributions
Which type of inflation occurs when prices are high, then drop due to lower demand,
and then are restored to a previous high level? -CORRECT ANSWER reflation
The cost of making and delivering Product A is $50. The company marks up this
amount by 40% to set the price. What is the price of the product? -CORRECT
ANSWER $70.00
The amount of money a person has to spend after needs are met is called -CORRECT
ANSWER discretionary income
Items for which you must spend money are called -CORRECT ANSWER expenses
The amount you budgeted to spend on food for June was $500. The amount you
actually spent was $455, resulting in a
**tip: read the CORRECT ANSWER s carefully and choose the BEST CORRECT
ANSWER . -CORRECT ANSWER $45 favorable variance
The amount of income you planned for June was $1,500. The amount you actually
received was $1,300, resulting in a -CORRECT ANSWER $200 unfavorable variance
A person whose annual salary is $18,000 earns how much monthly income? -
CORRECT ANSWER $1,500
If you make $118 per week, what is your annual income? -CORRECT ANSWER
$6,136
Which of these is a variable expense? -CORRECT ANSWER entertainment
Which of these is a fixed expense? -CORRECT ANSWER rent for an apartment that
has a yearly lease
Exam With Correct Answers||Graded
A+
Specific tasks you can do, such as prepare a spreadsheet or operate a machine, are
known as -CORRECT ANSWER Job Skills
A principle that reflects the worth you place on an idea or action is known as a(n) -
CORRECT ANSWER Value
When the economy is slowing down, -CORRECT ANSWER people often buy fewer
goods and services
The charge for instruction at a school is called -CORRECT ANSWER Tuition
A system of moral values that people consider acceptable is called -CORRECT
ANSWER Ethics
A simple federal tax return form designed for use by single and joint filers with no
dependents is -CORRECT ANSWER Form 1040EZ
Overtime pay for hours worked above 40 hours in 1 week must be at least -CORRECT
ANSWER 1-1/2 times the regular rate
A percentage of a sale paid to the salesperson is called a -CORRECT ANSWER
Commission
The amount left after all costs are deducted from the income of a business is called -
CORRECT ANSWER Profit
A benefit often received by full-time workers is -CORRECT ANSWER ALL CORRECT
ANSWER S ARE CORRECT (sick leave pay, vacation pay, health insurance)
Programs that reimburse employees for education costs -CORRECT ANSWER can
benefit the company because the worker has better skills
Workers' compensation insurance
**tip: read the CORRECT ANSWER s carefully and choose the BEST CORRECT
ANSWER . -CORRECT ANSWER pays medical and disability benefits to workers who
are injured on the job AND may pay benefits to a worker's family if the worker is killed
on the job
Dividends are
, **tip: read the CORRECT ANSWER s carefully and choose the BEST CORRECT
ANSWER . -CORRECT ANSWER money shared with stockholders when a corporation
makes profits AND a form of unearned income
Which of the items listed is a required deduction from a worker's paycheck? -CORRECT
ANSWER federal income tax
Social Security tax
**tip: read the CORRECT ANSWER s carefully and choose the BEST CORRECT
ANSWER . -CORRECT ANSWER provides a system of old-age, survivors, and
disability insurance
Which of the following items listed is an optional deduction from a worker's paycheck? -
CORRECT ANSWER retirement plan contributions
Which type of inflation occurs when prices are high, then drop due to lower demand,
and then are restored to a previous high level? -CORRECT ANSWER reflation
The cost of making and delivering Product A is $50. The company marks up this
amount by 40% to set the price. What is the price of the product? -CORRECT
ANSWER $70.00
The amount of money a person has to spend after needs are met is called -CORRECT
ANSWER discretionary income
Items for which you must spend money are called -CORRECT ANSWER expenses
The amount you budgeted to spend on food for June was $500. The amount you
actually spent was $455, resulting in a
**tip: read the CORRECT ANSWER s carefully and choose the BEST CORRECT
ANSWER . -CORRECT ANSWER $45 favorable variance
The amount of income you planned for June was $1,500. The amount you actually
received was $1,300, resulting in a -CORRECT ANSWER $200 unfavorable variance
A person whose annual salary is $18,000 earns how much monthly income? -
CORRECT ANSWER $1,500
If you make $118 per week, what is your annual income? -CORRECT ANSWER
$6,136
Which of these is a variable expense? -CORRECT ANSWER entertainment
Which of these is a fixed expense? -CORRECT ANSWER rent for an apartment that
has a yearly lease
