Question 1

Your first step in applying for a job is to write a cover letter- a document that explains why you're sending your résumé and highlights your qualifications.

Accepted Answer

A) True 
 B)False  False

Question 2

If for some reason you can't pay your debt you should:

Accepted Answer

A) try to return anything you've purchased. 
B) stop making your house and car payment and concentrate on your credit card bills. 
C) change your phone to an unlisted number. 
D) call your lenders and explain the situation. 
A) try to return anything you've purchased. 
B) stop making your house and car payment and concentrate on your credit card bills. 
C) change your phone to an unlisted number. 
D) call your lenders and explain the situation. D

Question 3

In 2006 and 2007,largely because of _____,banks and other institutions that made mortgage loans began losing huge sums of money.

Accepted Answer

A) mortgage loan defaults 
B) higher interest rates 
C) a recession 
D) an economic downturn 
A) mortgage loan defaults 
B) higher interest rates 
C) a recession 
D) an economic downturn A

Question 4

Over the course of the financial life cycle,families headed by college graduates will earn about ___________more than families headed by high school graduates who didn't attend college.

Accepted Answer

A) $1.6 million 
B) $500,000 
C) $200,000 
D) $3.4 million 
A) $1.6 million 
B) $500,000 
C) $200,000 
D) $3.4 million

Question 5

By law,credit bureaus cannot share personal credit scores and other information about credit history with others.

Accepted Answer

A) True 
 B)False

Question 6

Debit cards can be expensive to use because:

Accepted Answer

A) they can cause you to overdraft your checking account and consequently incur an overdraft fee. 
B) the finance charge on debit cards is higher than on credit cards. 
C) the annual fee for these cards is higher than for credit cards. 
D) merchants charge a fee when you use them. 
A) they can cause you to overdraft your checking account and consequently incur an overdraft fee. 
B) the finance charge on debit cards is higher than on credit cards. 
C) the annual fee for these cards is higher than for credit cards. 
D) merchants charge a fee when you use them.

Question 7

Budgeting is the application of financial principles to the monetary decisions that you make either for your individual benefit or for that of your family.

Accepted Answer

A) True 
 B)False

Question 8

Banks and other institutions that made mortgage loans were the first sector of the financial industry to be hit by the financial meltdown in 2006-2007,largely because of mortgage-loan defaults.

Accepted Answer

A) True 
 B)False

Question 9

An income variance occurs when actual income turns out to be higher than expected or budgeted income.

Accepted Answer

A) True 
 B)False

Question 10

In order to get a high credit score,you need to use credit sensibly.

Accepted Answer

A) True 
 B)False

Question 11

An expense variance occurs when the actual amount of expenditure is higher than the budgeted amount (or vice versa).

Accepted Answer

A) True 
 B)False

Question 12

Cash outflows include debt repayment,including credit cards and loans.

Accepted Answer

A) True 
 B)False

Question 13

If you find errors in your credit report,it is nearly impossible to get them corrected.

Accepted Answer

A) True 
 B)False

Question 14

If whenever something goes wrong (car repairs,doctors' bills),you have to use your credit card,this is a sign of financial problems.

Accepted Answer

A) True 
 B)False

Question 15

Paula Gordon just completed an important job interview as an applicant.She is home now.What should she do?

Accepted Answer

A) Call the company and thank the interviewer. 
B) Call the company and ask if she got the job. 
C) Send a thank-you note (or thank-you email)to the interviewer/company. 
D) Send the receptionist a thank-you card and small gift. 
A) Call the company and thank the interviewer. 
B) Call the company and ask if she got the job. 
C) Send a thank-you note (or thank-you email)to the interviewer/company. 
D) Send the receptionist a thank-you card and small gift.

Question 16

A potential employer will likely spend ten minutes reviewing your résumé.

Accepted Answer

A) True 
 B)False

Question 17

When home buyers couldn't make their house payments,_____ plummeted in value.

Accepted Answer

A) housing prices 
B) mortgage-backed securities 
C) bonds 
D) interest rates 
A) housing prices 
B) mortgage-backed securities 
C) bonds 
D) interest rates

Question 18

For expenditures,if the actual amount is higher than the budgeted amount,the variance is favorable.

Accepted Answer

A) True 
 B)False

Question 19

A personal balance sheet lists the value of what you own,the amounts you owe,and the difference between the two,which is called _____.

Accepted Answer

A) total net worth 
B) change in cash 
C) variance 
D) net assets 
A) total net worth 
B) change in cash 
C) variance 
D) net assets

Question 20

If you take out a $10,000 loan to buy a used car and pay the loan off in four years,your borrowing cost at 14% is _____ as it is at 6%.

Accepted Answer

A) about the same 
B) more than twice as much 
C) three times as much 
D) four times as much 
A) about the same 
B) more than twice as much 
C) three times as much 
D) four times as much

Your first step in applying for a job is to write a cover letter- a document that explains why you're sending your résumé and highlights your qualifications.

If for some reason you can't pay your debt you should:

In 2006 and 2007,largely because of _____,banks and other institutions that made mortgage loans began losing huge sums of money.

Over the course of the financial life cycle,families headed by college graduates will earn about ___________more than families headed by high school graduates who didn't attend college.

By law,credit bureaus cannot share personal credit scores and other information about credit history with others.

Debit cards can be expensive to use because:

Budgeting is the application of financial principles to the monetary decisions that you make either for your individual benefit or for that of your family.

Banks and other institutions that made mortgage loans were the first sector of the financial industry to be hit by the financial meltdown in 2006-2007,largely because of mortgage-loan defaults.

An income variance occurs when actual income turns out to be higher than expected or budgeted income.

In order to get a high credit score,you need to use credit sensibly.

An expense variance occurs when the actual amount of expenditure is higher than the budgeted amount (or vice versa).

Cash outflows include debt repayment,including credit cards and loans.

If you find errors in your credit report,it is nearly impossible to get them corrected.

If whenever something goes wrong (car repairs,doctors' bills),you have to use your credit card,this is a sign of financial problems.

Paula Gordon just completed an important job interview as an applicant.She is home now.What should she do?

A potential employer will likely spend ten minutes reviewing your résumé.

When home buyers couldn't make their house payments,_____ plummeted in value.

For expenditures,if the actual amount is higher than the budgeted amount,the variance is favorable.

A personal balance sheet lists the value of what you own,the amounts you owe,and the difference between the two,which is called _____.

If you take out a $10,000 loan to buy a used car and pay the loan off in four years,your borrowing cost at 14% is _____ as it is at 6%.

The Foundations of Business

Entrepreneurship

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Product Design and Development

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters

Exam 15: Personal Finances

Your first step in applying for a job is to write a cover letter- a document that explains why you're sending your résumé and highlights your qualifications.

If for some reason you can't pay your debt you should:

In 2006 and 2007,largely because of _____,banks and other institutions that made mortgage loans began losing huge sums of money.

Over the course of the financial life cycle,families headed by college graduates will earn about ___________more than families headed by high school graduates who didn't attend college.

By law,credit bureaus cannot share personal credit scores and other information about credit history with others.

Debit cards can be expensive to use because:

Budgeting is the application of financial principles to the monetary decisions that you make either for your individual benefit or for that of your family.

Banks and other institutions that made mortgage loans were the first sector of the financial industry to be hit by the financial meltdown in 2006-2007,largely because of mortgage-loan defaults.

An income variance occurs when actual income turns out to be higher than expected or budgeted income.

In order to get a high credit score,you need to use credit sensibly.

An expense variance occurs when the actual amount of expenditure is higher than the budgeted amount (or vice versa).

Cash outflows include debt repayment,including credit cards and loans.

If you find errors in your credit report,it is nearly impossible to get them corrected.

If whenever something goes wrong (car repairs,doctors' bills),you have to use your credit card,this is a sign of financial problems.

Paula Gordon just completed an important job interview as an applicant.She is home now.What should she do?

A potential employer will likely spend ten minutes reviewing your résumé.

When home buyers couldn't make their house payments,_____ plummeted in value.

For expenditures,if the actual amount is higher than the budgeted amount,the variance is favorable.

A personal balance sheet lists the value of what you own,the amounts you owe,and the difference between the two,which is called _____.

If you take out a $10,000 loan to buy a used car and pay the loan off in four years,your borrowing cost at 14% is _____ as it is at 6%.

The Foundations of Business

Entrepreneurship

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Product Design and Development

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters