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Personal Finance RLC
FBLA Personal Finance Test #2 RLC
| Question | Answer |
|---|---|
| The total dollar value of a final goods and services produced in a country during one year is called: | Gross domestic product (GDP) |
| When interest rates are high, the average consumer will | buy less |
| Personal factors that change your buying patterns include all except | competition |
| Which one of the following could not be considered income? | interest paid on a loan |
| An adjustment to the tax withheld from your paycheck, based on your marital status and whether you have dependents, is: | Allowance |
| A salaried employee is paid: | the same amount each pay period, regardless of the number of hours worked |
| A budget provides: | detailed plans for the financial needs of individuals, families, and businesses. |
| What are the two taxes that make up FICA (Federal Insurance Contributions Act) to fund retirement and disability benefits? | Social Security tax and Medicare tax |
| Fixed expenses: | cost the same amount each time |
| In a command economy, | the recourses are owned and controlled by the government. |
| The rate that banks make available to their best business customers, such as large corporations, is referred to as the | prime rate |
| A budget is a plan to: | increase income |
| A corporation's net, or after-tax, earnings divided by the number of outstanding shares of common stock is a measurement of a company's performance referred to as: | earnings per share |
| An investment in which investors pool their money to buy stocks, bonds or other securities selected by professional managers is | mutual funds. |
| Historically, over long period of time, performance records indicate that | growth investments have outperformed income investments. |
| In the area of investments, yield usually refers to | a bond's potential return |
| An interest rate that includes compounding is | annual percentage yield |
| Municipal bonds have an additional benefit of being | not rated |
| A portion of the total cost of an item that must be paid at the time of purchase is | down payment. |
| Someone who helps people manage their money through tax and estate planning, pension plans, and investment strategies for a fee is called a | financial planner |
| When there is a dispute about a product, the dispute may be settled through a process involving an impartial third party whose decision is legally binding. This process is called: | arbitration |
| It is illegal for telemarketers to: | call before 8 a.m. or after 9 p.m. |
| Billy and Ruth married three months ago. They plan to relocate when Billy finishes his training in 6 months. For now, which of the following housing options would be most the best choice for them? | rent an apartment |
| Generally, a home buyer with a good credit rating can get a mortgage that is _____ times his or her annual income. | 2.5 |
| What is covered under collision automobile insurance? | damage to your vehicle when it is involved in an accident |
| The main types of bodily injury insurance coverage are: | bodily injury liability, medical payment, and uninsured motorist's protection |
| An overdraft is a check written | for more money than is current in the account |
| A once-a-year fee charged by many credit card issuers in addition to interest is the | annual fee |
| Insurance which actually replaces an item that has been destroyed, with no depreciation deducted, is | replacement insurance |
| Car insurance premiums will be increased as a result of | filing claims. |
Created by:
meg_powell_
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