AnswersFL-1700380-Career Research and Decision MakingCumulative Exam

Cumulative Exam — Cumulative exam Answers

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1
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Besides the actual mortgage payment, which also factors into the monthly payment on a home?

A
repair costs
B
renters' insurance
C
property taxes
D
down payment
2
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An annual percentage rate, or APR, represents how much

A
interest is paid over a year.
B
interest is paid over many years.
C
principal is paid over a year
D
principal is paid over many years.
3

Which best describes one of the primary aims of government fiscal policy?

A
to restrict price changes
B
to put more money into citizens’ hands
C
to generate new investment opportunities
D
to control real interest rates
4

Savings should be treated as another type of

A
gross income.
B
net income.
C
tax.
D
expenditure.
5

In which situation would a savings account be the best investment to earn interest?

A
when you need to make frequent payments for bills
B
when you have to pay monthly installments for a loan
C
when you need immediate access to cash
D
when you want to buy a new car in 3 years
6

Emma is trying to decide whether to buy a new laptop. As a student, she has a budget and wants to make sure this is the right financial decision. Which question should she ask herself in determining the opportunity cost of this purchase?

A
What will I have to sacrifice if I buy this laptop?
B
Can I use credit to buy this laptop?
C
Do I need this laptop for my studies?
D
Is there a less costly alternative to buying this laptop?
7

Daryl would like to open new checking and savings accounts. He wants to join an institution that is not focused on making a profit. Which type of banking institution is most suitable for Daryl?

A
a retail bank
B
a commercial bank
C
a savings and loan
D
a credit union
8

This table shows the 2014 tax brackets for single taxpayers.

Question illustration
A
The more money someone makes, the higher the percentage he or she pays in taxes.
B
Single-wage earners are taxed at the same percentage, regardless of income.
C
Americans pay higher taxes than single-wage earners in other countries.
D
Tax percentages are evenly distributed across the tax brackets.
9

Which expenditure will be the same whether you lease or buy a new vehicle?

A
total cost
B
monthly payments
C
gas cost
D
required down payment
10

Sebastian and Mia want to buy a home valued at $250,000. The property tax for this location is 1%. Based on the current value of the home, what would their property tax be?

A
$25
B
$250
C
$2,500
D
$25,000
11

Which source would a student include in an argument about boating safety?

A
a wiki article about popular speedboat brands
B
an online boater’s review of the best lakes for boating
C
a local boat club’s website link to purchase membership
D
a Coast Guard website link entitled “Best Boating Practices”
12

Though it is seen as a last resort, bankruptcy allows a consumer to

A
temporarily stop paying debts.
B
eliminate certain types of debt.
C
easily reestablish good credit.
D
receive credit in an emergency.
13

Which excerpt from Last Lecture best supports the idea that the process of setting and pursuing goals can be rewarding?

A
No, I did not make it to the National Football League, but I probably got more from that dream and not accomplishing it than I got from any of the ones that I did accomplish.
B
Find the best in everybody. One of the things that Jon Snoddy as I said told me, is that you might have to wait a long time, sometimes years, but people will show you their good side.
C
Because what he said was, you obviously don’t know where the bar should be, and you’re only going to do them a disservice by putting it anywhere.
D
I was on the wait list. I called them up and they eventually decided that it was getting really annoying to have me call everyday so they let me in.
14

Which statement is most accurate about the hourly pay a worker receives?

A
It is the rate for each day that is worked.
B
It often results in lower pay than a salary.
C
It is a set amount paid over the course of a year.
D
It often results in higher pay than annual wages.
15

What budget allocation can be changed if you alter your daily spending habits?

A
rent
B
savings
C
insurance
D
car payment
16

Which statement best describes on-the-job training?

A
An employer typically pays for it in order to educate an employee.
B
The student pays for it, and it is required in many professions.
C
It usually takes two years and tends to focus on technical training.
D
It lasts for several years, and it often takes four years to earn a degree.
17

Which financial tool is most important when planning for your future financial goals?

A
Enrolling in a high interest savings account
B
Creating a budget
C
Mortgaging a house
D
Taking on extra debt
18

An income is measured as

A
all money received, including gifts, in the course of a year.
B
an amount spent in one week’s time.
C
an amount received in a specific period: weekly, biweekly, or yearly.
D
all money saved during a year’s time.
19

A low-risk investment might have a high price if

A
it is in great demand.
B
it belongs to a new company.
C
it protects the initial investment.
D
it guarantees profits.
20

Corporate taxes are a type of

A
income tax.
B
property tax.
C
sales tax.
D
excise tax.

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