AnswersPersonal FinanceFinancial Responsibility and Budgeting

Practice Test Answers

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1
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Yuri wants to pay for his new chair using a check. What must he consider before using that method of payment?

A
Yuri must check his credit card balance.
B
Yuri must be sure he has enough left in his checking account for any expenses and automatic payments.
C
Yuri must check his credit history.
D
Yuri must know the interest rate on a furniture loan.
2
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What are possible advantages and disadvantages of using automatic withdrawal to pay bills? Choose four correct answers.

A
having to share your account information
B
not having to find a stamp and a mailbox
C
avoiding late payment fees
D
not knowing when the payment will be taken out of your account
E
not having to keep track of the balance in a checking account
F
possible overdraft fees if there is not enough money in the account to cover the payment amount
G
having to pay a fee for the service
3

Which of these is used by a seller to deceive a buyer?

A
contest
B
introductory offer
C
display
D
bait and switch
4

The best reason to record income at the top of a budget is

A
to see that is is more important than expenses.
B
to avoid spending too much money.
C
to know how much money is available.
D
to easily add expenses to it.
5

What is the definition of gross income?

A
amount of income saved per year
B
amount of tax deducted from income
C
amount earned before deductions
D
amount received after deductions
6

Enzel goes online to buy a graphing calculator. He finds a site that currently has a promotion of 15 percent off on all orders over 50 dollars Enzel decides to buy his graphing calculator, with a price tag of 83 dollars , at this site because he knows that he will get the 15 percent discount when he checks out. Enzel pays 4 point 5 percent sales tax on the discounted price and pays a shipping fee of 6 point 3 5 dollars What is the total of Enzel’s online purchase?

A
80 point 0 7 dollars
B
86 point 7 4 dollars
C
93 point 0 9 dollars
D
80 point 3 6 dollars
7

What term is used to describe an individual's money and personal property?

A
finances
B
budget
C
assets
D
income
8

Which best describes the purpose of recording past income and spending in a budget?

A
to learn why having savings is important
B
to know the historic cost of goods
C
to serve as the basis for future planning
D
to learn why expenditures are likely to increase

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