Personal and Family Finances

1. Personal and Family Finances EOC TEST Review

2. Attitudes Alternatives Binges Priorities _____ are needs and wants that rank high in order of importance to an individual.

3. An option an individual can choose when making a decision is a/an: • Alternative. • Plan. • Priority. • Resource.

4. Randy has been smoking cigarettes since he was fourteen. Lately he has begun to think about the importance of good health and has decided to quit. What is influencing Randy’s decision? • Gender • Resources • Trade-offs • Values

5. Lee looks through newspaper ads, an electronics magazine, and in a catalog for information about compact disc players. In which step of the decision-making process is he? • Defining the problem • Determining alternatives • Establishing the problem • Evaluating the results of decisions

6. The process of sending and receiving messages is the definition for which term? • Acceptance • Communication • Cooperation • Development

7. Food, water, shelter, sleep, and clothing are examples of which human need? • Love and belonging • Physical • Safety and security • Self-actualization

8. The ability to do something well which comes from knowledge and practice is: • energy. • patience. • skill. • talent.

9. Which of the following is a nonhuman resource? • Education • Possessions • Skills • Talents

10. Which of the following resources is required for completing a family project? • Creativity • Energy • Time • All of the above

11. A role filled by someone other than the members of a group who have commonly filled that role throughout history is: • dual-worker family. • nontraditional role. • role conflict. • socialization.

12. A/An ______is a planned meeting between a job applicant and an employer. • Apprenticeship • Career plan • Interview • Job application

13. All the following are reasons for working EXCEPT: • to be a useful contributor. • to be financially dependent. • to earn money. • to receive satisfaction.

14. A natural ability or an acquired inclination is referred to as a/an: • aptitude. • goal. • need. • value.

15. A degree from a ______ usually takes four years to complete and provides students with a general education and a specialized degree. • college or university • community college • junior collage • vocational technical school

16. When filling out a job application you should: • give incomplete answers • make negative comments about past employers. • read the entire application carefully before completing • use a pencil

17. Which of the following must be included on a resume? • Facts concerning social life • References • Places where your family has lived • Work Experience

18. Which of the following is not appropriate behavior during a job interview? • Keep eye contact with persons conducting interview. • Maintain good posture with both feet flat on floor. • Place personal belongings on employer’s desk. • Show enthusiasm.

19. Which of the following would make a NEGATIVE impression during a job interview? • Arriving a few minutes early for interview • Maintaining eye contact with person conducing the interview • Sitting down only after being offered a seat • Taking a friend with you to the interview

20. The term “potential” describes: • a person’s physical traits • a person’s total personality. • everything a person is capable of becoming • the activities a person is not capable of doing.

21. Which of the following should be AVOIDED when making a business telephone call? • Excuse yourself periodically to speak to someone in your office. • Identify yourself and the company you work for. • Make calls brief and to the point. • Speak in a clear, firm voice.

22. Which of the following could give a NEGATIVE impression during a job interview? • Maintaining eye contact during the interview • Offering a firm handshake before and after the interview • Pointing out negative attributes and apologizing for them • Showing respect for the interviewer’s territory

23. What is a plan for managing income and expenses to achieve desired goals? • Allowance • Budget • Credit report • Tax

24. Which of the following statements about financial management is FALSE? • Allows an individual or family to get the most from their income • Helps avoid worries and problems related to money • Organizes financial resources • Promotes impulse buying

25. Money spent on clothes and food is an example of : • Daily cash record. • Fixed expenses. • Flexible expenses. • Income.

26. A/An ____ is an order written by a depositor directing a bank to pay a specific amount of money to a designated source. • bank statement • check • endorsement • overdraft

27. A debit card can NOT be used to: • automatically transfer money from a checking account to a store account. • automatically transfer money from a checking account to pay bills. • pay for retail purchases at the time of purchase. • purchase items now and pay for them later

28. Judy is using a debit card to pay for groceries. A mistake is made at the time of the transaction. She should call her ____ for assistance as soon as possible. • bank customer service • bank loan officer • credit counselor • insurance agent

29. What type of tax is levied on certain products or services such as gasoline, cigarettes, liquor, and telephone service. • Estate • Excise • Property • Sales

30. Which of the following forms is a statement of earnings that shows how much money you earned and how much tax was withheld. A copy of this form must be sent to the Internal Revenue service with the income tax return. • W-2 • W-4 • W-6 • W-8

31. Which of the following is money withheld from workers’ paychecks and used to help pay for expenses of Government. • 401K plan • Federal Income Tax • FICA/Medicare • State Income Tax

32. Which is a disadvantage of credit? • Can extend an individual’s or family’s purchasing power • Can take advantage of sales on goods or services when cash is not available • Promotes impulse buying • Relieves temporary cash shortage

33. Which of the following terms is defined as a legal action which declares persons unable to pay their debts and divides their assets and estate among creditors? • Arrest • Bankruptcy • Divorce • Subpoena

34. Which source of credit lends small amounts of money at higher rates of interest to individuals who might be considered a credit risk? • Commercial banks • Credit union • Finance company • Savings and loan associations

35. What is the money remaining after meeting necessary expenses such as food and shelter. • Discretionary income • Fringe benefits • Gross pay • Net pay

36. Which of the following describes an assessment of a person’s credit worthiness is called: • credit limit. • credit rating. • finance charge. • interest.

37. Which of the following is a sign of credit overload? • Paying cash for living expenses • Paying off credit card balances each month • Saving money each month • Using credit cards to pay other credit accounts

38. Personal property pledged to a lender to secure a loan is : • collateral. • equity. • interest. • principal

39. In a rent-to-own contract, an individual will not own the item until: • a down-payment is made. • all the payments are made. • half the payments are made. • the first payment is made.

40. Which bank form is used to put money into a savings account? • Deposit slip • Money order • Personal check • Withdrawal slip

41. _____ is the process of using money with the idea of making money. • Collateral • Equity • Investment • Liquidity

42. _____ is an investment that represents a share of ownership in a corporation. • Bond • Capital • Collateral • Stock

43. Which term is defined as a promise by a manufacturer or seller that goods meet certain standards? • Annuity • Bill of sale • Trust • Warranty

44. Which consumer right affords protection from false and misleading information? • Right to be heard • Right to be informed • Right to choose • Right to safety

45. Which is NOT a factor that influences consumer spending? • Environment • Heredity • Needs • Values

46. Which advertising technique associates a product with glamour, excitement, or success? • Demonstration • Lifestyle • Problem-solving • Product comparison

47. ____ is an identifying mark used to designate the products of a company. • Brand name • Hang tag • Label • Seal of approval

48. In order to be a responsible consumer you must understand: • business management. • consumer law. • money management. • product development.

49. Choosing one product from several similar products by examining price and label information is the definition for: • comparison shopping. • decision making. • impulse buying. • unit pricing.

50. Error in bill, defective product, and poor service are examples of: • common consumer problems. • effects of impulse buying. • items covered by warranty. • technological advances.