Mid-term Exam by X4iPV0

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									PLAF                                                   Name:_____________________
Ratliff/Larimer                                                 Date: ________________


                                     Mid-term Exam


1.     The following are all steps in the financial planning process. Please rank them in
       order from 1 to 6, 1 being what needs to be done 1 st.


              ____ Revise/Review Plan


              ____ Create and use your financial plan


              ____ Determine your current financial situation


              ____ Evaluate Alternatives


              ____ Develop Financial Goals


              ____ Identify Alternative courses of action


2.     Which of the following is an example of a short term goal?


              (A) Save money for a down payment on a house
              (B) Plan for Retirement
              (C) Saving to buy a Computer


3.     Which of the following is an example of an intermediate goal?


              (A) Save money for a down payment on a house
              (B) Plan for Retirement
              (C) Saving to buy a Computer
4.   Which of the following is an example of a long term goal?


           (A) Save money for a down payment on a house
           (B) Plan for Retirement
           (C) Saving to buy a Computer


5.   Which of the following is an example of a service?


           (A) Having your hair cut
           (B) Going to church
           (C) Buying a new car


6.   Which of the following is an example of a good?


           (A) Having your hair cut
           (B) Going to church
           (C) Buying a new car


7.   The price of a product ______________ if there is a lot of demand for it.


           (A) Increases
           (B) Decreases
           (C) Stays the same


8.   The price of a product ______________ if there is a lot of demand for it.


           (A) Increases
           (B) Decreases
           (C) Stays the same
9.    You deposit $1,500.00 in a savings account. Then bank is paying you 6%
      annual interest. How much interest will you earn if you keep your money in the
      bank for one year?




10.   Which of the following is NOT a way to obtain employment experience?


            (A) Working at Domino’s Pizza.
            (B) Volunteering at the YMCA.
            (C) Taking an internship position in Congress.
            (D) All of the above are ways to obtain employment experience.


11.   All of the following are important factors when choosing a career Except:


            (A) Potential Earning Power
            (B) Aptitude for the tasks
            (C) What your friends are doing


12.   The following is something you do mainly to get money.


            (A) Getting a career
            (B) Getting a Job
            (C) Getting married
13.   The following is a commitment to work in a field that you find interesting and
      fulfilling.


               (A) Getting a career
               (B) Getting a job
               (C) Getting married


14.   You would put all of the following on your resume EXCEPT:


               (A) Academic Accomplishments
               (B) Family history
               (C) Work Experience


15.   A neatly prepared application will tell an employer all of the following EXCEPT:


               (A) You are responsible.
               (B) Your work is important to you.
               (C) A neatly prepared application would tell all of these to an employer. (D


16.   All of the following are ways you could find a job or career EXCEPT:


               (A) Job Fairs
               (B) A friend of a friend whose father has a nephew that has a roommate
               that is looking for someone to fill a government position.
               (C) Employment agencies


17.   A cover letter should contain all of the following EXCEPT:


               (A) Everything that is in your resume.
               (B) Why you are interested in working at the company
               (C) Why you think it would be worthwhile for the company to interview you.
18.   Which of the following are you most likely to put in a safe deposit box?


             (A) Your favorite pair of shoes
             (B) Your stock certificates
             (C) Cash


19.   What is an asset?


             (A) Something that you own.
             (B) Something that you owe money on.
             (C) Something that you have recently sold.


20.   What is a liability?


             (A) Something that you own.
             (B) Something that you owe money on.
             (C) Something that you have recently sold.


21.   All of the following are types of goals EXCEPT:


             (A) Short-term
             (B) Mid-term
             (C) Long-term
             (D) All of the above are types of goals


22.   What is a budget?


             (A) A plan rental company
             (B) A hotel
             (C) A plan for using your money
23.   Money that goes into and out of your wallet and bank accounts is called ______.


               (A) Cash flow
               (B) Take home pay
               (C) Discretionary Income


24.   All of the following are sources of income EXCEPT:


               (A) Allowance
               (B) Job
               (C) The bank


25.   Find the net worth.
               Assets                                        Liabilities
      House:          $240,999                      Car:             $24,900
      Truck:          $ 36,000                      Motorcycle: $15,200
      Savings:        $   6,000                     Credit Card: $ 7,300
      Total:                                        Total:




      Net worth:




26.   All of the following are fixed expenses EXCEPT:


               (A) Rent
               (B) Car Payment
               (C) Gas bill
27.   All of the following are examples of variable expenses EXCEPT:


            (A) Rent
            (B) Gas Bill
            (C) Electric Bill


28.   If you budgeted $400 a month for groceries and you spent $375, how much is
      your budget variance? Is this a surplus or deficit?


      Budget Variance ________________


      Surplus/Defecit _________________


29.   Economic Factors obviously affected Joe’s decision when buying a snow board if
      the board was:


            (A) Extremely well made
            (B) It is reasonably priced
            (C) It is the most popular brand on the market


30.   Which of the following would you negotiate the price for?


            (A) Baseball glove
            (B) Apartment Rent
            (C) House


31.   An implied warranty guarantees:


            (A) A product will do what it is supposed to.
            (B) only certain parts are covered
            (C) the distributor will replace a defective product
Which is the better buy? Circle your choice. (Unit Price = Price/Quantity)
32.    (A) 22 lb bag of concrete for $7.52       (B) 20 lb bag of concrete for $4.99




33.    (A) 2.5 lbs of beef for $5.30             (B) 1.5 lbs of beef for $3.30


34.    Which of the following would you make a down payment on?


              (A) Car
              (B) House
              (C) Plasma TV
              (D) None of the above


35.    All of the following are drawbacks to using the ATM EXCEPT:


              (A) May not be in a convenient location
              (B) Possible fee for its use
              (C) Open 24/7


36.    Which of the following would you use to end your automatic payments?


              (A) Stop payment order
              (B) Cease-paying order
              (C) Cease and desist order
37.   How much would you have in your account at each month if your initial deposit
      was $600 and you earned 5% interest?


             August:        $      600


             September: $_______


             October:       $_______


             November:      $_______


38.   Which of the following is not a short-term need?
             (A) Daily purchases
             (B) Major purchases
             (C) Living expenses


39.   What is the first thing you should do if you loose your debit card?
             (A) Forget about it and order a replacement.
             (B) Notify your bank that it is lost.
             (D) Take a nap, you might remember where you put it when you wake up.


40.   Direct Deposit is when _________.
             (A) Your money is placed into your bank account on payday.
             (B) Your mom takes your money to the bank on the day you’re paid.
             (C) You get a cash payment.


41.   What is the best way you can maintain your checking account?
             (A) Keep a balanced checkbook at all times
             (B) Wait till the bank reconciliation report comes in the mail to balance
             your checkbook so you know its 100% accurate.
             (D) Use your debit card instead of writing checks
            service         goals        good      values         economy


__________ 42.       the things you want to accomplish:

__________ 43.       the beliefs and principles you consider important, correct, and
                     desirable:

__________ 44.       a physical object that can be produced and can be weighed or
                     measured:

__________ 45.       consists of the ways in which people make, distribute, and use
                     their goods and services:

__________ 46.       a task that a person or a machine performs for you:




         liquidity        supply        demand         interest      inflation


__________ 47.       the amount of goods and services people are willing to buy:

__________ 48.       the price that is paid for the use of another’s money:

__________ 49.       ability to easily convert your financial resources into cash
                     without a loss in value:

__________ 50.       amount of goods and services available for sale:

__________ 51.       rise in level of prices for goods and services:
                     Pension Plan       Networking           Aptitudes
                                     Mentor    Job

52.     An experienced employee that serves as a teacher or counselor for a less
        experienced person is called a _______________.


52.     A retirement plan that is funded at least in part by an employer is a
        ____________.


53.     _________________ are natural abilities that you possess.


54.     Family, friends, coworkers, teachers, professors, former employers—the people
        you already know can help you prepare for your career. __________ is a way of
        making and using contacts to get job information and advice.


55.     A ___________ is usually something you do primarily to make money.




      money management                        balance sheet
      safe-deposit box                        net worth
      liquid assets


____________          56. cash and items that can be converted quickly into cash:

____________          57. planning how to get the most from your money:

____________          58. difference between the amount that you own and the debts that
                              you owe:

____________          59. small, secure storage compartment that you can rent in a bank:

____________          60. a financial statement that lists the items of value that you own,
                         the debts you owe, and your net worth:
      Service contract                                      Down payment
      Impulse buying                                        Unit pricing
      Open dating


________      61.    Portion of the total cost of an item that must be paid at the time of
                     purchase.

________      62.    The use of a standard unit of measurement to compare the prices of
                     packages that are different sizes.

________      63.    Indicates the freshness or “shelf-life” of a perishable product, such
                     as milk or bread.

________      65.    Purchasing an item or items on the spur of the moment.


________      68.    a separately purchased agreement by the manufacturer or
                     distributor to cover the costs of repairing the item.

      Automatic Teller Machine(ATM)                         Debit card
      Endorsement                                           Commercial bank
      Credit Union                                          Point-of-Sale transaction
      Overdraft Protection

   69. I used the ______________________, computer terminals that people can use to
   withdraw cash from their bank accounts, to get money out of my account when the bank was
   closed.

   70. Wachoivia is an example of ______________________, a for-profit corporation that
   offers a full range of financial services, including checking, savings and lending.

   71. I made a ______________________, a purchase at a retail store or restaurant, when I
   used my debit card to purchase a shirt at Wal-Mart.

   72. I use my ______________________, instead of cash to buy things at Target so that
   money will be drawn directly out of my account.

   73. A _________________ offers the same services as a commercial bank, but their fees are
   generally lower.

   74. Before I can cash a check, they required me to write my signature, called an
   ________________, on the back

   75. ______________________ is an automatic loan made to customers by a financial
   institution if the customer bounces a check.

								
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