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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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