Podcast
Questions and Answers
What is the total interest earned on $100 for three years at 10% compounded annually?
What is the total interest earned on $100 for three years at 10% compounded annually?
What does an increase in the value of a stock over time signify?
What does an increase in the value of a stock over time signify?
By what date must you file your tax return each year?
By what date must you file your tax return each year?
What term describes items purchased impulsively without prior planning?
What term describes items purchased impulsively without prior planning?
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Which resource is the most reliable for researching dishwasher purchases?
Which resource is the most reliable for researching dishwasher purchases?
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What type of insurance protects against losses from injury to people or property due to business actions?
What type of insurance protects against losses from injury to people or property due to business actions?
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What is the term for a general rise in prices for goods and services over time?
What is the term for a general rise in prices for goods and services over time?
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Which action is likely to result in reduced insurance costs?
Which action is likely to result in reduced insurance costs?
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When should retirement planning ideally begin?
When should retirement planning ideally begin?
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What is the term for pressuring consumers to purchase a more expensive product than intended?
What is the term for pressuring consumers to purchase a more expensive product than intended?
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Which of the following describes a type of financial fraud involving paying to sell memberships?
Which of the following describes a type of financial fraud involving paying to sell memberships?
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What type of education is represented by on-the-job training?
What type of education is represented by on-the-job training?
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If an hourly worker earns $15.00 per hour and overtime is paid at time and a half, how much is the overtime pay per hour?
If an hourly worker earns $15.00 per hour and overtime is paid at time and a half, how much is the overtime pay per hour?
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What is taxable income primarily used to calculate?
What is taxable income primarily used to calculate?
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Which of the following is NOT a responsibility consumers have?
Which of the following is NOT a responsibility consumers have?
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What is the primary benefit of starting to save for retirement early?
What is the primary benefit of starting to save for retirement early?
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What is the primary purpose of Form W-4?
What is the primary purpose of Form W-4?
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Which income should you primarily focus on when preparing a budget?
Which income should you primarily focus on when preparing a budget?
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What does a person's cash flow measure?
What does a person's cash flow measure?
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Which of the following would be considered a fixed expense?
Which of the following would be considered a fixed expense?
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What does a budget surplus indicate?
What does a budget surplus indicate?
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The concept of time value of money indicates that money...
The concept of time value of money indicates that money...
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Setting funds aside for long-term goals is best described as?
Setting funds aside for long-term goals is best described as?
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What type of stocks are associated with young, small corporations and higher risk?
What type of stocks are associated with young, small corporations and higher risk?
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Which factor of credit assesses your ability to repay your debt?
Which factor of credit assesses your ability to repay your debt?
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What does good credit management involve?
What does good credit management involve?
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What term describes the 25-day period eliminating interest on new credit card purchases with no previous balance?
What term describes the 25-day period eliminating interest on new credit card purchases with no previous balance?
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Which agencies provide free credit reports to consumers?
Which agencies provide free credit reports to consumers?
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Chapter 7 bankruptcy can discharge which type of debt?
Chapter 7 bankruptcy can discharge which type of debt?
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The part of a loan that remains unpaid is referred to as:
The part of a loan that remains unpaid is referred to as:
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What is the main purpose of a credit report?
What is the main purpose of a credit report?
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Good credit is generally associated with which of the following?
Good credit is generally associated with which of the following?
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Study Notes
Overview
- This event assesses student understanding of financial issues
- Students analyze consumer rights and responsibilities
- Students apply financial knowledge to real-world situations
- The assessment is an individual online test
Competencies and Task Lists
- Detailed list of competencies and tasks is available online (URL provided)
Web Site Resources
- A few web resources are listed (URLs for Business Education Links, Forbes Finance, and Practical Money Skills)
Personal Finance Sample Questions
- Question 1: Ideal retirement planning should begin a few years before retirement.
- Question 2: Pressuring consumers to buy a more expensive product than intended is called "trading up".
- Question 3: A type of financial fraud involving paying to join an organization to sell memberships is a pyramid scheme.
- Question 4: On-the-job training is an example of informal education.
- Question 5: If an hourly worker earns $15.00 per hour with time-and-a-half overtime, their overtime rate for 6 hours worked after 40 regular hours is $22.50.
- Question 6: Taxable income is used to compute income tax.
- Question 7: Form W-4 ensures an employer withholds federal income taxes from an employee's wages correctly.
- Question 8: A budget focuses on net income.
- Question 9: A person's cash flow is a measure of income versus expenses.
- Question 10: Monthly, fixed expenses for budgeting include electricity bills, rent and magazine subscriptions (an example).
- Question 11: A budget with a "surplus" means expenses were less than income.
- Question 12: Time value of money refers to increases in money due to interest.
- Question 13: Setting aside funds for long-term goals is called savings.
- Question 14: Stocks in new, small corporations are considered emerging stocks.
- Question 15: Compound interest of $100 at 10% for three years is approximately $31.
- Question 16: An increase in stock value is called a capital gain.
- Question 17: Tax returns are typically filed by April 15.
- Question 18: Items bought on impulse are called impulse buying.
- Question 19: Reliable research tools for purchasing a major appliance (like a dishwasher) include Consumer Reports.
- Question 20: The insurance that protects businesses against injuries to people or damages to property is called liability insurance.
- Question 21: A rise in prices of goods and services over time is known as inflation.
- Question 22: Lower insurance costs can result from fewer deductibles, paying premiums monthly instead of yearly, and selecting a single type of insurance for a single company.
- Question 23: One should ask for a stop payment order at a bank if a check was lost or stolen
- Question 24: Traveler's checks are paid in advance, and the replacing company will reimburse for loss.
- Question 25: A person's credit capacity shows their ability to repay debt.
- Question 26: Good credit management follows an individual plan for credit use.
- Question 27: The grace period is the time before interest is charged on a credit card purchase (no balance).
- Question 28: Credit reporting agencies include TransUnion, Equifax, and Experian.
- Question 29: Chapter 7 bankruptcy relieves an individual from certain debts (e.g., student loans).
- Question 30: The unpaid portion of a loan is called the principal.
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Description
This quiz tests students' understanding of personal finance concepts. Participants will analyze consumer rights, responsibilities, and apply financial knowledge to real-world scenarios. Ideal for assessing competencies in financial literacy.
