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BUSN 380 Week 1 Quiz Set 2
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BUSN 380 Week 1 Quiz Set 2

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BUSN 380 Week 1 Quiz Set 2

 

The danger of lost buying power during times of rising prices is referred to as 

inflation risk.

economic risk.

personal risk.

interest-rate risk.

money risk.

Question 2.2. (TCO 1) When bankruptcy is experienced, this can be the result of poor decisions in the 

_____ component of financial planning. 

sharing

saving

borrowing

lending

protecting

Question 3.3. (TCO 1) The Federal Reserve has the responsibility to 

monitor illegal business activities.

approve spending by Congress.

set federal income tax rates.

maintain an adequate supply of money.

maintain a balanced budget for the federal government.

Question 4.4. (TCO 1) The _____ refers to stages that an individual goes through based on age, 

financial needs, and family situation. 

financial planning process

financial cycle

adult life cycle

personal economic cycle

tax planning process

 

Question 5.5. (TCO 1) The future value of an account in which $2,000 is deposited each year for 5 

years, and which earns 4%, is approximately _____ after 5 years. 

$2,000

$2,400

$10,000

$400

$10,800

 

Question 6.6. (TCO 1) Personal financial planning has a main goal of 

reducing a person's tax liability.

saving and investing for future needs.

spending to achieve financial objectives.

saving, spending, and borrowing based on current needs.

achieving personal economic satisfaction.

 

Question 7.7. (TCO 1) When it comes to the financial planning process, the first step is to 

develop financial goals.

implement the financial plan.

evaluate and revise your actions.

analyze your current personal and financial situation.

create a financial plan of action.

 

Question 8.8. (TCO 1) If a person wants to determine the current value of a desired amount for the 

future, the following computation would be used. 

Simple interest

Present value of a single amount

Future value of a series of deposits

Future value of a single amount

Present value of a series of deposits

 

Question 9.9. (TCO 1) Which goal below would be the easiest to implement and measure in terms of 

accomplishment? 

"Reduce our debt payments."

Save $100 a month to create a $4,000 emergency fund."

"Save funds for an annual vacation."

"Invest $2,000 a year for retirement."

 

Question 10.10. (TCO 1) _____ risk refers to the changing cost of money. 

Monetary

Inflation

Economic

Personal

Interest rate

 

Question 11.11. (TCO 1) You want to determine the current value of an annuity that pays $350 a month 

for the next 5 years. What type of calculation would provide you with this value? 

Future value of a single amount

Simple interest

Present value of a single amount

Future value of a series of deposits

Present value of a series of deposits

 

Question 12.12. (TCO 1) Barb Hotchkins is in the 28% tax bracket. A tax-exempt employee benefit with a 

value of $600 would have a tax-equivalent value of 

$678.

$628.

$833.

$300.

$168.

 

Question 13.13. (TCO 1) Personal financial statements would include 

budget and credit card statements.

income tax forms and a cash flow statement.

a checkbook and a budget.

a balance sheet and a cash flow statement.

a bank statement and a savings passbook.

 

Question 14.14. (TCO 1) A _____ résumé would best be used by an employee who has worked in many 

fields and has a variety of skills in a variety of work-related categories. 

targeted

goal-oriented

chronological

functional

career change

 

Question 15.15. (TCO 1) A _____ résumé is designed to obtain a specific job. 

functional

chronological

goal-oriented

targeted

data

 

Question 16.16. (TCO 1) Which of the following would be a competency commonly associated with 

successful people? 

An ability to work well with others in a variety of settings

A desire to do tasks better than they have to be done

An ability to solve problems creatively in team settings

Well-developed written and oral communication skills

All of the above

 

Question 17.17. (TCO 1) The distinction between current liabilities and long-term liabilities can be made 

based upon the 

amount owed.

due date of the debt.

interest rate charged.

financial situation of the creditor.

current economic conditions.

 

Question 18.18. (TCO 1) Personal balance sheets can be used to analyze 

future income and expenses.

the net worth of an organization.

the cash flow of an individual or a family.

debt payment activities.

what an individual or family owes and owns.

 

Question 19.19. (TCO 1) When a person's actual expenses are less than planned expenses, this means that 

a person or family has a _____. 

budget deficit.

negative net worth

budget surplus

positive net worth

net income

 

Question 20.20. (TCO 1) An example of a variable expense would be 

rent.

an installment loan payment.

a monthly parking fee.

a mortgage note payment.

a telephone bill.

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