Business Advance Studies - Financial Literacy Pretest
Business Advance Studies - Financial Literacy Pretest
Multiple Choice
Identify the choice that best completes the statement or answers the question.
____ 1. Rent, house payments, and installment loans are examples of _____.
|a. |fixed expenses |c. |set-asides |
|b. |flexible expenses |d. |none of these |
____ 2. _____ are amounts of money that you accumulate in your budget for special purposes, such as birthdays and holidays.
|a. |Fixed expenses |c. |Set-asides |
|b. |Flexible expenses |d. |none of these |
____ 3. Most bills come due _____.
|a. |once a week |c. |once a year |
|b. |once a month |d. |none of these |
____ 4. According to _____, a lender is required to notify you within 30 days after you have submitted a completed loan application whether the application has been approved.
|a. |the Equal Credit Opportunity Act |c. |the Truth in Lending Act |
|b. |the Fair Credit Reporting Act |d. |none of these |
____ 5. _____ requires that a credit agency show you your file if you are refused credit for a specific reason related to your credit report.
|a. |The Equal Credit Opportunity Act |c. |The Truth in Lending Act |
|b. |The Fair Credit Reporting Act |d. |none of these |
____ 6. _____ limits your liability for credit cards that are lost or stolen to $50 per card if you properly and promptly notify the card issuer of the loss.
|a. |The Equal Credit Opportunity Act |c. |The Truth in Lending Act |
|b. |The Fair Credit Reporting Act |d. |none of these |
____ 7. In the case of defective goods or services, you may withhold a credit card payment if _____.
|a. |you don’t like the product |
|b. |the cost in dispute with a merchant totals more than $50 |
|c. |your money is needed for life-supporting items |
|d. |none of these |
____ 8. Your total earnings before deductions are called _____.
|a. |commissions |c. |gross earnings |
|b. |overtime pay |d. |salary |
____ 9. Taxes, insurance, pensions, and other miscellaneous items are _____.
|a. |wages |c. |gross earnings |
|b. |commissions |d. |deductions |
____ 10. The signature of a payee on the back of a check is a _____.
|a. |W-4 form |c. |commission |
|b. |pay stub |d. |none of these |
____ 11. _____ is usually referred to as Social Security.
|a. |The Equal Credit Reporting Act (ECRA) |
|b. |The Truth in Lending Act (TLA) |
|c. |The Federal Insurance Contributions Act (FICA) |
|d. |none of these |
____ 12. Payment based on a certain percentage of sales is called _____.
|a. |commission |c. |wages |
|b. |salary |d. |none of these |
____ 13. Payment according to what a worker produces is called _____.
|a. |salary |c. |piecework |
|b. |commission |d. |none of these |
____ 14. Payments that all citizens are required by law to make to help pay the costs of government services are called _____.
|a. |deductions |c. |taxes |
|b. |commissions |d. |none of these |
____ 15. A legal statement that authorizes your employer to deduct taxes from your paycheck and to pay them to the government for you is a(n) _____.
|a. |deduction |c. |endorsement |
|b. |W-2 form |d. |W-4 form |
____ 16. _____ are people who lend money.
|a. |Banks |c. |Credit unions |
|b. |Creditors |d. |all of these |
____ 17. The amount of debt that you can afford to repay each month is _____.
|a. |credit history |c. |a multipurpose card |
|b. |consumer finance |d. |credit capacity |
____ 18. A _____ is a record of how you’ve borrowed and repaid debts.
|a. |certificate of deposit |c. |multipurpose card |
|b. |bank |d. |credit history |
____ 19. _____ specialize in real estate loans.
|a. |Savings and loan banks |c. |Credit unions |
|b. |Commercial banks |d. |Consumer finance companies |
____ 20. _____ usually have stricter lending requirements than other lending institutions.
|a. |Banks |c. |Consumer finance companies |
|b. |Credit unions |d. |none of these |
____ 21. _____ specialize in making small loans to borrowers with poor or no established credit.
|a. |Banks |c. |Credit unions |
|b. |Consumer finance companies |d. |Savings and loan companies |
____ 22. _____ require membership in order to borrow money.
|a. |Banks |c. |Credit unions |
|b. |Consumer finance companies |d. |Savings and loan companies |
____ 23. _____ are accepted by most stores, restaurants, hotels, and other establishments to pay for goods and services..
|a. |Credit unions |c. |Credit capacities |
|b. |Creditors |d. |Multipurpose cards |
____ 24. _____ entitles you, as a consumer, to a free credit report every year.
|a. |The Equal Credit Opportunity Act |
|b. |The Fair and Accurate Credit Transaction Act |
|c. |The Fair Credit Reporting Act |
|d. |none of these |
____ 25. MasterCard, Visa, and American Express are examples of _____.
|a. |single-purpose credit cards |c. |multipurpose credit cards |
|b. |revolving charge account cards |d. |none of these |
Business Advance Studies - Financial Literacy Pretest
Answer Section
MULTIPLE CHOICE
1. ANS: A PTS: 1 DIF: Medium REF: Page 404
KEY: budget | finances
2. ANS: C PTS: 1 DIF: Medium REF: Page 404
KEY: budget | finances
3. ANS: B PTS: 1 DIF: Easy REF: Page 403
KEY: budget | finances
4. ANS: A PTS: 1 DIF: Difficult REF: Page 401
KEY: finances
5. ANS: B PTS: 1 DIF: Difficult REF: Page 402
KEY: finances
6. ANS: C PTS: 1 DIF: Difficult REF: Page 402
KEY: finances
7. ANS: B PTS: 1 DIF: Medium REF: Page 400
KEY: finances | conflicts
8. ANS: C PTS: 1 DIF: Easy REF: Page 388
KEY: finances
9. ANS: D PTS: 1 DIF: Medium REF: Page 388
KEY: finances | taxes
10. ANS: D PTS: 1 DIF: Easy REF: Page 388
KEY: finances
11. ANS: C PTS: 1 DIF: Medium REF: Page 390
KEY: taxes | finances
12. ANS: A PTS: 1 DIF: Easy REF: Page 389
KEY: finances
13. ANS: C PTS: 1 DIF: Medium REF: Page 389
KEY: finances
14. ANS: C PTS: 1 DIF: Easy REF: Page 389
KEY: taxes | finances
15. ANS: D PTS: 1 DIF: Difficult REF: Page 389
KEY: taxes
16. ANS: B PTS: 1 DIF: Medium REF: Page 397
KEY: finances
17. ANS: D PTS: 1 DIF: Medium REF: Page 398
KEY: finances
18. ANS: D PTS: 1 DIF: Easy REF: Page 398
KEY: finances
19. ANS: A PTS: 1 DIF: Medium REF: Page 398
KEY: finances
20. ANS: A PTS: 1 DIF: Difficult REF: Page 398
KEY: finances
21. ANS: B PTS: 1 DIF: Medium REF: Page 398
KEY: finances
22. ANS: C PTS: 1 DIF: Medium REF: Page 398
KEY: finances
23. ANS: D PTS: 1 DIF: Easy REF: Page 399
KEY: finances
24. ANS: B PTS: 1 DIF: Difficult REF: Page 401
KEY: finances | consumer
25. ANS: C PTS: 1 DIF: Easy REF: Page 399
KEY: finances
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