BUSH033059 University of Nebraska Personal Finance & Economics Questions

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Question Description

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The Fair Credit Reporting Act of 1971 gave consumers a way to check their credit reports.

a. true

b. false

An endorsement is your signature on the front of a check.

a. true

b. false

The time between the billing date and the payment due date on a credit

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Course Name: Personal Finance and Economics Student: Cheng Zhou Course ID: BUSH033059 Submittal: 51 ID: E27350488 Progress Test 1 This Progress Test covers the course materials that were assigned in Units 1, 2, and 3. Although the progress test is similar in style to the unit evaluations, the progress test is a closed-book test. It is important that you do your own work. Select the response that best completes the statement or answers the question. ____ 1. The Fair Credit Reporting Act of 1971 gave consumers a way to check their credit reports. a. b. ____ 2. An endorsement is your signature on the front of a check. a. b. ____ 3. true false Interest can be compounded a. b. c. d. ____ 7. true false The law that requires workers to contribute to Social Security and Medicare is the Federal Insurance Contributions Act. a. b. ____ 6. credit period. grace period. interest period. free period. Countries usually do not benefit from trading with each other. a. b. ____ 5. true false The time between the billing date and the payment due date on a credit card when no interest is charged is the a. b. c. d. ____ 4. true false annually. daily. quarterly. as often as the financial business decides. Interest on an unsecured loan is usually higher than on a secured loan. a. b. true false ____ 8. The Right to Consumer Education makes certain that consumers have a variety of goods and services from which to choose. a. b. ____ 9. true false The annual summary of your earnings and withholdings you get from your employer is your a. b. c. d. Form W-4 Form W-2. Form 1099-INT Form 1040EZ ____ 10. Deliberate deception designed to secure unfair or unlawful gain is a. b. c. d. fraud. legal. pleasant. none of these. ____ 11. Free trade is a nation’s economic policy of permitting its citizens to buy and sell where they please without restrictions. a. b. true false ____ 12. You should reconcile your bank account immediately after you receive your statement. a. b. true false ____ 13. The law of demand says that consumers will demand less of a product at a lower price than at a higher price. a. b. true false ____ 14. The best way to get the most from your money is through careful evaluation of your alternatives. a. b. true false ____ 15. A business that is based in one country, but has branches or plants in other countries is a(n) a. b. c. d. conglomerate. multinational corporation. proprietorship. international syndicate. ____ 16. It is unwise to give your PIN number to friends. a. b. true false ____ 17. Which of the following would be an expense? a. b. c. d. allowance money from a gift cell phone charges your wages ____ 18. Having the bank deduct a certain amount from your checking account each month to pay a bill is a(n) a. b. c. d. fee. register. automatic withdrawal. transfer. ____ 19. A nation that is able to produce a product at a lower cost than other nations is known as having a(n) a. b. c. d. comparative advantage. tariff. quota. absolute advantage. ____ 20. Interest paid annually at the end of the year on the average balance in a savings account is a. b. c. d. simple interest. compound interest. consumer interest. fixed interest. ____ 21. The book in which a person keeps record of the checks he or she has written and the deposits made is called a a. b. c. d. deposit book. debit register. balance book. check register. ____ 22. The maximum amount you are allowed to charge on your credit card account is your a. b. c. d. quota. account ceiling. credit limit. term. ____ 23. A purchase made on a whim without using a decision-making process is a(n) a. b. c. d. trade-off purchase. option purchase. impulse purchase. rational purchase. ____ 24. The Right to Be Heard states that the government must consider consumer opinions when creating laws. a. b. true false ____ 25. Adjusting a budget will be easier if you attempt to change fixed spending rather than flexible spending. a. b. true false ____ 26. Tax preparers in the United States are particularly busy every November. a. b. true false ____ 27. The limit that nations sometimes set on the amount of product that can be imported is called a(n) a. b. c. d. trade. tariff. quota. embargo. ____ 28. In a market economy, customers and businesses must contend with a great deal of government interference. a. b. true false ____ 29. Important things you hope to achieve in more than one year are a. b. c. d. long-term goals. short-term goals. budgets. future goals. ____ 30. A loan that is not backed by something of value pledged to ensure payment is a(n) a. b. c. d. secured loan. unsecured loan. signature loan. co-signed loan. ____ 31. Most young people qualify to use the simplest of the tax forms—the 1040EZ. a. b. true false ____ 32. Taxes that are added to the price of goods and services that you buy are considered a. b. c. d. income taxes. personal property taxes. sales taxes. business taxes. ____ 33. The decision-making process helps you approach buying decisions in an organized, logical manner. a. b. true false ____ 34. When making a budget, your goals should be prioritized and ranked. a. b. true false ____ 35. The more often interest is compounded, the more interest you will earn. a. b. true false ____ 36. Savings accounts are a. b. c. d. offered by all savings institution. a place in which you can deposit money. a place in which you can earn interest. all of these. ____ 37. Nations create trade barriers to protect their young industries from a. b. c. d. competition. national security. domestic jobs. entrepreneurship. ____ 38. The Consumer Bill of Rights was created to protect consumers. a. b. true false ____ 39. When you save, you trade spending now for the ability to spend in the future. a. b. true false ____ 40. Insider trading is trading stock based on information that is not available to the general public. a. b. true false ____ 41. A share of stock is a a. b. c. d. unit of ownership in a corporation. dividend paid by a corporation. municipal bond. deed of ownership in property. ____ 42. A plan for dividing your income among spending and saving options is a a. b. c. d. filing system. budget. life-span goal. financial diary. ____ 43. Stuffing all your receipts into a grocery bag won’t create an efficient filing system. a. b. true false ____ 44. Advertising that educates you about a product’s qualities is called a. b. c. d. informative advertising. comparative advertising. persuasive advertising. brand advertising. ____ 45. The amount of your return on stock you own depends only on how much profit the corporation makes. a. b. true false ____ 46. The income you earn on an investment is its a. b. c. d. return. risk. value. growth. ____ 47. The practice of pressuring consumers to buy a more expensive product than they intended is called a. b. c. d. lowering prices. freezing prices. implied warranty. trading up. ____ 48. When you sell stock at a lower price than you originally paid you claim a a. b. c. d. capital gain. capital loss. windfall. refund. ____ 49. It is not possible to transfer money electronically through an automated teller machine. a. b. true false ____ 50. The equilibrium price for a product is the price at which the quantity supplied is ___________ the quantity demanded. a. b. c. d. more than less than exactly equal to none of these Carefully review your answers on this progress test and make any corrections you feel are necessary. When you are satisfied that you have answered the questions to the best of your ability, transfer your answers to the online test submission page in the presence of your proctor. The University of Nebraska is an equal opportunity educator and employer. ©2019, The Board of Regents of the University of Nebraska. All rights reserved. ...
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