Principles of Business, Market, and Finance

It is important for goals to have accomplishment dates because: It is easy to put off long term goals and a deadline keeps you focused
A plan for a career starting in two years: Will give you more opportunities than a career starting right away
No one should choose a goal based on: What other people think of the goal, who do not know the person very well
Internships: Can be paid or unpaid
Scholarships: Are available for residents of every state, all religious affiliations, and academic interest
True or False: Student loans often don’t require you to start paying them back until after you’ve completed the course(s). True
What is the name of the leading provider of student loans, an organization founded in 1972 as a government sponsored agency, which is now a publicly traded company? Sallie Mae
True or False: The federal government offers tax breaks for people saving for education. True
True or False: A job may require a specific training course to be completed. True
A document showing that you have completed a course of study is called a: Diploma
Which is NOT a money management skill discussed in the reading material? Managing your time in a healthy manner
What are some typical expenses for a person just starting out in a rental apartment? Rent, renters insurance, transportation costs
Which of the following is an example of irregular income? A graduation gift
Why is it harder to estimate expenses than to estimate income? Expenses often change more from month to month
A budget can help you reach a financial goal by: Allowing you to see where you can cut back on spending
Preparing a budget is: An ongoing process
Money in your emergency fund could be wisely used: To pay for an unforeseen health expense
How much money should you save each month? You must decide what you can afford
Which is NOT something you should look for in a savings account? Rewards for using your debit card
When estimating an income, it’s better to be: A little low
A paycheck has withholding tax taken out: That is paid to state and federal taxing authorities
To file your taxes, you need: W2 and 1099INT reports, and charitable deduction receipts
A major payroll tax is called: FICA, for Federal Insurance Contributions Act
The federal government: Is the national government of the U.S. that takes in taxes and funds such programs as maintaining interstate highways and the military
Taxes go to pay for: Social Security 21%, National Defense 21%, and net interest 9%
The W2 form: Is provided to you by your employer, and it lists total income and all tax withheld amounts
A program like Quicken or Money: Can help keep track of receipts over a year to make taxes easier to complete
The penalty for not paying taxes owed: Includes penalty fees and interest calculated starting April 15 of the year the taxes are owed
Tax refunds: Occur when a taxpayer’s income tax withholding exceeds what they owe
Which of the following forms reports interest income earned on a savings account? 1099INT
This will allow you to borrow money to buy a car, but you will have to pay it back with interest over time: Loan
This includes all the money you will have to pay to a lender beyond the amount you need to purchase the car: Finance Charges
This allows you to use a car for a specified period of time for a specified monthly payment: Lease
With this type of insurance, if you are involved in an accident both parties will be covered by their own insurance policies: No-Fault
This number helps you compare loans: APR
This type of insurance pays to fix damages that you cause, but does not cover your own car: Liability
Which one of the following is not part of your automobile operating costs? Transaction Fees
When you are looking for a used car, this resource will help you best determine the value of a particular make and model: Kelley Blue Book
A substantial one of these will keep you from going upside down on your loan, that is, owing more on your car than it is worth: Down Payment
Purchasing rather than leasing will generally cause your initial monthly payments to be: Higher
An associate degree is a: 2-year degree
“Aptitude” refers to: An inherent talent or ability
In an interview, an appropriate response to “What is an example of one of your weaknesses?” could be: “I am too hard on myself sometimes.”
Which factor is most important in securing well-paying jobs throughout your career? Having a good education
A resume is generally____page(s) in length. One
A cover letter begins with a(n) Heading, and then an introduction
“Cold call” refers to: A phone call to a company, asking if they are hiring
Without health insurance, a routine checkup at the doctor’s office can cost you: Several hundred dollars
In a job interview, it is best to broach the topic of salary: At the end of the interview; or wait until the subject is brought up
True or False: Jobs require either specific education or specific work experience, but not both. False

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