Personal Finance Quiz

A cover letter begins with a(n)a) Argument, and then an introduction b) Introduction, and then a heading c) Heading, and then an argument d) Heading, and then an introduction d) Heading, and then an introuction
“Cold call” refers to:a) A phone call made to a company to find out more about insurance benefits offeredb) A phone call to a company, asking if they are hiring c) A phone call from a company, in which they ask to interview youd) None of these b) 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:a)Nothing, because doctors don’t charge you if you don’t have insuranceb)Several hundred dollarsc)Almost as much as a card)Nothing, because you can’t get treated without insurance b) Several hundred dollars
In a job interview, it is best to broach the topic of salary:a)At the end of the interview; or wait until the subject is brought upb)Never, because it is considered tactless and unprofessionalc)At the beginning of the interviewd)None of these a) At the end of the interview; or wait until the subject is brought up
In an interview, an appropriate response to “What is an example of one of your weaknesses?” could be:a)”I am forgetful, at times.”b)”I really don’t have many.”c)”I am too hard on myself sometimes.”d)”Let me tell you about my strengths, instead.” c) “I am too hard on myself sometimes.”
“Aptitude” refers to:a)A fixed compensation paid regularly for servicesb)Acquired skills or talentsc)A milestone one makes in bettering one’s careerd)An inherent talent or ability d) An inherent talent or ability
An associate degree is a:a)4-year degreeb)2-year degreec)6-year degreed)None of these b) 2-year degree
Which factor is most important in securing well-paying jobs throughout your career?a)Having a carb)Having a good educationc)Having a clean driving recordd)Having established credit b) Having a good education
Jobs require either specific education or specific work experience, but not both.a)Trueb)False b) False
A resume is generally____page(s) in length.a)Two to fiveb)Threec)Oned)Any of these page counts c) One
A document showing that you have completed a course of study is called a:a)Resumeb)Cover Letterc)Diplomad)Affidavit c) Diploma
It is important for goals to have accomplishment dates because:a)It is easy to put off long term goals and a deadline keeps you focusedb)You will want to compare your success to other peoples’ successesc)Bonus money always comes with meeting personal goalsd)Career goals are based on interests and aptitude a) It is easy to put off long term goals and a deadline keeps you focused
No one should choose a goal based on:a)Interests, likes, and dislikesb)The type of work that appeals to that personc)A hobby that person puts free time into that could become a careerd)What other people think of the goal, who do not know the person very well d) What other people think of the goal, who do not know the person very well
A job may require a specific training course to be completed.a)Trueb)False a) True
Scholarships:a)Are only available once a student is enrolledb)Are available for residents of every state, all religious affiliations, and academic interestc)Are always applied for by the student alone without any help from the college or training programd)Are never as good of a deal as loans from the student’s bank b) Are available for residents of every state, all religious affiliations, and academic interest
Student loans often don’t require you to start paying them back until after you’ve completed the course(s).a)Trueb)False a) 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?a)Freddie Macb)Sallie Maec)Ginnie Maed)FICA b) Sallie Mae
Internships:a)Are always paidb)Can be paid or unpaidc)Can never turn into a paid positiond)Always last for one year b) Can be paid or unpaid
A plan for a career starting in two years:a)Will give you less opportunities than a career starting right awayb)Means that no plans or training are necessary, since the goal is two years awayc)Cannot benefit from talking to a counselor or consulting a bookd)Will give you more opportunities than a career starting right away d) Will give you more opportunities than a career starting right away
The federal government offers tax breaks for people saving for education.a)Trueb)False a) True
The penalty for not paying taxes owed:a)Can’t be calculated if you do not file taxesb)Includes penalty fees and interest calculated starting April 15 of the year the taxes are owedc)Can be determined by the Social Security Administration even if withholding is not taken from your paycheckd)Will be $600 plus interest starting April 15 if you do not file a tax return, regardless of the amount of your wages b) Includes penalty fees and interest calculated starting April 15 of the year the taxes are owed
Tax refunds:a)Occur when a taxpayer’s income tax withholding exceeds what they oweb)Come from extra money the federal government has left over at the end of the year, and are distributed around February 15c)Come to taxpayers regardless of whether they file an income tax return or notd)Include interest paid to the taxpayer by the federal government based on holding that money throughout the tax year a) Occur when a taxpayer’s income tax withholding exceeds what they owe
To file your taxes, you need:a)Every pay stub from the entire yearb)Every deposit slip from your savings accountc)W2 and 1099INT reports, and charitable deduction receiptsd)A computer c) W2 and 1099INT reports, and charitable deduction receipts
A major payroll tax is called:a)FICA, for Federal Insurance Contributions Actb)SSN, for Social Security Numberc)Capital gains taxd)Business tax a) FICA, for Federal Insurance Contributions Act
A program like Quicken or Money:a)Can help keep track of receipts over a year to make taxes easier to completeb)Is required to complete taxesc)Is necessary in order to get the refund owed to the taxpayerd)Can only be used when filing electronically a) Can help keep track of receipts over a year to make taxes easier to complete
Taxes go to pay for:a)Social Security 10%, National Defense 10%, and Medicare 12%b)Social Security 50%, National Defense 50%, and Medicare 12%c)Social Security 21%, National Defense 21%, and net interest 9%d)Social Security 12%, National Defense 12%, and Medicare 12% c) Social Security 21%, National Defense 21%, and net interest 9%
Which of the following forms reports interest income earned on a savings account?a)1040EZb)1099MISCc)1099INTd)W2 c) 1099INT
A paycheck has withholding tax taken out:a)If a person earns more than $600 a yearb)That is paid to state and federal taxing authoritiesc)That is automatically refunded to workers even without filing a 1040EZ formd)That is always equal to $9.54 b) That is paid to state and federal taxing authorities
The federal government:a)Is the national government of the U.S. that takes in taxes and funds such programs as maintaining interstate highways and the militaryb)Does not supply Social Security cardsc)Is not allowed to tax income a)Is the national government of the U.S. that takes in taxes and funds such programs as maintaining interstate highways and the military
The W2 form:a)Reports interest from your bank to the IRSb)Is provided to you by your employer, and it lists total income and all tax withheld amountsc)Is provided by the IRS, and lists your tax paid for the yeard)Keeps track of charitable donations made by cash or check outside of work b) Is provided to you by your employer, and it lists total income and all tax withheld amounts

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