Devry busn380 quiz 1 latest 2015

Question
(TCO 1) When a person faces a trade-off and must give up something by making a choice, this is referred to as
taking out a loan.
opportunity cost.
the evaluation of alternatives.
a decision-making process.
a dilemma.
Question 2. Question :
(TCO 1) _____ is the ability to convert assets and financial resources into usable cash relatively easily.
Bankruptcy
Solvency
Investing
Opportunity cost
Liquidity
Question 3. Question :
(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. Question :
(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. Question :
(TCO 1) A family spends $40,000 on living expenses. With an annual inflation rate of 3%, they can expect to spend approximately _____ in 4 years.
$45,000
$41,200
$42,000
$43,700
$46,000
Question 6. Question :
(TCO 1) Higher employment levels can be attributed to lower consumer prices.
reduced employment levels.
lower interest rates.
higher employment levels.
increased consumer spending.
Question 7. Question :
(TCO 1) The time value of money refers to
personal opportunity costs such as time lost on an activity.
financial decisions that require borrowing funds from a financial institution.
increases in an amount of money due to earned interest.
the impact of inflation upon the dollar.
changing demographic trends in our society.
Question 8. Question :
(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. Question :
(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. Question :
(TCO 1) If John Smith is making plans to make holiday purchases at the end of the year, he is setting a(n) _____ goal.
intermediate
long-term
short-term
intangible
durable
Question 11. Question :
(TCO 1) In order to evaluate present value scenarios, _____ is/are needed.
multiplication
compounding
simple interest calculations
discounting
payment information
Question 12. Question :
(TCO 1) A commitment to a profession that requires continued training and offers a clear path for occupational growth is a(n)
apprenticeship.
internship
employment.
cooperative employment experience.
career.
Question 13. Question :
(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. Question :
(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. Question :
(TCO 1) A _____ résumé is designed to obtain a specific job.
functional
chronological
goal-oriented
targeted
data
Question 16. Question :
(TCO 1) A lack of _____ refers to a lack of willingness to accept a variety of employment positions and is a common career planning mistake.
common sense
flexibility
training
communication
perseverance
Question 17. Question :
(TCO 1) A family with $66,000 in assets and $52,000 of liabilities would have a net worth of
$66,000.
$52,000.
$118,000.
$14,000.
$41,000.
Question 18. Question :
(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. Question :
(TCO 1) Solvency can be assessed through the analysis of the following financial document.
Cash flow statement
Debt consolidation statement
Personal income statement
Credit report
The balance sheet
Question 20. Question :
(TCO 1) If a person has a payment that does not vary from month to month, then this type of payment is _____.
semivariable
current
variable
fixed
budgeted