[Amanda]

...many points as possible!!!! 1. Which of the following might not be an option for increasing your present income?
(1 point)
Quitting your job to find another
Requesting a merit increase in pay
Requesting a promotion
Looking for a better job without quitting your old job
2. Which of the following is true about a merit increase in pay? (1 point)
It is based only on how long you have been with the company.
You have prove that you deserve it more than your coworkers.
You might have to wait for a certain anniversary date to get it.
You automatically receive merit raises every year.
3. Corporate structure may be defined as _____. (1 point)
the way a corporate building is structured
whether a company pays corporate taxes
the method a company uses to pay its employees
the way a business is organized
4. Your resume should include all of the following information EXCEPT (1 point)
contact information.
personal history.
education background.
qualifications.
5. The single best way to increase your income is to get an education. Why? (1 point)
You automatically make more money if you are educated.
You can obtain jobs that have higher starting salaries.
You automatically get promotions if you are educated.
You will automatically receive better benefits.
6. Which of the following will probably earn a higher level of income? (1 point)
A female file clerk with a high school diploma and a year of college.
a male file clerk with a high school diploma and a year of college.
A male accountant with a Bachelor's degree.
A female accountant with a Master's degree in business administration.
7. The term "educational attainment"means _________________. (1 point)
you have earned a degree
whatever education you have earned
you are attending school to earn a degree
you have earned the highest degree possible in your field
8. Which of the following is not a core module of accounting?
(1 point)
accounts receivable
accounts payable
debt collection
purchase orders
9. What is a general ledger also known as? (1 point)
a normal ledger
an enumerated ledger
a nominal ledger
none of the above
10. Which of the following is not one of the three types of business arrangements in the United States? (1 point)
sole proprietorship
partnership
corporation
sole partnership
11. With a sole proprietorship, who pays the taxes? (1 point)
the shareholders
the company
the owner
both the shareholders and the owner
12. Which one of the following would not be considered an advantage of a sole proprietorship? (1 point)
Decisions can be made quickly without having to consult others.
A proprietor is also responsible for his or her own health insurance.
There are no legal formalities if the business dissolves.
All of the profits from the business go right to the owner.
13. What can a proprietor do to minimize personal risk and liability? (1 point)
change his/her name
form a limited liability proprietorship
form a limited liability partnership
form a limited liability company
14. Why are partnerships often favored over corporations? (1 point)
They have more power.
A partnership structure eliminates the dividend tax levied upon profits realized by the owners.
They are more successful.
none of the above
15. Why are partnerships often favored over corporations? (1 point)
A partnership structure eliminates the dividend tax levied upon profits.
They are more successful.
They have more power.
none of the above
16. What are the two types of partnerships? (1 point)
limited and general
limited and sole
general and private
private and limited
17. Which of the following would not be considered an advantage of a partnership? (1 point)
A partnership usually involves low start-up costs.
Each general partner is deemed the agent of the partnership.
It's easy to form a partnership.
You can share the responsibilities with your partners.
18. As a generic legal term, __________ means any group of persons with a legal entity. (1 point)
partnership
business
corporation
proprietorship
19. Who regulates a corporation?
(1 point)
the bondholders
the government of the state, province, or national government with which it is registered
the corporation's founders
the corporation's union
20. Which of the following is not a legal characteristic of a corporation? (1 point)
transferable shares
perpetual life
legal protection from lawsuits
limited liability
21. When claiming dependents, they must meet the following criteria EXCEPT: (1 point)
the dependent must be a relative.
the dependent must reside with you.
the dependent must be under nineteen years of age unless he or she is a full-time student.
the dependent was unable to provide over half of his or her support for the year.
22. If you opt to put money in a medical flexible spending account rather than trying to amass enough medical expenses to itemize on your tax return, you are taking advantage of ___________________. (1 point)
an exclusion
a credit
a deduction
withholding
23. A form of taxation in which everyone pays an equal rate of taxes is called a _____________. (1 point)
progressive tax
regressive tax
net tax
flat tax
24. A form of taxation in which the highest income earner pays the largest percentage of taxes is called a (1 point)
progressive tax
regressive tax
flat tax
net tax
25. A form of taxation in which the lowest income earners pay the largest percentage of taxes is called a ___________________. (1 point)
progressive tax
regressive tax
flat tax
net tax
26. Which of the following best defines health insurance? (1 point)
An annual contract between an insurance company and an individual
a type of insurance that protects your personal property if you are unable to pay your bills.
a type of insurance whereby the insurer pays the medical costs of the insured
a type of insurance that assists your loved ones in the event of your death
27. Which of the following illustrates the main difference between Medicare and Medicaid? (1 point)
Medicare helps to insure the elderly, while Medicaid focuses on low-income individuals and families.
Medicaid helps to insure the elderly, while Medicaid insures low-income earners.
Medicaid helps to replace lost income for the poor.
Medicare is available only to those over the age of 65.
28. What is life insurance? (1 point)
Health insurance that covers you for the rest of your life
Insurance that supplements your income if your life is threatened
Insurance that assists your loved ones with income in the event of your death
Insurance that protects you in the event of an unexpected illness or accident that prevents you from working
29. Which of the following statements is not true about HMO insurance? (1 point)
It is a managed health care system.
In an HMO you can choose your own primary care physician (PCP), but specialists must be referred by the PCP.
In an HMO , you are assigned a primary care physician.
The letters stand for Health Maintenance Organization.
30. Which of the following might be considered positive aspects of HMOs. (1 point)
Free choice of primary care physician
Care from non-HMO provider not covered
Out-of-pocket expenses are usually low
Easy to receive specialized care
31. Which of the following might be considered a negative aspect of HMOs? (1 point)
Out-of-pocket expenses are usually high.
Not easy to receive specialized care
HMOs focus on preventative care
Free choice of primary care physician
32. On average, compared to a person with good credit a person with poor credit will pay __________ for insurance. (1 point)
5% to 10% more
10% to 15% more
20% to 50% more
55% to 70% more
33. How long does it take to rebuild your credit history? (1 point)
7 years
8 years
9 years
30 years
34. Secured debt means a lender gives you money in exchange for what? (1 point)
collateral
credit report
principal
interest
35. When an asset, such as a car, decreases in value over time what is it called? (1 point)
depreciation
financing
equity
leasing
36. If you miss one payment on a credit card, what's generally the penalty? (1 point)
a late payment fee
a higher interest rate
a lower available credit line
a negative notation on your credit report
37. If you miss two payments on a credit card, what's generally the penalty? (1 point)
a late payment fee and a lower available credit line
a higher interest rate and a late payment fee
a late payment fee
a negative notation on your credit report
38. What are expenses that do not change called? (1 point)
stable costs
fixed costs
variable costs
known costs
39. What is the margin of safety? (1 point)
How much sales can fall before a business starts making less than 5% profit
How much sales can fall before a business makes less than 15% profit
How much sales can fall before a business starts taking a loss
none of the above
40. The two components of ______________ are variable and fixed costs. (1 point)
entire cost
required cost
complete cost
total cost
41. What are expenses that change as conditions change? (1 point)
changing costs
fixed costs
moderate costs
variable costs
42. What can be the best type of safety net in hard times? (1 point)
Gambling
Mortgage
Rental property
None of the above
43. Real estate is considered a(n) _____ investment. (1 point)
illiquid
liquid
sure
partially–liquid
44. Individual mortgage interest rates are generally determined by what? (1 point)
The economy
The individual's credit score
The property value
The state the property is located in
45. What is PMI? (1 point)
Personal mortgage issuance
Personal mortgage investment
Personal mortgage insurance
Personal mortgage interest
46. Why is investing in gold beneficial? (1 point)
It is easy to mine.
It is considered a stable investment.
Gold is more expensive than stocks.
The value of hold is subject to inflation.
47. What is an entrepreneur? (1 point)
a sole proprietorship
a corporation
one who opens a new business
a bank that loans money
48. Which of the following is the best definition of probable operating costs? (1 point)
Amount of money required to start a business
Amount of money required to market a business
Amount of money required to purchase business equipment
Amount of money required to keep a business running
49. Which of the following is a start–up cost associated with opening a business? (1 point)
Equipment
Legal fees/licensing
Insurance
All of the above
50. Which of the following is an example of an unsecured bank loan? (1 point)
Credit card debt
Bank overdrafts
Corporate bonds
All of the above