DEVRY BUSN380 QUIZ 1 LATEST DECEMBER 2015 - 94397

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  • From: Economics, Microeconomics
  • Posted on: Tue 08 Dec, 2015
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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
Solution Description

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

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