AnswersSHS Lifetime Fitness - 2021Unit Test

Unit Test — Cumulative exam Answers

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Which two factors have the greatest influence on risk for an investment? the demand for the investmentthe duration of the investmentthe history of the investmentthe importance of the investmentthe need for the investment

A
the demand for the investment
B
the duration of the investment
C
the history of the investment
D
the importance of the investment
E
the need for the investment
2
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Globalization is the process of

A
limiting exhange of goods and services.
B
connecting the world over time.
C
requiring or relying on something.
D
focusing on certain goods and services.
3

This table compares the requirements for a career as an athletic trainer or an air traffic controller. A student who is interested in becoming an air traffic controller will make

Question illustration
A
more money than an athletic trainer but will have a harder time finding a job.
B
more money than an athletic trainer and will have an easier time finding a job.
C
less money than an athletic trainer but will have an easier time finding a job.
D
less money than an athletic trainer and will have a harder time finding a job.
4

What is the definition of liability?

A
the amount a consumer must pay after an incident before the insurance company starts paying
B
the monthly amount paid for insurance
C
intentionally destroying something in order to collect insurance
D
a responsibility to pay for or fix a problem
5

What is one way employers get employees to participate in a 401k?

A
by requiring them to participate unless they opt out
B
by requiring them to opt in if they want to participate
C
by giving them an annual pay raise
D
by giving them a signing bonus when they participate
6

Companies report people to credit agencies if they

A
fail to pay their bills on time.
B
borrow too much money.
C
fail to use different types of credit.
D
use large amounts of credit at once.
7

Read the scenario.Yuri has $100 to spend at the store. He spots a pair of designer jeans with a $98 price tag on them but knows that he can buy three pairs of $30 jeans for about the same price. He still decides to buy the $98 pair.

A
emotional spending
B
confused sense of needs and wants
C
greedy spending
D
conspicuous consumption
9

A reason that countries trade with each other is

A
to help their neighbors.
B
to get products they cannot produce.
C
to sell goods they do not need.
D
to share excess resources.
10

Through the successful study of personal finance, an individual will be

A
better prepared to calculate financial risks
B
able to spend available assets.
C
faced with long-term challenges.
D
more likely to avoid high opportunity costs.
11

Which of these qualify as variable expenses? Choose three answers.clothing purchasesloan paymentmonthly groceriesapartment rentmedical bills

A
clothing purchases
B
loan payment
C
monthly groceries
D
apartment rent
E
medical bills
12

Which statements best explain how globalization offers an advantage to businesses? Choose four answers.Businesses can take advantage of favorable laws to make products cheaply.Businesses can take advantage of favorable taxes to make products cheaply.Businesses can take advantage of new forms of technology to make products cheaply.Businesses can take advantage of new forms of democracy to make products cheaply.Businesses can take advantage of faster technology to make products faster.

A
Businesses can take advantage of favorable laws to make products cheaply.
B
Businesses can take advantage of favorable taxes to make products cheaply.
C
Businesses can take advantage of new forms of technology to make products cheaply.
D
Businesses can take advantage of new forms of democracy to make products cheaply.
E
Businesses can take advantage of faster technology to make products faster.
13

Emily is deciding whether to buy the same designer jacket her friends have. The jacket is much more expensive than a similar one from a lesser-known brand.Which questions should she consider before she buys the jacket? Check all that apply.Is advertising influencing her?What are her motivations?Has she compared prices?Is she buying at the right time?Will her sister like the jacket too?

A
Is advertising influencing her?
B
What are her motivations?
C
Has she compared prices?
D
Is she buying at the right time?
E
Will her sister like the jacket too?
14

Why does an increase in literacy rates often accompany an increase in per capita income?

A
People who have higher-paying jobs often have the time available to develop literacy skills.
B
Developing countries have higher-than-average literacy rates, which typically leads to higher income.
C
People who can read and who receive an education are eligible for higher-paying jobs.
D
Developed countries often attempt to raise low literacy rates to improve income.
15

A factory owner might decide to manufacture shirts in Pakistan instead of the United States because

A
it is less expensive to make shirts there.
B
it is worth paying more for foreign labor.
C
workers in Pakistan are more skilled.
D
workers in Pakistan work fewer hours.
16

Holly plans to attend community college next year. Her expenses are only $1,200 because her parents are paying the rest. Holly earned a $750 scholarship. How much will she need to pay from her savings?

A
$450
B
$750
C
$1,200
D
$1,950
17

The development of many new businesses helps limit

A
unemployment.
B
taxation.
C
revenue.
D
risk.
18

In developed economies, less-educated workers

A
have more jobs to choose from.
B
are often more highly skilled than other workers.
C
may be outsourced to other nations.
D
can have difficulty finding work.
19

Jolene is graduating from high school in May. She received this offer from a university. Financial Analysis for UniversityCosts per YearFinancial Aid Package per YearTuition & FeesScholarships & Grants$9,800$11,000Room & BoardWork-Study$12,500$5,000Which statements about the offer are true? Check all that apply.

A
The total cost per year is $22,300.
B
She will need to repay $16,000 for each year of college.
C
Financial aid will cover $16,000 for each year of college with no need to repay.
D
Financial aid will cover $11,000 for each year of college with no need to repay.
E
She could use money from savings or parental contributions to pay the remaining $6,300 each year.
F
She could use a student loan to pay the remaining $6,300 each year.
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