AnswersCMS 2026-2027 Economics and Personal Finance HONORS INITIAL CREDITFinancial Planning and Consumer Protection

Financial Planning and Consumer Protection — Test Answers

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21
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When planning a budget, the biggest consideration should be the

A
the total income available to spend.
B
the total housing or rent payments.
C
the monthly transportation cost.
D
the monthly savings amount.
22
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Which statement best describes what happens when people declare bankruptcy?

A
Some of their debts can be eliminated, and loan terms are renegotiated with lenders.
B
Some of their debts can be eliminated, but they must agree not to take on more debt.
C
All of their debts are eliminated, but they have to sell their assets, such as their homes.
D
All of their debts are eliminated, and they are given a fresh start.
23

Natasha selects standard shipping for her purchase and the company bills her credit card 91 point 0 8 dollars for the total of the online purchase. Determine if Natasha has been billed correctly for her purchase.

A
Natasha has been over charged by 8 point 2 0 dollars for her purchase.
B
Natasha has not been charged enough for her purchase.
C
Natasha has been over charged by 1 point 8 5 dollars for her purchase.
D
Natasha has been billed correctly.
24

Which type of charitable donation most helps accomplish the goals Kauffman mentions?

A
empty office space to expanding companies
B
money for startup companies
C
electronic components for updating manufacturing systems
D
expertise to develop business plans to include in bank loan applications
25

Identify the percent increase in total sales and the percent increase in sales of trench coats. Then find which percent of increase is greater and by how much greater it is than the other. (Round your answer to the nearest tenth.)

A
Sales of trench coats increased 0 point 7 percentage points faster than total coat sales.
B
Total coat sales increased 10 point 7 percentage points faster than sales of trench coats.
C
Sales of trench coats increased 8 point 3 percentage points faster than total coat sales.
D
Total coat sales increased 2 point 5 percentage points faster than sales of trench coats.

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