AnswersPersonal FinanceN/A

N/A — Exam Answers

48 verified answers2 views
43
Free Preview

Mohamed has flexible work hours. His weekly income may vary, as he is paid per completed project. His employer does not provide benefits for him. Which best describes Mohamed’s employment status?

A
Mohamed is an entrepreneur who owns the company.
B
Mohamed is an hourly employee of the company.
C
Mohamed is a freelance contractor with the company.
D
Mohamed is a salaried exempt employee of the company.
44
Free Preview

What is one main objective in the study of economics?

A
recognizing the reasons why consumers supply services
B
recognizing the relationship between producers and consumers
C
recognizing the difference between producers and consumers
D
recognizing the types of services available to everyone
45

Davis is planning to buy a bike. He has the full amount in his bank account. He does not want to pay any interest on his purchase. Which option(s) can Davis use when making the purchase?

A
Use a debit card only.
B
Use a credit card only.
C
Use a debit card, or use a credit card and make payments over the next few months.
D
Use a debit card, or use a credit card and pay the balance in full when the bill arrives.
46

What is one example of a closed economy?

A
a barter system that does not rely on money or other currency
B
an old-fashioned system that preserves traditional choices and customs
C
a trade-based system that encourages the flow of goods and services
D
a restricted system that blocks trade with international partners
47

What happens without regulation?

A
Stable pricing
B
Guaranteed returns
C
Increased fraud
D
Fair markets
48

Which is a long-term consequence of paying less than the minimum amount due on your bills?

A
The number of payments will increase.
B
You will get a fee for having a negative balance in your checking account.
C
There will be a late fee.
D
It will be harder to get a good rate on a mortgage when you buy a house.
49

Kito selects express shipping and the company bills his credit card 105 point 6 9 dollars for the total of the online purchase. Determine if Kito has been billed correctly for his purchase.

A
Kito has been over charged by 3 point 4 0 dollars for his purchase.
B
Kito has not been charged enough for his purchase.
C
Kito has been over charged by 1 point 8 5 dollars for his purchase.
D
Kito has been billed correctly.
50

Ken, a single taxpayer, has a gross income of $79,685. He claims one exemption and can take a deduction of $1,257 for medical expenses, a deduction of $2,181 for interest on his mortgage, an adjustment of $800 for alimony, a deduction of $1,419 for property taxes, an adjustment of $1,722 for business expenses, and an adjustment of $2,511 for contributions to his retirement fund. The standard deduction for a single filer is $5,700, and exemptions are worth $3,650 apiece. Using the table, how much does Ken owe in income tax?

A
$12,675
B
$12,663
C
$12,838
D
$12,825

Did you find these answers helpful?

More from this Course

Quiz
25 verified answers

Test

N/A — Exam Answers — Personal Finance