Practice Exam Answers

28 verified answers1 views
2
Free Preview

In developed economies, less-educated workers

A
may be outsourced to other nations.
B
can have difficulty finding work.
C
have more jobs to choose from.
D
are often more highly skilled than other workers.
4

Which is a kind of federal payroll tax?

A
property tax
B
medicare tax
C
progressive tax
D
sales tax
6

Which are considered types of credit available to borrowers? Choose four correct answers.

A
cash
B
auto loans
C
credit cards
D
mortgages
E
personal loans
F
bonds
G
gift cards
7

Which describes the difference between a trade surplus and a trade deficit?

A
A trade deficit is when a country loses money on products it makes, while a trade surplus happens when production leads to profits.
B
A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports.
C
A trade surplus is when a country produces more than it consumes, while a trade deficit happens when consumption exceeds production.
D
A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports.
8

What is one difference between a vocational school and on-the-job training?

A
A vocational school degree takes weeks or months to earn. On-the-job training takes two years or fewer.
B
A vocational school is usually paid for by the worker. On-the-job training is usually paid for by the employer.
C
A vocational school is usually paid for by the employer. On-the-job training is usually paid for by the worker.
D
A vocational school degree takes one year to earn. On-the-job training takes two or more years.
9

What should be included in an informative essay? Choose four correct answers.

A
properly cited sources
B
parenthetical citations
C
supporting details
D
smooth transitions
E
emotional language
10

Emma has decided that she needs to assess the risk and return of buying an extended warranty for her new laptop for school. Which of these practical questions should she ask herself to assess the risk? Choose three correct answers.

A
Is the laptop worth the extra expense of the warranty?
B
Should I buy a different model?
C
Is the cost of replacement less than the cost of the warranty?
D
Will the warranty cover the cost of any physical damage?
E
Would it be better for me to buy a desktop computer?
11

Interest on an investment is considered

A
profit
B
financing.
C
a fee.
D
a penalty.
15

In some cases, it is safe to avoid insurance because

A
it is too expensive.
B
one is already in debt.
C
only one person is at risk.
D
it may not be needed.
16

Ella attempted to file her tax return and learned that someone had already filed a fraudulent return using her name. What first step should Ella initiate to correct the problems related to this identity theft?

A
Ella should contact the police to file a report about the identity theft incident.
B
Ella should contact the Federal Trade Commission to report the identity theft.
C
Ella should contact the Internal Revenue Service to file the appropriate claims.
D
Ella should contact the Social Security Administration to file a report.
17

Which is a guaranteed benefit available to non-exempt full-time employees?

A
Flexible Spending Account
B
Overtime pay
C
401K
D
Life insurance
19

If the value of the US dollar declines in relation to other currencies, goods imported into the United States will

A
become more expensive.
B
not be allowed to enter the country.
C
become less expensive.
D
remain the same in price.
20

Which information can be found on a person’s credit report? Choose four correct answers.

A
the person’s credit rating
B
the person’s yearly income
C
the person’s social security number
D
the person’s education level
E
an inquiry from a bank that requested the person’s credit report
F
an unpaid utility bill that has been given to a collection agency
21

Ariel wants to compare the salaries for positions she was offered at two companies. What should she consider in this process? Choose three correct answers.

A
She should take the position that offers the largest salary.
B
She should research the cost of living of different locations to compare against the offered salaries.
C
She should take the position that has the lowest cost of living.
D
She should research the average salary of similar positions to see if the offers are fair.
E
She should research the benefits included in each offer.
22

Which is the best question for Joe to ask himself when deciding whether to open a checking or savings account?

A
Does the bank offer free checking?
B
Why am I opening a bank account?
C
If I need a loan, will they give it to me?
D
Is there an ATM near my home or work?

Did you find these answers helpful?