Unit Test

Question 1

Lauren is trying to find her net income. She used the statement and the steps shown.Step 1List all income, including tips and commissions, and list all expenses, including food, entertainment, and clothing.Step 2Total all the income. Then total all the expenses.Step 3Add the total of the income and the expenses.Which explains Lauren’s error?

Revolt · Accepted Answer

Lauren made an error in step 3 because she should have subtracted the expenses from the income.

Question 2

Which describes a set amount of pay received by a worker over the course of a year?

Revolt · Accepted Answer

salary

Question 3

What is the job outlook for a US postal worker?

Revolt · Accepted Answer

The career is shrinking and will provide fewer opportunities over time.

Question 4

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

Revolt · Accepted Answer

better prepared to calculate financial risks

Question 5

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

Revolt · Accepted Answer

A vocational school is usually paid for by the worker. On-the-job training is usually paid for by the employer.

Question 6

Which are shown on a balance sheet? Select three choices.

Revolt · Accepted Answer

assets; liabilities; age; time period; date of birth

Question 7

Which best describes the purpose of recording past income and spending in a budget?

Revolt · Accepted Answer

to serve as the basis for future planning

Question 8

These lists outline the details of two jobs.

Revolt · Accepted Answer

annual wages

Question 9

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

Revolt · Accepted Answer

more money than an athletic trainer but will have a harder time finding a job.

Question 10

best

Revolt · Accepted Answer

It requires the use of savings.

Unit Test Answers

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