AnswersAcademy - Economics and Personal FinanceUnit Test

Unit Test Answers

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one yeartwo yearsthree yearsfour years

A
one year
B
two years
C
three years
D
four years
2
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Dante listed his assets and liabilities on a personal balance sheet. Dante’s Balance Sheet (August 2013)AssetsLiabilitiescash$900credit card$4,000investments$1,100student loan$1,000house$150,000mortgage$100,000car$8,000car loan$5,000Total Total Which statement is true about the value of Dante’s assets and liabilities?

A
He has $50,000 more in assets than in liabilities.
B
He has $50,000 more in liabilities than in assets.
C
He has $110,000 more in liabilities than in assets.
D
He has $160,000 more in assets than in liabilities.
3

Which statement best describes a college education?

A
An employer typically pays for it in order to educate an employee.
B
The student pays for it, and it is required in many professions.
C
It usually takes two years to complete and tends to focus on technical training.
D
It lasts a short period of time—only a few months, or even weeks.
4

Rosetta listed her assets and liabilities on a personal balance sheet. Rosetta’s Balance Sheet (April 2013)AssetsLiabilitiescash$900credit card$4,000investments$1,100student loan$2,000 house$150,000mortgage$100,000car$8,000car loan$5,000Total Total If Rosetta sells her house and pays off the mortgage, how much should she receive (assuming there are no other costs associated with selling the house)?

A
$42,000
B
$50,000
C
$52,000
D
$60,000
5

Which statement about tuition is the most accurate?

A
Four-year universities have the lowest tuition.
B
Community colleges tend to be more expensive.
C
Public colleges are cheaper for in-state residents.
D
Tuition is higher for public colleges than private ones.
6

salarytuitionhourly payemployee benefits

A
salary
B
tuition
C
hourly pay
D
employee benefits
7

Aisha’s income statement for the month of June is shown. Which expression will find Aisha’s net income for June?

Question illustration
A
2,700 dollars divided by 1,300 dollars
Option A
B
1,300 dollars minus 2,700 dollars
Option B
C
1,300 dollars + 2,700 dollars
Option C
D
2,700 dollars minus 1,300 dollars
Option D
8

Patrick has assets that total $9,500. His liabilities total $1,900. Which expression will find Patrick’s net worth?

A
9,500 dollars divided by 1,900 dollars
Option A
B
1,900 dollars minus 9,500 dollars
Option B
C
1,900 dollars minus 9,500 dollars
Option C
D
9,500 dollars minus 1,900 dollars
Option D
9

Which interest could best help someone become an athletic trainer?

A
enjoying working with aircraft
B
understanding sports injuries
C
wanting to manage workers
D
enjoying working with food
10

How can an employer's retirement matching program encourage an employee to save for their retirement?

A
It increases an employee’s regular paycheck.
B
It ensures financial stability in the short term.
C
It boosts savings by adding extra funds to the employee's contribution.
D
It enhances employee knowledge through mandatory financial seminars.
11

Brenda created this personal balance sheet. Brenda’s Balance Sheet AssetsLiabilitiesjewelry food wages health insurance commission rent bank account tips Total Total Brenda says her assets are definitely greater than her liabilities. Which explains whether Brenda is correct?

A
Brenda is correct because she has five assets and only three liabilities.
B
Brenda is correct because all the items should be in the assets column of the balance sheet.
C
Brenda is not correct because the total value of her assets could be less than the liabilities.
D
Brenda is not correct because she needs to list more liabilities.
12

How is a student loan different from a scholarship?

A
A student loan must be paid back, but a scholarship is not paid back.
B
A scholarship must be paid back, but a student loan is not paid back.
C
A student loan is a form of financial aid, but a scholarship is not.
D
A scholarship is a form of financial aid, but a student loan is not.
13

Emma lives on a tight budget. She saves money and also makes intelligent choices when spending it. Which statements describe Emma’s financial skills? Select three options.

A
Emma is more prepared to meet her basic needs.
B
Emma is better prepared to avoid financial setbacks.
C
Emma is better able to avoid accumulating assets.
D
Emma is more prepared to face emergencies.
E
Emma is better able to avoid decision-making with her finances.
14

When studying finance or economics, the cost of a decision is also known as a(n)

A
personal cost.
B
financial cost.
C
long-term cost.
D
opportunity cost.
15

Which statement best explains student loans that cover the costs of an education?

A
They require the use of savings.
B
They require repayment with interest.
C
They depend on getting good grades.
D
They do not have to be paid back later.
16

The graph compares the cost of living in three different cities.

Question illustration
A
San Francisco has the highest cost of living of the three cities.
B
Houston has the lowest cost of living of the three cities.
C
Workers in San Francisco can get by on a lower salary.
D
Workers in Cleveland face a greater struggle with a low salary.
17

When someone is considering a career as a lawyer, future earnings are the

A
net cost.
B
net benefit.
C
future cost.
D
future benefit.
18

Rita does chores for her neighbors and makes $45 each weekend. She owes her sister $80. Rita has $178 in coins and a collection of baseball cards worth $475.Which is a liability?

A
the money she earns
B
the money she owes her sister
C
the coins
D
the collection of baseball cards
19

Which are ways to pay for a college education? Check all that apply.tuitionstudent loansfederal grantsbooks and feesstudent loan interestacademic scholarships

A
tuition
B
student loans
C
federal grants
D
books and fees
E
student loan interest
F
academic scholarships
20

Personal finance skills have the most significant impact on an individual’s

A
career
B
education
C
quality of life
D
neighborhood safety

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