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Final Review Game updated fall 2011

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Final Review Game updated fall 2011

An example of exporting would be
a. Products made and sold in Japan
b. A European county’s tax on products made in
other countries
c. Products that were made in Poland and bought by
Polish consumers
d. Products sold by a company in Mexico for
purchase by Italian consumers

An income statement is a financial statement
that summarizes ____________________ over a
specific period of time.
a. Assets, Liabilities and Owners Equity
b. Capital Gains and Loses
c. Revenue and Expenses
d. Return on Investments
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. A key to buying foreclosures is:
a. Patience
b. Being flexible and open-minded
c. Both a and b
d. Never buy foreclosures
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. What should you do if you overspend in one
particular budget category?
a. Immediately sit down and adjust another
category to make up for the difference.
b. Use your emergency fund and adjust your
budget the next month.
c. Nothing—that’s the way it goes some
months.
d. Whatever you overspend needs to go on a
credit card.
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Which term is not associated with balancing
a checking account?
a. Reconcile
b. Deposit
c. Withdrawal
d. Annual income
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. A budget will not work if you:
a. Don’t like numbers
b. Leave things out
c. Like to shop
d. Don’t make a lot of money
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Which of the following could explain a
different balance between your statement and
account register?
a. Outstanding checks
b. Unrecorded Deposits
c. Manual error
d. All of the above
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. On average, how long will it take before
your budget begins to work effectively?
a. One month
b. Two months
c. Three months
d. Six months
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Which of the following is not a myth?
a. 78% of Americans do not pay off their
credit card balance every month.
b. A credit card will teach teenagers how to
handle money responsibly.
c. Debt, if properly used, is a tool for building
wealth.
d. Playing the lottery will make you rich.
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In which type of loan would you use your
house for collateral?
a. Adjustable Rate
b. Home Equity
c. Balloon Mortgage
d. 15-Year Fixed
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
Kevin has the following debts: Home Equity
Loan, $24,000; Visa, $1,200; Student Loan,
$5,000; Car, $12,000. How should he
prioritize his debt snowball?
a. Home Equity Loan, Visa, Student Loan, Car
b. Visa, Car, Student Loan, Home Equity Loan
c. Visa, Student Loan, Car, Home Equity Loan
d. Cannot prioritize the debt snowball
without knowing the interest rates on each
debt
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Payday lending and cash advance companies
are aggressively targeting which group of
people?
a. Teens
b. Elderly
c. College graduates
d. Military
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On average, payday lending, cash advance
and title pawn loans cost the consumer:
a. 400% or more annually
b. Nothing but the fee if you pay back the
loan within 30 days
c. Three times the APR of an average credit
card
d. 100-250% annually

The Nike Swoosh is a
a. copyright
b. contract
c. patent
d. trademark

Business activities that occur within one
country are called
a. Foreign trade
b. Domestic business
c. International business
d. Free trade
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A. Last employer
B. Awards/Activities
C. Date of Birth
D. Skills

An example of a franchise is
◦
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◦
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A. Coca-Cola
B. Apple
C. Nike
D. Wendy’s
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An advantage of a sole proprietorship is
◦
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easy to form
unlimited liability
limited funds
limited growth

An accountant that has earned the title CPA
indicates that (s)he is a
◦
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Certified Partner in Accounting
Certified Public Accountant
Certified Professional Accountant
Competent Proficient Accountant

Individual federal income taxes must be
postmarked every year by
◦
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April 1
December 31
January 1
April 15
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. In which type of loan would you use your
house for collateral?
a. Adjustable Rate
b. Home Equity
c. Balloon Mortgage
d. 15-Year Fixed
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. If you show the seller that you are interested
in the item, then you have lost ___________?
a. The power of silence
b. The power of surprise
c. Walkaway power
d. “If I” take away power
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B
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C
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B
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D
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A
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D
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C
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C
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A
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D
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B
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D
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C
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B
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A
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B
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C
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D
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A
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D
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C
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B
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B
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D
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A
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