Semester Exam
Name______
Date______
Directions: Read each statement carefully and choose the most correct answer. Write the answer in the space provided to the left of each statement.
_____ 1. The software that could be used to do on-line banking.
A. Word C. Excel
B. PowerPoint D. Publisher
_____ 2. CAD is an acronym for the following software:
A. Computer Aided Drafting C. Complex Assisted Drawing
B. Computer Aided Drilling D. Computer Automated Drawing
_____ 3. When making spreadsheets the following software is used:
A. Word C. Excel
B. PowerPoint D. Publisher
_____ 4. The device that brings multimedia into the home wirelessly is known as the:
A. Telephone C. Cable
B. Satellite D. Landlines
_____ 5. The software that is used to type a letter is known as:
A. Word C. Excel
B. PowerPoint D. Publisher
_____ 6. The computer system that connects a series of computer together is known as a:
A. Collaboration C. Web
B. Network D. Collection station
_____ 7. The item that list ones skills, experience, education, etc is known as a:
A. Letter of Application C. Cover Letter
B. Follow-up Letter D. Resume
_____ 8. The proper procedure when changing jobs is to inform your employer with a:
A. Letter of Resignation C. Cover Letter
B. Application D. Few Choice Words
_____ 9. When changing jobs the proper amount of notification to give your employer that you are leaving is:
A. Two Weeks C. No notice is needed
B. Two Months D. At least a Year
_____10. The ways people want to spend their time, resources, and energy are their:
A. Goods and services C. teams
B. Expenses D. lifestyle goals
_____11. Because the United States is linked to producers, distributors, and consumers in other countries, it is described as participating in a:
A. Goods and services market. C. global economy.
B. Domestic economy. D. job market
_____12. Most of the new jobs expected to be created through 2012 will be in the:
A. Goods-producing sector C. team-producing sector
B. Labor-producing sector D. service-producing sector
_____13. When you make a decision, you should first define your needs. Next you should:
A. Make a decision. C. analyze you sector.
B. Gather information. D. evaluate your choices.
_____14. The best way to approach your career choice is to:
A. Choose the same career as someone you admire.
B. Follow a logical decision-making process.
C. Wait and see what develops after high school.
D. Determine how to earn the most money.
_____15. Wanting to live near the ocean someday is an example of a:
A. Aptitude. C. lifestyle goal.
B. Value D. resource.
_____16. When preparing for a career, it is important to figure out how much time, money, and effort will be needed for:
A. Exploratory interviews. C. tasks and responsibilities.
B. Job shadowing. D. education and training.
_____17. One way to research careers informally is to:
A. Search computer resources.
B. Talk to friends and family about their jobs.
C. Consult the Dictionary of Occupational Titles.
D. Start your own business.
_____18. When applying for a job, always use:
A. A public or private employment agency.
B. Job referrals.
C. Standard English.
D. A chronological resume.
_____19. Networking, employment agencies, and classified ads can all be resources of:
A. Job leads. C. resumes.
B. School-to-work programs. D. work permits.
_____20. The Rule of 72 is useful in calculating the
A. Interest an investor needs to earn to reach a goal.
B. Age of money.
C. Time required to double an investment.
D. Fluctuations of the stock market.
_____21. The most important thing to consider when obtaining a loan to buy a car is
A. The total number of payments you will have to make.
B. Amount of time necessary to process the loan.
C. Day of the month that each payment is due.
D. Total amount of interest you will have to pay.
_____22. The basic rule of a risk-to return relationship is that the
A. Lower the risk, the higher the return rate.
B. Higher the risk, the higher the return rate.
C. Higher the risk, the lower the return rate.
D. Two are not related.
______23. The time value of money can best be explained using which one of the following concepts?
A. The “pay yourself first philosophy
B. The risk-to-return relationship
C. The dynamics of compounding
D. The Rule of 72
_____24. In the future, a dollar will be worth
A. Less than a dollar today
B. More than a dollar today
C. The same as a dollar today
D. Not enough information given
_____25. Monica adds $500 to her mutual fund every year for the next 10 years. Mason decides to wait 10 years when he knows he will have a lump sum of $5000 to invest in a mutual fund. If both Monica and Mason earn on average a 7 percent rate of return, who will have the larger mutual fund balance in 20 years?
A. Monica
B. Masson
C. They will have the same balance amount because they each invested the same amount at the same rate
D. There is not enough information given
_____26. When items are bought on credit and paid for over a long period of time, the cost to the buyer
A. Is the same as if the items were bought with cash.
B. Is less than if the items were bought with cash.
C. Is more than if the items were bought with cash.
D. Not enough information given.
_____27. The maximum amount you can charge on a credit card is called the
A. Credit limit
B. Capacity.
C. Collateral for the card.
D. Credit ratio.
_____28. Excluding a mortgage payment, what is the maximum percentage of take-home pay that should go toward loan payments?
A. 10 percent
B. 20 percent
C. 25 percent
D. 33 percent
_____29. Which of the following statements relates to the universal default clause?
A. If you miss one car loan payment, your car can be repossessed.
B. Someone who files bankruptcy must still pay any student loans.
C. A minor may need an adult to co-sign a loan.
D. If you are late with any loan payment, a credit card company may increase your interest rate.
_____30. Credit experts recommend that you check the status of your credit reports at least
A. Every time you apply for a loan or credit card.
B. When you apply for your first loan or credit card.
C. Once a year.
D. Once every five years.
_____31. Suki wants to move into her own apartment after graduating from high school, but she is worried that she won’t be able to rent an apartment without significant credit history. What can Suki do to start using credit wisely?
A. Rent an apartment with a friend who will sign the lease
B. Apply for a store credit card
C. Apply for several major credit cards
D. Close her checking account to avoid bouncing a check
_____32. Under the fair Debt Collection Act, creditors are allowed to do all but which one of the following actions?
A. Hire a collection agency to collect what you owe
B. Call any co-signer of a loan
C. Send you a second notice of what you owe
D. Charge an additional debt collection fee
_____33. Of the following, which is the best strategy to reduce excessive debt?
A. Pay off loans with the highest interest rate
B. Make regular minimum payments on each loan and credit card until the balances are paid
C. Use one large loan to pay off all of the other debts
D. File Chapter 7 bankruptcy
_____34. You can’t find your credit card, and you think it may have been stolen. What should you do?
A. Wait at least 90 days to report the card as missing or stolen in case you find the card
B. Immediately apply for another card to cancel out the stolen card
C. Contact your bank for a replacement
D. Call the credit card company as soon as you are aware the card is missing
_____35. What rights must lenders respect according to the Truth in Lending Act?
A. You have the right to the lowest possible interest rate when you apply for credit.
B. You have the right to know why you were turned down for a loan.
C. You have the right to cancel any loan agreement within 10 days of signing the loan.
D. You have the right to change the loan terms.