Chapter 3 Pre-Test

Chapter 3 Pre-Test - ViewAttempt1ofunlimited Title: CHAPTER...

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View Attempt 1 of unlimited Title: CHAPTER 3_PRACTICE TEST Started: September 1, 2011 11:33 AM Submitted: September 1, 2011 12:07 PM Time spent: 00:33:29 Total score: 35/36 = 97.2222% Total score adjusted by 0.0 Maximum possible score: 36 1. Your Aunt gives you some money for your birthday and you decide to put it into your savings account instead of spending it. The trade-off of not being able to spend the money now is this decision's ________ cost. Student Response Value Correct Answer A . fixed B . opportunity C . variable D . transaction E . total Score: 1/1 Comments: 2.

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Which of the following would most likely be classified as a current liability? Student Response Value Correct Answer A.monthly balance due on a credit card 100% B.total amount of a mortgage 0% C.balance of a student loan 0% D.total of a home improvement loan 0% E.balance of an auto loan 0% Score: 1/1 Comments: 3. Which of the following is (are) typically considered to be a personal financial record? Student Response Value Correct Answer A.birth certificate 0% B.marriage license 0% C.certificate of deposit 0% D.social security card 0% E.all of the answers 100% Score: 0/1 Comments: 4.
An investment account that increases from \$3,000 to \$3,271 in one year is earning approximately ___ percent annual interest. Student Response Value Correct Answer A.3 0% B.5 0% C.7 0% D.9 100% E.11 0% General Feedback: \$3,271 - 3,000 = \$271; \$271/\$3,000 = .09 (x 100) = 9% Score: 1/1 Comments: 5. Jeff Willis has a budget that he follows each month. He has used Microsoft's Money to help him determine what he wants to spend each month. At the end of the month, Money automatically compares what he budgeted with what he spent. Jeff can also graph these results if he wants to. What type of budget has Jeff created? Student Response Value Correct Answer A.mental budget 0% B.physical budget 0% C.written budget 0% D.computerized budget 100% E.none of the answers 0% Score: 1/1 Comments:

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6. Jonathan Wynn has developed a budget that he follows each month. Jonathan has an envelope for each type of expenditure. After he cashes his paycheck, he puts the amount of cash in each envelope that he plans to spend on that category each month. What type of budget has Jonathan created? Student Response Value Correct Answer A.mental budget 0% B.physical budget 100% C.written budget 0% D.computerized budget 0% E.none of the answers 0% Score: 1/1 Comments: 7. The Hernandez family budgets \$420 a month for food. Last month they spent \$413, which creates a Student Response Value Correct Answer A.budget surplus of \$7. 100% B.budget deficit of \$7. 0% C.budget surplus of \$420. 0% D.budget deficit of \$413. 0% E.balanced budget. 0% General Feedback: \$420 - 413 = \$7 surplus Score:

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This note was uploaded on 09/01/2011 for the course BAD 301 taught by Professor Null during the Fall '11 term at GWU.

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Chapter 3 Pre-Test - ViewAttempt1ofunlimited Title: CHAPTER...

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