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 . A key to buying foreclosures is: a. Patience b. Being flexible and open-minded c. Both a and b d. Never buy foreclosures . 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. Which term is not associated with balancing a checking account? a. Reconcile b. Deposit c. Withdrawal d. Annual income . 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 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 . 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 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. 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 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 Payday lending and cash advance companies are aggressively targeting which group of people? a. Teens b. Elderly c. College graduates d. Military 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 A. Last employer B. Awards/Activities C. Date of Birth D. Skills An example of a franchise is ◦ ◦ ◦ ◦ A. Coca-Cola B. Apple C. Nike D. Wendy’s An advantage of a sole proprietorship is ◦ ◦ ◦ ◦ easy to form unlimited liability limited funds limited growth An accountant that has earned the title CPA indicates that (s)he is a ◦ ◦ ◦ ◦ Certified Partner in Accounting Certified Public Accountant Certified Professional Accountant Competent Proficient Accountant Individual federal income taxes must be postmarked every year by ◦ ◦ ◦ ◦ April 1 December 31 January 1 April 15 . 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 . 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 B C B D A D C C A D B D C B A B C D A D C B B D A