Sdv 100 Final Exam
Hello Class,
Answer the following multiple choice/true false/fill-in-the-blank questions taken from Chapters 7, 8, 10, 11, 12, the Financial Savvy PowerPoint and the Communication PowerPoint. Both PowerPoint presentations can be found on Blackboard in Weekly Assignment folders in the classroom.
Each item 1-70 is worth 1 points for a total of 70 points. You have two hours to complete the exam.
Question 71 is worth 30 points which will be added to your final exam score once I read and award points.
Good Luck!
S. Goodwin
SDV 100
JSRCC
Questions and Answers
- 1.
Your sensory memory includes
- A.
Touch (haptic memory)
- B.
Sound (echoic memory)
- C.
Sight (iconic memory)
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
The correct answer is "all of the above" because sensory memory refers to the initial stage of memory where information from our senses is briefly stored. It includes touch (haptic memory), sound (echoic memory), and sight (iconic memory). These sensory memories are very brief and only last for a few seconds before they are either forgotten or transferred to short-term memory. Therefore, all three types of sensory memory are included in our sensory memory system.Rate this question:
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- 2.
If you are an active reader, you might
- A.
Read the book three times
- B.
Highlight while you read
- C.
Think about the reading
- D.
None of the above
Correct Answer
B. Highlight while you readExplanation
The correct answer is "highlight while you read" because it suggests an active reading approach where the reader engages with the text by marking important points or passages. This method helps in better comprehension and retention of the material. Reading the book three times or thinking about the reading are also strategies that can aid in active reading, but the answer "highlight while you read" specifically addresses the action of highlighting as a means of active engagement with the text.Rate this question:
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- 3.
What advice is least helpful to increase your attention when it wanders?
- A.
Ignore the distraction.
- B.
Turn off the TV.
- C.
Turn down the music.
- D.
Close the extra windows on your browser.
Correct Answer
A. Ignore the distraction.Explanation
Ignoring the distraction is the least helpful advice to increase attention when it wanders because by ignoring the distraction, you are not actively addressing or dealing with it. Ignoring the distraction may actually make it more difficult to regain focus and attention. It is more effective to acknowledge the distraction and find ways to minimize or eliminate it, such as turning off the TV, turning down the music, or closing extra windows on your browser.Rate this question:
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- 4.
A memory principle that helps actors memorize lines by dividing material in manageable units is called
- A.
Checking
- B.
Choosing
- C.
Chunking
- D.
Chopping
Correct Answer
C. ChunkingExplanation
Chunking is a memory principle that involves breaking down information into smaller, more manageable units or "chunks". This technique is commonly used by actors to memorize lines, as it allows them to focus on and remember smaller portions of the material at a time. By dividing the lines into chunks, actors can better process and retain the information, making it easier for them to recall during performances.Rate this question:
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- 5.
A useful way to remember what you read is to
- A.
Read extra slowly.
- B.
Skim quickly.
- C.
Take notes in your own words.
- D.
All of the above
Correct Answer
C. Take notes in your own words.Explanation
Taking notes in your own words is a useful way to remember what you read because it requires active engagement with the material. When you summarize and rephrase the information in your own words, you are processing and understanding it on a deeper level. This helps to reinforce your memory and comprehension of the content. Additionally, the act of writing down the information can also serve as a visual and kinesthetic memory aid. Reading extra slowly and skimming quickly may not be as effective in retaining information as they do not involve active processing or engagement with the material. Therefore, taking notes in your own words is the most effective strategy for remembering what you read.Rate this question:
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- 6.
When you are unable to forget something that you would prefer to forget...this is an example of
- A.
Bias.
- B.
Inventing.
- C.
Persistence.
- D.
Fading,
Correct Answer
C. Persistence.Explanation
Persistence refers to the ability to continue or persist in a particular thought, emotion, or memory despite wanting to forget it. In this scenario, the individual is unable to forget something they would prefer to forget, indicating a persistent memory or thought that lingers in their mind. This persistence can be seen as a form of memory bias, where the unwanted memory persists and affects their cognitive processes.Rate this question:
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- 7.
If reading your assignments aloud helps you retain information, you are likely a(n) __________ learner.
- A.
Visual
- B.
Aural/auditory
- C.
Read/write
- D.
Kinesthetic
Correct Answer
B. Aural/auditoryExplanation
If reading assignments aloud helps you retain information, it suggests that you learn best through auditory means. This means that you process information more effectively through listening and hearing rather than through visual or kinesthetic methods.Rate this question:
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- 8.
If cutting up your instructor's notes and reassembling them helps you retan information, you are likely a(n) _________ learner.
- A.
Visual
- B.
Aural/auditory
- C.
Read/write
- D.
Kinesthetic
Correct Answer
D. KinestheticExplanation
If cutting up your instructor's notes and reassembling them helps you retain information, you are likely a kinesthetic learner. Kinesthetic learners learn best through physical activities and hands-on experiences. They prefer to learn by doing and engaging in activities that involve movement and touch. In this case, the act of physically cutting up and rearranging the notes is a kinesthetic activity that helps the learner process and remember the information better.Rate this question:
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- 9.
According to the text, metacognition is defined as
- A.
Thinking about the thought process.
- B.
Considering schedule planning.
- C.
Reading with attention.
- D.
Memorizing through mneumonics.
Correct Answer
A. Thinking about the thought process.Explanation
Metacognition refers to the act of thinking about one's own thought process. It involves being aware of and monitoring one's thoughts, understanding how one learns and problem solves, and being able to reflect on and evaluate one's own thinking. This concept goes beyond simply thinking about thinking and involves actively engaging in self-reflection and self-regulation of cognitive processes. Metacognition helps individuals become more effective learners and problem solvers by allowing them to understand their strengths and weaknesses and make adjustments to their thinking strategies as needed.Rate this question:
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- 10.
Talking to yourself while you're studying
- A.
Suggests you need counseling.
- B.
Shows you're overtired.
- C.
Helps you figure things out.
- D.
All of the above
Correct Answer
C. Helps you figure things out.Explanation
Talking to yourself while studying can be a helpful strategy for many people. It allows individuals to verbalize their thoughts and ideas, which can aid in understanding and problem-solving. By talking through concepts aloud, individuals can clarify their understanding, identify any gaps in their knowledge, and reinforce their learning. This self-explanation technique helps you figure things out and can be an effective study strategy.Rate this question:
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- 11.
Which of the following is not a helpful study strategy?
- A.
Taking appropriate study breaks
- B.
Adding variety by switching from one subject to another
- C.
Pulling an all-nighter/study non-stop
- D.
Paying attention to details/aiming for accuracy
Correct Answer
C. Pulling an all-nighter/study non-stopExplanation
Pulling an all-nighter or studying non-stop is not a helpful study strategy. While it may seem like a good idea to cram as much information as possible in a short amount of time, research has shown that this method is ineffective for long-term retention and can lead to exhaustion and burnout. It is important to take regular breaks to rest and recharge, as well as to switch between subjects to maintain focus and prevent boredom. Paying attention to details and aiming for accuracy are beneficial study strategies that can enhance understanding and retention of information.Rate this question:
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- 12.
According to your text, shortcuts in studying
- A.
Are rarely acceptable
- B.
Are rarely necessary
- C.
Should be followed frequently
- D.
Can function as "triage" in an academic emergency
Correct Answer
D. Can function as "triage" in an academic emergencyExplanation
Shortcuts in studying can function as "triage" in an academic emergency. This means that in certain urgent situations, shortcuts can be used as a temporary measure to quickly address the problem and provide immediate relief. However, it is important to note that shortcuts are rarely acceptable or necessary in regular studying. They should only be used sparingly and as a last resort when time is limited and immediate results are needed.Rate this question:
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- 13.
Words like sometimes, often, and ordinarily often make a statement on an exam
- A.
True
- B.
False
- C.
Right
- D.
Wrong
Correct Answer
A. TrueExplanation
The statement is true because words like "sometimes," "often," and "ordinarily" are commonly used in exam questions to indicate that a particular statement is not always true but is generally true or tends to be true in most cases. These words help to qualify the statement and acknowledge that there may be exceptions or variations to the general rule. Therefore, it is important for test-takers to pay attention to these words and consider the context in which they are used when answering exam questions.Rate this question:
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- 14.
An essay question that asks you to examine two or more things to find similarities will often use the verb
- A.
Compare
- B.
Contrast
- C.
Define
- D.
Discuss
Correct Answer
A. CompareExplanation
When an essay question asks you to examine two or more things to find similarities, it is common for the question to use the verb "compare." This verb indicates that you should analyze and identify the similarities between the given subjects. By comparing the subjects, you are expected to highlight their shared characteristics or qualities, providing a comprehensive understanding of how they are similar to each other.Rate this question:
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- 15.
An essay question that asks you to provide a detailed account will often use the verb
- A.
Contrast
- B.
Describe
- C.
Prove
- D.
Interpret
Correct Answer
B. DescribeExplanation
An essay question that asks you to provide a detailed account will often use the verb "describe". This is because the word "describe" implies providing a thorough and comprehensive explanation or account of a particular topic or concept. It requires the writer to provide specific details, examples, and explanations to fully illustrate and explain the subject matter. In contrast, the verbs "contrast", "prove", and "interpret" have different implications and require different approaches in an essay question.Rate this question:
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- 16.
An essay question that asks you to give concrete examples to demonstrate something will often use the verb
- A.
Define
- B.
Relate
- C.
Illustrate
- D.
Prove
Correct Answer
C. IllustrateExplanation
This question is asking about the verb that is often used in an essay question that requires giving concrete examples to demonstrate something. The verb "illustrate" fits this description as it means to provide examples or evidence to support or explain a statement or idea. In an essay, when asked to illustrate something, you would be expected to provide specific examples that showcase or clarify the concept being discussed.Rate this question:
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- 17.
An essay question that asks you to make a judgment or describe the pros and cons of something often use the verb
- A.
Define
- B.
Evaluate
- C.
Illustrate
- D.
Prove
Correct Answer
B. EvaluateExplanation
The verb "evaluate" is the correct answer because when an essay question asks you to make a judgment or describe the pros and cons of something, you are essentially being asked to assess or evaluate the topic. This involves analyzing the strengths and weaknesses, considering different perspectives, and forming an informed opinion based on evidence and reasoning. The other verbs listed do not capture the same meaning and purpose as "evaluate" in this context.Rate this question:
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- 18.
An example of the interconnectedness of courses is the close connection between
- A.
Literature and history
- B.
Literature and math
- C.
Literature and biology
- D.
Literature and physics
Correct Answer
A. Literature and historyExplanation
Literature and history are closely interconnected because literature often reflects and explores historical events, periods, and societal contexts. Literature can provide valuable insights into the culture, values, and perspectives of different time periods, enhancing our understanding of history. Similarly, historical events and figures can inspire and influence literary works, shaping their themes, characters, and narratives. The study of literature can deepen our appreciation and comprehension of history, while historical knowledge can enrich our interpretation and analysis of literary texts. This interplay between literature and history allows for a multidimensional exploration of human experiences and the complexities of the past.Rate this question:
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- 19.
In a fact-finding mission about a major, which of the following is the least valuable question to ask someone you are interviewing?
- A.
What are the department's requirements for this major?
- B.
What is the reputation of this department on campus?
- C.
How easy is the major in this discipline?
- D.
Why should a student major in this discipline?
Correct Answer
C. How easy is the major in this discipline?Explanation
Asking about the ease of a major is the least valuable question because it does not provide meaningful information about the major itself or its value. The difficulty of a major can vary depending on individual strengths and preferences, and what may be easy for one person could be challenging for another. It is more important to focus on understanding the requirements, reputation, and reasons for choosing a particular major, as these factors can provide more relevant and useful insights for the fact-finding mission.Rate this question:
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- 20.
If making others happy, makes you happy, your "Academic Anatomy" preference is likely to be working with your
- A.
Head
- B.
Heart
- C.
Hands
- D.
Whole body
Correct Answer
B. HeartExplanation
If making others happy brings you happiness, it suggests that you have a strong emotional connection and empathy towards others. This aligns with the preference of working with your heart, as the heart is often associated with emotions and compassion. Working with your heart implies that you prioritize the well-being and emotional needs of others, which is likely to be a characteristic of someone who finds joy in making others happy.Rate this question:
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- 21.
If you like building things, your "Academic Anatomy" preference is likely to be working with your
- A.
Head
- B.
Heart
- C.
Hands
- D.
Whole body
Correct Answer
C. HandsExplanation
If you enjoy building things, it implies that you have a hands-on approach and prefer to physically create or construct objects. This suggests that your "Academic Anatomy" preference would be working with your hands, as opposed to your head, heart, or whole body. Working with your hands involves manual dexterity and practical skills, which are often required in activities such as crafting, engineering, or woodworking.Rate this question:
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- 22.
If you like solving problems, your "Academic Anatomy" preference is likely to be working with your
- A.
Head
- B.
Heart
- C.
Hands
- D.
Whole body
Correct Answer
A. HeadExplanation
If you enjoy problem-solving, your "Academic Anatomy" preference is likely to be working with your head. This means that you prefer to use your intellect, logic, and analytical skills to solve problems. You are likely to approach problems in a rational and logical manner, relying on your knowledge and critical thinking abilities. This preference suggests that you are more inclined towards academic pursuits that require mental engagement and cognitive abilities.Rate this question:
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- 23.
If you are athletic, your "Academic Anatomy" preference is likely to be working with your
- A.
Head
- B.
Heart
- C.
Hands
- D.
Whole body
Correct Answer
D. Whole bodyExplanation
If you are athletic, it is likely that you prefer to work with your whole body in your "Academic Anatomy" preference. This is because being athletic involves using and training various parts of the body, such as muscles, joints, and cardiovascular system. Understanding the anatomy of the whole body would be beneficial for athletes to optimize their performance, prevent injuries, and improve their overall physical fitness.Rate this question:
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- 24.
Which of the following is an example of Instrumentation?
- A.
Engaging in high-level thinking, brainstorming and problem solving.
- B.
Knowing yourself and your direction.
- C.
Interpreting and applying infomation.
- D.
Having the inner direction you need
Correct Answer
A. Engaging in high-level thinking, brainstorming and problem solving.Explanation
Engaging in high-level thinking, brainstorming and problem solving is an example of Instrumentation because it involves the use of cognitive skills and techniques to analyze and solve complex problems. It requires the ability to think critically, generate creative ideas, and make informed decisions. Instrumentation in this context refers to the process of using mental tools and strategies to gather information, evaluate options, and develop effective solutions. This type of thinking is often used in professional settings, such as business, science, and engineering, where complex problems need to be solved and innovative ideas need to be generated.Rate this question:
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- 25.
If you chose a major based on your passions, you would be
- A.
Following your bliss.
- B.
Considering your career, not your major.
- C.
Exploring threats.
- D.
None of the above
Correct Answer
A. Following your bliss.Explanation
Choosing a major based on your passions means selecting a field of study that aligns with your interests and brings you joy. By following your bliss, you are prioritizing personal fulfillment and happiness in your academic pursuits. This approach suggests that you are more likely to excel and find satisfaction in your chosen field because you have a genuine passion for it. It emphasizes the importance of pursuing what you love rather than focusing solely on practical career considerations or external pressures.Rate this question:
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- 26.
Which of the following best describes a quarterlife crises:
- A.
Jane is feeling overwhelmed with the decisions that must be made. She has graduated with her nursing degree and is about to start working full-time as a Registered Nurse.
- B.
Tore is unsure of which major he wants to pursue after graduating with his associate's degree.
- C.
Marcus has just turned 50 and is rethinking the direction of his life.
- D.
Sophia is trying to decide between buying a compact hybrid car and a scooter.
Correct Answer
A. Jane is feeling overwhelmed with the decisions that must be made. She has graduated with her nursing degree and is about to start working full-time as a Registered Nurse.Explanation
A quarterlife crisis refers to a period of uncertainty and anxiety that individuals in their twenties or early thirties may experience. It is typically characterized by feelings of confusion, doubt, and a sense of being overwhelmed with important life decisions. Jane's situation aligns with this description as she has just graduated and is facing the pressure of making significant choices regarding her career and future.Rate this question:
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- 27.
All of the following are examples of networking except:
- A.
Having coffee with someone who works in the field you are pursuing.
- B.
Connecting to other professionals on LinkedIn.
- C.
Researching your career choice in the Occupational Outlook Handbook.
- D.
Attending a job fair and meeting others who work in your field.
Correct Answer
C. Researching your career choice in the Occupational Outlook Handbook.Explanation
All of the other options involve some form of connecting or interacting with others, which is the essence of networking. Having coffee with someone in your field allows for a personal connection and potential mentorship. Connecting on LinkedIn expands your professional network and opens up opportunities for collaboration and job prospects. Attending a job fair provides the chance to meet and network with professionals in your desired field. However, researching your career choice in the Occupational Outlook Handbook is an individual activity that does not involve direct interaction or connection with others.Rate this question:
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- 28.
Rhea has little work experience in her chosen field, but has had solid courses and a well-developed portfolio showcasing examples of her skills. Which approach to her résumé should she use?
- A.
Skills
- B.
Reverse chronological
- C.
Reflective
- D.
Active portfiolio
Correct Answer
A. SkillsExplanation
Rhea should use the skills approach for her résumé. This is because she has little work experience in her chosen field, but she has solid courses and a well-developed portfolio showcasing examples of her skills. By using the skills approach, Rhea can highlight her relevant skills and abilities, which will be more valuable to potential employers than her limited work experience. This approach will allow her to showcase her strengths and potential in her chosen field.Rate this question:
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- 29.
Telling the interviewer you can get by on $25,000 a year when she was prepared to offer you $50,000 is not an example of
- A.
Staying focused.
- B.
Giving and getting answers.
- C.
Playing up the positive.
- D.
Negotiating wisely.
Correct Answer
D. Negotiating wisely.Explanation
This answer is correct because negotiating wisely involves being able to effectively communicate and advocate for oneself during salary negotiations. In this scenario, the candidate is demonstrating their ability to negotiate by stating that they can live on a lower salary than what was initially offered. This shows that they are willing to negotiate and potentially accept a lower salary, which can be seen as a positive trait by the interviewer.Rate this question:
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- 30.
Which of the following is an example of exhibiting a work ethic
- A.
Jim is an expert PowerPoint user and creates interesting presentations for his boss.
- B.
Stephanie stayed at work until 1 a.m. to finish a report that was due to her director the next day.
- C.
Jose, a financial manager, came up with a budget savings technique for buying office supplies.
- D.
Leslie, an office assistant, found a file that had been misplaced a month ago.
Correct Answer
B. Stephanie stayed at work until 1 a.m. to finish a report that was due to her director the next day.Explanation
Stephanie staying at work until 1 a.m. to finish a report that was due the next day demonstrates a strong work ethic. It shows dedication, responsibility, and a commitment to meeting deadlines. By putting in extra hours and going above and beyond to complete her tasks, Stephanie exhibits a strong work ethic and a willingness to put in the necessary effort to ensure the job gets done.Rate this question:
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- 31.
This type of learning is connected with your class and emphasizes hands-on learning
- A.
Service learning
- B.
Internship
- C.
VARK learning
- D.
Cooperative learning
Correct Answer
A. Service learningExplanation
Service learning is a type of learning that is connected with your class and emphasizes hands-on learning. It involves students engaging in community service activities that are related to the curriculum they are studying. Through service learning, students not only gain practical experience and skills, but also develop a sense of civic responsibility and empathy towards others. This type of learning encourages students to apply their knowledge in real-world situations and make a positive impact in their communities.Rate this question:
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- 32.
Jim is completing his associate's degree in criminal justice. His major requires students to work alongside a professional in criminal justice during their last term. This is called:
- A.
Service learning
- B.
Cooperative learning
- C.
Internship
- D.
None of the above
Correct Answer
C. InternshipExplanation
An internship is a period of practical training, usually offered by an organization, to give students hands-on experience in their field of study. In this scenario, Jim's major requires him to work alongside a professional in criminal justice during his last term, which aligns with the concept of an internship. Therefore, the correct answer is internship.Rate this question:
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- 33.
If Arthur decides that he cannot continue in college now, he should
- A.
Take time off and regroup.
- B.
Never consider coming back to college.
- C.
Keep going regardless of what has happened in his life.
- D.
Just stop coming to classes.
Correct Answer
A. Take time off and regroup.Explanation
If Arthur decides that he cannot continue in college now, taking time off and regrouping would be a reasonable course of action. This would allow him to step back, reassess his situation, and potentially address any challenges or obstacles that may be preventing him from continuing his education. It gives him an opportunity to take a break, gather his thoughts, and come up with a plan for his future without completely abandoning the idea of returning to college.Rate this question:
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- 34.
Chapter 13 discusses three ways to "try a job on for size." What are they?
- A.
Part-time work, service learning and full-time work.
- B.
Co-op programs, part-time work, and full-time work.
- C.
Networking, part-time work, and full-time work.
- D.
Internships, co-op programs, and service learning.
Correct Answer
D. Internships, co-op programs, and service learning.Explanation
Chapter 13 discusses three ways to "try a job on for size": internships, co-op programs, and service learning. These options provide individuals with opportunities to gain hands-on experience in a specific field or industry, allowing them to explore their interests, develop skills, and determine if a particular job or career path is a good fit for them.Rate this question:
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- 35.
Being tuned in and understanding the culture of the organization you work for is an example of
- A.
Learning the rules of the game.
- B.
Detecting opportunities.
- C.
Going for extra credit.
- D.
Speaking and writing well.
Correct Answer
A. Learning the rules of the game.Explanation
Understanding the culture of the organization you work for is crucial for success in the workplace. By being tuned in to the culture, employees can navigate the unwritten rules, norms, and expectations of the organization. This knowledge allows them to make informed decisions, communicate effectively, and align their actions with the organization's values and goals. It also helps them build relationships, adapt to changes, and contribute positively to the overall work environment. Therefore, learning the rules of the game accurately describes the importance of understanding the organization's culture.Rate this question:
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- 36.
Go to www.extension.purdue.edu/retirement/ Click on Module 2, then click on Module 2a.What percentage of your current income will be sufficient as retirement income?
- A.
50-60 percent
- B.
40-50 percent
- C.
70-80 percent
- D.
100 percent
Correct Answer
C. 70-80 percentExplanation
The correct answer is 70-80 percent. This percentage is considered sufficient as retirement income because it takes into account the fact that some expenses may decrease in retirement, such as commuting costs and work-related expenses, but other expenses may increase, such as healthcare and leisure activities. It is important to have a retirement income that can cover these expenses and maintain a similar standard of living as before retirement.Rate this question:
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- 37.
Being financially savvy includes
- A.
Organizing your records.
- B.
Separating needs from wants.
- C.
Making school your first job.
- D.
All three selections above.
- E.
None of the three selections above.
Correct Answer
D. All three selections above.Explanation
Being financially savvy includes organizing your records, separating needs from wants, and making school your first job. Organizing your records helps you keep track of your financial transactions and ensures that you have a clear understanding of your financial situation. Separating needs from wants helps you prioritize your expenses and make wise financial decisions. Making school your first job implies prioritizing education and investing in your future earning potential, which is a key aspect of financial savviness. Therefore, all three selections above contribute to being financially savvy.Rate this question:
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- 38.
Contact your creditors to
- A.
Let them know you are having problems.
- B.
Let them know your new address.
- C.
Check athe interest rate you are paying.
- D.
All of the selections above.
Correct Answer
D. All of the selections above.Explanation
The correct answer is "all of the selections above" because contacting your creditors is important in various situations. By letting them know you are having problems, you can discuss potential solutions or negotiate new payment arrangements. Informing them about your new address ensures that you receive important correspondence. Checking the interest rate you are paying helps you understand the cost of your debt and potentially explore options for reducing it. Therefore, all of these actions are necessary when dealing with creditors.Rate this question:
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- 39.
Looking for new sources for scholarships can define success in fulfilling financial responsibilities.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Seeking out new sources for scholarships can indeed lead to success in fulfilling financial responsibilities. Scholarships provide financial assistance for education, reducing the burden of student loans or personal expenses. By actively searching for and applying to various scholarships, individuals increase their chances of obtaining funding for their education. This can help cover tuition fees, textbooks, accommodation, and other related costs. Therefore, it is true that looking for new scholarship opportunities can contribute to fulfilling financial responsibilities.Rate this question:
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- 40.
Looking for volunteer jobs is a contradiction to the point of being financially savvy.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Volunteering for jobs does not necessarily contradict being financially savvy. While volunteer work may not provide immediate financial benefits, it can offer valuable experiences, skill development, networking opportunities, and a chance to give back to the community. Being financially savvy involves making smart decisions with money, and volunteering can be a strategic investment in personal growth and long-term career prospects. Therefore, the statement that looking for volunteer jobs is a contradiction to being financially savvy is false.Rate this question:
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- 41.
Stocks are sold for a profit if the stock price goes down.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Stocks are not sold for a profit if the stock price goes down. In fact, stocks are typically sold for a profit when the stock price goes up. When an investor buys a stock at a lower price and sells it at a higher price, they make a profit. Therefore, the statement that stocks are sold for a profit if the stock price goes down is incorrect.Rate this question:
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- 42.
Funding an IRA increases your taxable income.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Funding an IRA does not increase your taxable income. In fact, contributions to a traditional IRA are typically tax-deductible, meaning they reduce your taxable income. This can provide a tax benefit by lowering the amount of income subject to taxation. However, it's important to note that withdrawals from a traditional IRA are generally subject to taxes.Rate this question:
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- 43.
Protect your credit by
- A.
Finding a job on campus.
- B.
Paying bills on time.
- C.
Spending beyond your means.
- D.
All of the selections above.
Correct Answer
B. Paying bills on time.Explanation
Paying bills on time is the correct answer because it is an important step in protecting your credit. Late or missed payments can negatively impact your credit score and make it difficult to obtain loans or credit in the future. By consistently paying your bills on time, you demonstrate financial responsibility and reliability to lenders, which can help maintain or improve your creditworthiness.Rate this question:
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- 44.
Being credit savvy includes understanding that a credit card is a high interest, short term loan.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Being credit savvy means having knowledge and understanding about credit cards. One aspect of being credit savvy is recognizing that a credit card is essentially a type of loan. Credit cards typically have high interest rates, meaning that if you don't pay off your balance in full each month, you will be charged interest on the remaining balance. Additionally, credit cards are considered short term loans because they allow you to borrow money for a short period of time, typically on a monthly basis. Therefore, the statement that a credit card is a high interest, short term loan is true.Rate this question:
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- 45.
The purchase of government or company bonds is a way to lend money with the expectation of return plus interest.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement is true because purchasing government or company bonds involves lending money to the government or the company with the expectation of receiving the principal amount back along with interest. Bonds are a form of debt securities where the issuer borrows money from the bondholder and promises to repay the principal amount at a specified maturity date, along with periodic interest payments. Therefore, buying bonds is indeed a way to lend money in exchange for a return on investment in the form of interest.Rate this question:
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- 46.
An employer based plan invests for employees' retirement through payroll deduction and matching contribution.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
An employer-based plan is a retirement savings plan that is funded through payroll deductions and matching contributions made by the employer. This means that a portion of the employee's salary is automatically deducted and invested in the retirement plan, and the employer also contributes a matching amount. This setup allows employees to save for their retirement in a convenient and structured way, with the added benefit of receiving additional contributions from their employer. Therefore, the statement that an employer-based plan invests for employees' retirement through payroll deduction and matching contribution is true.Rate this question:
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- 47.
Mutual fund investment instruments include those that encourage pooling of money for profitable return.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Mutual fund investment instruments are designed to encourage individuals to pool their money together in order to invest in a diversified portfolio of stocks, bonds, or other assets. This pooling of funds allows investors to access a wider range of investment opportunities and potentially achieve higher returns compared to investing individually. Therefore, the statement that mutual fund investment instruments encourage pooling of money for profitable return is true.Rate this question:
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- 48.
According to an ancient proverb, the art is not in making money but in
- A.
Spending it.
- B.
Keeping it.
- C.
Counting it.
- D.
Investing it.
Correct Answer
B. Keeping it.Explanation
The correct answer is "keeping it." The ancient proverb suggests that the true skill lies not in acquiring wealth, but in effectively managing and preserving it. This implies that the ability to hold onto money and avoid unnecessary expenditures is more valuable than simply accumulating it.Rate this question:
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- 49.
How much interest is paid on a credit card debt of $3,000, at 18% interest, $100 per month for 41 months?
- A.
$595
- B.
$1065
- C.
$1017
- D.
None of the above
Correct Answer
C. $1017Explanation
The correct answer is $1017. To calculate the interest paid on the credit card debt, we can use the formula: Interest = Principal x Rate x Time. In this case, the principal is $3,000, the rate is 18% (or 0.18), and the time is 41 months. Therefore, the interest paid can be calculated as: $3,000 x 0.18 x 41 = $1,026. However, since the monthly payments of $100 are reducing the principal, the interest paid will be slightly less than $1,026. The closest option is $1017.Rate this question:
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- 50.
Degrees which are designed to transfer include
- A.
Certificates
- B.
Associate of Applied Science
- C.
Associate of Science
- D.
Associate of Arts
- E.
Both C & D
Correct Answer
E. Both C & DExplanation
Degrees that are designed to transfer include Associate of Science and Associate of Arts. These degrees are typically offered by community colleges and are intended to provide a solid foundation in general education courses, which can then be transferred to a four-year college or university. The Associate of Applied Science degree, on the other hand, is more focused on specific career skills and may not transfer as easily to a four-year institution. Therefore, the correct answer is both C (Associate of Science) and D (Associate of Arts).Rate this question:
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