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Business Exam

True or False Set

QuestionAnswer
Many of today's growing occupation focus on the collection,use, and distribution of information. True
If an employee works 30 hours at an hourly wage rate of $12, the employee's net pay, or "take-home pay" would be $360.00 False
All income earned from employment, including wages, salaries, bonuses, and tops must be reported on Form W-2 True
Paying Bills online is safer and faster than sending a check in the mail True
Unlike, student loans, scholarships do not have to be repaid even if you fail to complete your education False
One way to reduce the cost of credit is to make only the only minimum required monthly payments on your debts. False
The first step in making a major purchase decision is compare prices for different brands False
The value of most homes appreciate, or increase in market value, over time. True
A fair price for a new car lies somewhere between the sticker price and the invoice price. True
A newly married couple's short term goals involve decisions about the near term, sch as saving for their children's education False
Short-term investments are generally less risky than long-term investments True
Both stocks and bonds represent debts that must be repaid by a corporation at a specified future date. False
An individual retirement account (IRA) allows individuals to set aside an unlimited amount of money each year and deduct that amount from their taxable income. False
One way to save money on the cost of insurance is to accept higher deductibles on insurance policies. True
If you rent your residence, you do not need to obtain any property or liability insurance . False
The most common type of health insurance is group insurance, which usually costs less than individual insurance with comparable coverage. True
Generally, filing a lawsuit should be the first step in resolving a consumer dispute. False
Over the last 50 years, the United States has experienced widespread growth in manufacturing jobs with a corresponding decline in service jobs. False
If your regularly hourly wage rate is $12, your overtime rate would be $18 an hour. True
Interest paid on student loans can deducted from gross income to determine adjusted gross income on an individual's federal tax return. True
The balance in your checkbook register should always math the ending balance shown on your monthly bank statement . False
A grant is a form educational funding that does not have to be repaid True
Most credit counselors recommend carrying at least six credit cards in order to maintain a high amount of unused credit. False
An opportunity cost is an expense that occured in the past for which money was spent and cannot be recovered False
Bonnie purchased a home for $150,000 that is now worth $170,000, ad she owes $120,000 on the home. Bonnie's equity in her 50,000. True
If you are a considering purchasing a used car, you can obtain a detailed history of the car from the CARFAX website by entering the current license plate number. False
A family goal of "saving money for a trip to Hawaii" meets the criteria of being specific, measurable, and timely False
A bondholder who purchases a 10-year, $10,000 bond with a contract interest of 6% will receive 20 semiannual interest payments of $300 True
With either a traditional IRA or a Roth IRA, contributions to the account each year can deducted from income on your federal tax return False
Generally, premiums for an insurance policy with a $200 deductible will higher than premiums for a policy with $1,000 deductible. True
Renters insurance does not protect you if someone is injured in your rented home. False
Under the Affordable Care Act, individuals who meet low-income requirements are eligible for federal subsides to help pay health insurance premiums True
One advantage of small claims court is that attorneys usually charge lower fees to appear in small claims court than in trial court. False
Both creditors and debtors have responsibilities to each other True
If you fail to make payments as agreed, a creditor can take you to court and win a judgment against you. True
Created by: user-1781069
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