Current liabilities < one year. PVcalcualtions are also called discounting. a) (2 points) What is the economic rule for maximizing your personal welfare? Unit 2 Worksheets. If you are shopping, the most responsible way to pay is with what? What are the cons of a sole proprietorship? More Finance Exam Quizzes. Standards of Learning (SOL) & Testing Economics & Personal Finance. The ability to readily convert financial resourced into cash without a loss in value. 1. can ruin credit, interests, overage fees, late fees, make debt harder to pay off. Home FAQ About Log in Subscribe now 30-day free trial. The point at which retirement payments made by the organization on your behalf belong to you if you don't work for the organization anymore. Personal Finance Test 1 Chapter 1 Standard of Living- The necessities, comforts, and luxuries one seeks to obtain or maintain. Stages of career planning and advancement. Test Bank (Download only) for Personal Finance: Turning Money into Wealth, 7th Edition Download Test Bank - Word (application/zip) (0.5MB) Download Test Bank - PDF (application/zip) (1.6MB) Future value of money (single amount and series of deposits (REVIEW)). What do you have to do to mass market goods and services? Only the first 100 are shown. Main sources include: Community organizations, business contacts, professional organizations. A set of federal laws that allow you to either restructure your debts and remove certain debts. (there are 5). Play this game to review Economics. Evaluate the employment market and identify specific employment opportunities. The process of making and using contacts for obtaining and updating career information. What are the disadvantages of a charge/credit card? Chapter 6 12. Personal Exam Personal Exam . States that buyers will want more goods when price is low, organizations that don't seek to earn a profit for stockholders, Loans that are payable for a long period of time, Loans that are payable for a short period of time, manufacturers sell to wholesalers who sell to retailers who sell to the public, freedom to buy and sell, freedom to compete, freedom to earn a living, freedom to earn a profit, freedom to own property, What are the economic freedoms of the American free market economy? There will be a Mid-Term Exam in Economics. This quiz helps test your personal finance and management status. ), Ideas and principles that a person considers correct, desirable, and important, The study of how wealth is created and distributed. 76% average accuracy. The formula is A = C * (1 + r/100)n where A is the future value, C is the principal, r is the interest rate per period, and n is the number of periods. Study Personal Finance Test 1 (ch 1-4) Flashcards at ProProfs - personal fina nce test Fresh start. 100$ tax deduction reduces taxes by 28$ if you are in the 28% bracket. University of California, Berkeley Econ 1, Fall 2002 4) Utility Maximization ( 8 Points) You are a rational decision maker. One credit in economics and personal finance must be completed prior to graduation. Advantages of personal financial planning, 1. increased effectiveness in obtaining, using, and protecting financial resources. b) (3 points) You are willing to pay $1 for a cup of coffee or a … There will not be an end of course (EOC) or SOL Test in Economics but students in Personal Finance will be taking the Standardized Wise Test at the end of the end of the Year. Business Cycle- Periodic expansions and contractions in economic activity. The market value of all goods and services produced annually in a country, unemployment rate, business failure rate, amount of tax revenue produced. 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