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Test Bank for Focus on Personal Finance 12th Edition by Jack Kapoor, Les Dlabay, Robert J. Hughes & Melissa Hart $19.99
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Test Bank for Focus on Personal Finance 12th Edition by Jack Kapoor, Les Dlabay, Robert J. Hughes & Melissa Hart
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Test Bank for Focus on Personal Finance 12th Edition by Jack Kapoor, Les Dlabay, Robert J. Hughes & Melissa Hart. Part 1: Planning Your Personal Finances Chapter 1: Personal Finance Basics and the Time Value of Money Appendix: The Time Value of Money? Chapter 2: Financial Aspects of Career Planning...

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  • 7 juin 2024
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Test Bank for
- 978-1259720680
Chapter 1-19 [Answers are at the End of Each Chapter]


Chapter 01 Testbank - Static
M
ED
Student: ___________________________________________________________________________

1. Increased demand for a product or service will usually result in lower prices for the item.
True False
C
2. Inflation reduces the buying power of the dollar.
True False
O

3. Lenders benefit more than borrowers in times of high inflation.
True False
N
N
4. Economics is the study of using money to achieve financial goals.
True False
O
5. A decrease in the demand for a product or service may result in unemployment from staff reduction.
True False
IS

6. Developing and using a budget is part of the "obtaining" component of financial planning.
True False
SE

7. A financial plan is another name for a budget.
True False
U

8. Planning to buy a car is an example of an intangible goal.
True False
R

9. Opportunity costs refer to what a person gives up when making a choice.
True False

,10. Personal opportunity costs refer to time, effort, and health that are given up when a decision is made.
True False



11. Time value of money refers to changes in consumer spending when inflation occurs.
True False
M
12. Interest on savings is calculated by multiplying the principal amount times the opportunity cost times the annual
interest rate.
True False
ED

13. Present value is also referred to as compounding.
True False
C
14. Opportunity costs may be viewed only in terms of financial resources.
True False
O

15. Gross Domestic Product (GDP) measures the total value of goods and services produced within a country's borders,
N
excluding items produced with foreign resources.
True False
N

16. Trade balance is defined as the difference between a country's exports and its imports.
True False
O
IS
17. The main goal of personal financial planning is managing your money to:
A. save and invest for future needs.
B. reduce a person's tax liability.
C. achieve personal economic satisfaction.
D. spend to achieve financial objectives.
SE
E. save, spend, and borrow based on current needs.



18. Higher prices are likely to result from:
A. lower demand by consumers.
U
B. increased production by business.
C. lower interest rates.
D. increased demand by consumers without increased supply.
E. an increase in the supply of a product.
R

,19. Who is most likely to benefit from inflation?
A. Retired people
B. Lenders
C. Borrowers
D. Low-income consumers
E. Government
M
20. Higher consumer prices are likely to be accompanied by:
A. lower union wages.
B. lower interest rates.
C. lower production costs.
ED
D. higher interest rates.
E. higher exports.



21. With an inflation rate of 9 percent, prices would double in about ___________ years.
A. 4
C
B. 6
C. 8
D. 10
E. 12
O
N
22. Increased consumer spending will usually cause:
A. lower consumer prices.
B. reduced employment levels.
C. lower tax revenues.
N
D. lower interest rates.
E. higher employment levels.
O

23. Higher interest rates can be caused by:
A. a lower money supply.
IS
B. an increase in the money supply.
C. a decrease in consumer borrowing.
D. lower government spending.
E. increased saving and investing by consumers.
SE

24. The risk premium you receive as a saver is based:
A. on your credit rating.
B. on the amount of money you are borrowing.
C. only on the uncertainty associated with getting your money back.
U
D. only on the expected rate of inflation.
E. in part on the uncertainty associated with getting your money back and the expected rate of inflation.
R

, 25. Which of the following would increase the risk of a loan to the lender?
A. Inflation rate greater than loan rate
B. A short time to maturity
C. Consumer Price Index
D. Rule of 72
E. Inflation rate lower than loan rate
M
26. The stages in the family and financial needs of an adult are called the:
A. financial planning process.
B. budgeting procedure.
C. personal economic cycle.
ED
D. adult life cycle.
E. tax planning process.



27. The study of how wealth is created and distributed is:
A. financial planning.
C
B. opportunity cost.
C. inflation.
D. economics.
E. a market economy.
O
N
28. The main economic influence that causes inflation is:
A. Changes in the stock market.
B. Decreases in interest rates.
C. Increases in employment.
N
D. Decreases in government spending.
E. Increases in demand without increases in supply.
O

29. The Fed refers to:
A. government regulation of business.
IS
B. Congress.
C. the Federal Reserve System.
D. the Federal Deposit Insurance Corporation.
E. spending by the federal government.
SE

30. The main responsibility of The Fed is to:
A. maintain an adequate supply of money.
B. approve spending by Congress.
C. set federal income tax rates.
U
D. determine illegal business activities.
E. maintain a balanced budget for the federal government.
R

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