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DECA Personal Financial Literacy Exam Questions with Latest Update
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In order for a contract between two parties to be legally binding, one party must make an offer and the other party must accept the offer. This offer and acceptance meet the __________ provision. - Answer-agreement Which of the following is an example of consideration in a contract: - Answer-Sel...

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  • October 12, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • deca personal financial literacy exam questions wi
  • in order for a contract between two parties to be

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DECA Personal Financial Literacy Exam
Questions with Latest Update
In order for a contract between two parties to be legally binding, one party must make
an offer and the other party must accept the offer. This offer and acceptance meet the
__________ provision. - Answer-agreement

Which of the following is an example of consideration in a contract: - Answer-Selling an
item for $500

Which of the following is an example of involuntary debt: - Answer-Court judgment lien

What type of debtor-creditor relationship involves the acquisition and use of credit
cards? - Answer-Voluntary

A primary component of the Dodd-Frank Act involves tightening the regulation of
financial institutions and preventing them from - Answer-engaging in risky lending
practices.

Which of the following does the SEC recommend for investors to protect themselves: -
Answer-Research the company.

The president of an international company tells reporters at a press conference that the
company is doing well and will be meeting quarterly projections. Investors jump on the
stock as a sound investment, driving the price of the stock up. On the side, the
president sells her/his shares in the company. When the company's financials are
released, the truth comes out: the company is in bad financial shape. The president of
the company is guilty of - Answer-insider trading.

What do finance professionals need to do to build long-term relationships with their
clients? - Answer-Be honest, open, and trustworthy

Jonathan, an insurance agent, explains both the pros and cons of his products to all of
his customers to help them decide which policies to purchase. Hank, also an insurance
agent, explains to his customers why they should purchase his products, but he doesn't
talk about anything negative before making a sale. Based on this information, which
agent is more likely to retain and grow his client base? - Answer-Jonathan, because his
customers feel that they can trust him.

Which of the following is not a natural resource? - Answer-Equipment

Which of the following is an example of a capital good: - Answer-A highway

, What are producers most likely to do if they decide their incomes are inadequate? -
Answer-Choose not to make goods and services

What do all owners of resources try to obtain from their limited resources - Answer-The
greatest satisfaction

Which of the following is an example of an uninsurable risk: - Answer-Customer buying
habits

When Marlon buys a new oven for his bakery, he receives a three-year warranty from
the oven company. If the oven breaks or has any problems within three years, the
company promises to repair or replace it free of charge. This is an example of
___________ business risk. - Answer-transferring

The prices of goods and services remaining fairly steady is an indication that the
economy is - Answer-stable

Why is deflation bad for the economy? - Answer-It reduces output and can lead to
layoffs.

The primary goal of negotiation is to - Answer-reach an agreement.

Claire said, "We need to resolve this quantity-discount issue and reach agreement by
next Tuesday. If we can't, I will solicit bids from other vendors." What negotiating
strategy is Claire using with her vendor? - Answer-Deadline driven

Which of the following is a business opportunity that requires a person to purchase the
right to sell an established good or service under the parent company's name: - Answer-
Franchise

Which of the following statements is true about business start-up requirements: -
Answer-The financial needs to start a new business depend on the nature of the
venture.

Which of the following situations is an example of a social risk that is associated with
starting a new business: - Answer-Adam is working 14 hours a day at his new company
and is not spending time with friends.

When using a debit card to pay for goods and services, the funds are electronically
transferred from a(n) - Answer-savings or checking account.

Which of the following is a disadvantage of a checking account: - Answer-Account
balance requirement

Lisa charges another sole proprietor to use the extra office in the building she owns.
Which of the following is Lisa's source of income: - Answer-Rent

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