Personal Finance Chapter 1 Review TrueFalse 1 The

Personal Finance Chapter 1 Review

True/False 1. The number of jobs in a career area does affect the income workers in that job are likely to make. 2. Once you are hired for a job, the skills or education needed for that job cannot change. 3. Informal education may involve on-the-job training and learning skills as you are working.

True/False 4. Considering the economy is not important as you make decisions that will affect your income. 5. When the economy is slowing, people are buying goods and services and jobs are being created. 6. The Internet is not a good source of information about jobs.

7. The federal government offers financial aid to students who qualify. 8. Scholarships are gifts of money or other aid that are always based on talent. 9. When filling out financial aid forms, students should be truthful and give full and accurate information.

10. Everyone is eligible for a subsidized student loan. 11. Every career requires a four-year degree.

12. Specific tasks you can do, such as prepare a spreadsheet or operate a machine are known as a. job titles b. job skills c. job market d. job descriptions

13. A principle that reflects the worth you place on an idea or action is known as a/an a. Appraisal b. Value c. Goal d. Objective

14. A plan to complete a college education is an example of a/an a. goal b. appraisal c. skill d. value

15. The quantity of goods and services that producers are willing and able to provide is called a. demand b. supply c. the economy d. scarcity

16. When the economy is slowing down, a. people often buy fewer goods and services b. people often buy more goods and services c. the number of jobs is typically increasing d. finding and keeping a job is typically easier.

17. Money paid for the use of money is called a. assets b. profit c. interest d. debt

18. The charge for instruction at a school is called a. grants b. tuition c. living expenses d. fees.

19. To pay for education, students who do not qualify for financial aid may choose to a. work and save money for tuition b. get a subsidized loan c. get need-based scholarships d. both b and c.

20. A system of moral values that people consider acceptable is a. integrity b. principles c. goals d. ethics

21. The name given to a job that often describes its main tasks a. hard skills b. job description c. job market d. job title

22. The wide variety of job and career choices that exist at one point in time. a. job description b. job market c. job title

23. A document that gives details about the tasks, duties, skills, education, and experience required for a job. a. job description b. job market c. job title

24. All the activities related to making and distributing goods and services is known as a. supply b. demand c. economy d. market

25. The willingness and ability of consumers to buy products and services a. supply b. demand c. economy

26. The ability to perform technical tasks or complete technical procedures a. soft skills b. hard skills

27. Nontechnical skills such as leadership or the ability to communicate clearly a. soft skills b. hard skills c. job title

28. A course of study at a career or technical school a. Typically lasts a few months to a year or more b. Usually costs more than a degree program at a university c. Typically takes longer to complete than a degree program at a university