On-Line Personal Finance Curriculum Exam

1. When a person is hired as a new employee in a company, he or she must correctly fill out a _________ upon acceptance of the specific job.
W-2 form
1040 form
W-4 form
540 EZ form

2. It is always advisable to put a certin percentage (about 2% - 10%) of one's monthly income into some form of.....
savings
credit card
loan
household expenditures

3. Determining a monthly budget for expenditures is vital for both ''real'' and ''virtual'' world personal finances. This budget must be based on the employee's ________
yearly gross
monthly net
monthly gross
weekly gross

4. It is vital that a person records all of the checks that he or she writes in his or her check register and ______ the register balance with his or her monthly...
reconcile/credit card statement
add/bank statement
figure/credit credit card statement
reconcile/bank statement

5. In order to keep one's good credit with his or her bank(s) and ____________ companies, a person's bills should not exceed his or her monthly income.
insurance
credit card
coffee
car

6. A form that employees need to fill out yearly for filing their federal income tax information is the ______ form.
1040EZ
540
540EZ
1099

7. Virtual Enterprise employees are expected to pay for their orders from other Virtual Enterprise companies when a(n) _________ is received.
purchase order
email
invoice
credit

8. Rent, utilities, insurance, gasoline, and food costs are also generally known as ___________ expenses.
personal item
flexible personal
flexible
fixed living

9. All expenses, fixed and flexible, should always be recorded in a person's ...
computer
check register
checkbook
diary

10. Today, most people pay their bills electronically or online.
True
False

11. It is extremely important that the Virtual Enterprise employee understand that his or her total monthly bills should not exceed his or her total monthly net income.
True
False

12. The federal 1040EZ income tax form and the California 540EZ state tax form should be filed by April 15th of each year.
True
False

Personal Finance Curriculum Test

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