,Personal Financial Literacy, 2e
Chapter 1 Test 1
TRUE/FALSE
Indicate whether the statement is true or false by writing T for True or F for False on the answer sheet.
1. The job market is ever changing to meet the needs of employers with job openings.
2. Your skill set includes both soft skills, such as driving a car, and hard skills, such as leadership.
3. Once you are hired for a job, the skills and education needed for that job do not change.
4. Today’s most popular careers often require a bachelor’s degree or more.
5. Informal education may involve on-the-job training and learning skills as you are working.
6. Hearing means you are actively focusing on what the speaker is saying.
7. Considering the economy is not important as you make decisions that will affect your income.
8. When the economy is growing, people are buying goods and services and jobs are being created.
9. An economist is a person who studies the economy.
10. The business cycle is the alternating periods of growth and decline in the economy.
11. A subsidized student loan is a loan on which interest is not charged until after the student graduates.
12. The federal government offers financial aid to students who qualify.
13. Scholarships are gifts of money or other aid and are always based on need.
14. It is important to be truthful when filling out financial aid forms or scholarship applications.
15. A college or university that is accredited is certified to meet educational quality standards.
16. Business websites rarely contain information about current job openings at that company.
17. Job shadowing involves attending classes part of the day and then working a job part time.
18. A resume should not contain personal information such as schools you attended or jobs you have
held.
19. In order to be valuable, a reference letter must have been written in the last two weeks.
20. A cover letter should be long and convincing, giving the employer information about your
background, interests, hobbies, and sports activities.
,Personal Financial Literacy, 2e
Chapter 1 Test 2
MULTIPLE CHOICE
Write the letter of the choice that best completes the statement or answers the question on the answer
sheet.
21. Specific tasks you can do, such as prepare a spreadsheet or operate a machine, are known as
a. job titles
b. hard skills
c. soft skills
d. job descriptions
22. The Occupational Outlook Handbook
a. is available online
b. has data about the major job areas in the United States
c. does not give future projections for jobs
d. both a and b
23. Which of the following career fields would require the least amount of formal education?
a. physician’s assistant
b. skin care specialist
c. actor
d. computer programmer
24. A principle that reflects the worth you place on an idea or action is known as a(n)
a. appraisal
b. value
c. goal
d. objective
25. A plan to complete a college education is an example of a(n)
a. goal
b. appraisal
c. skill
d. value
26. Which of the following is an example of formal education?
a. self-training
b. on-the-job training
c. attending a class
d. working as an apprentice
27. To enhance your listening skills, you should not
a. focus on what the speaker is saying
b. look directly at the person who is talking to you
c. ignore distractions such as noises
d. think about your next response instead of focusing on what the speaker is saying
, Personal Financial Literacy, 2e
Chapter 1 Test 3
28. 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
29. 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
30. The point in the business cycle where the economy is as robust as it can get is called the
a. recovery
b. decline
c. peak
d. trough
31. Employers are more likely to give raises and bonuses in which part of the business cycle?
a. recovery
b. decline
c. trough
d. recession
32. Which of the following job assistance services is free of charge?
a. temp agency
b. employment agency
c. state employment office
d. all of the above
33. Money paid for the use of borrowed money is called
a. assets
b. profit
c. interest
d. debt
34. The expense of instruction at a school is called
a. grants
b. tuition
c. living expenses
d. housing charges
35. Which of the following tests is often required for admission to a college?
a. SAT
b. LSAT
c. GRE
d. GMAT
Chapter 1 Test 1
TRUE/FALSE
Indicate whether the statement is true or false by writing T for True or F for False on the answer sheet.
1. The job market is ever changing to meet the needs of employers with job openings.
2. Your skill set includes both soft skills, such as driving a car, and hard skills, such as leadership.
3. Once you are hired for a job, the skills and education needed for that job do not change.
4. Today’s most popular careers often require a bachelor’s degree or more.
5. Informal education may involve on-the-job training and learning skills as you are working.
6. Hearing means you are actively focusing on what the speaker is saying.
7. Considering the economy is not important as you make decisions that will affect your income.
8. When the economy is growing, people are buying goods and services and jobs are being created.
9. An economist is a person who studies the economy.
10. The business cycle is the alternating periods of growth and decline in the economy.
11. A subsidized student loan is a loan on which interest is not charged until after the student graduates.
12. The federal government offers financial aid to students who qualify.
13. Scholarships are gifts of money or other aid and are always based on need.
14. It is important to be truthful when filling out financial aid forms or scholarship applications.
15. A college or university that is accredited is certified to meet educational quality standards.
16. Business websites rarely contain information about current job openings at that company.
17. Job shadowing involves attending classes part of the day and then working a job part time.
18. A resume should not contain personal information such as schools you attended or jobs you have
held.
19. In order to be valuable, a reference letter must have been written in the last two weeks.
20. A cover letter should be long and convincing, giving the employer information about your
background, interests, hobbies, and sports activities.
,Personal Financial Literacy, 2e
Chapter 1 Test 2
MULTIPLE CHOICE
Write the letter of the choice that best completes the statement or answers the question on the answer
sheet.
21. Specific tasks you can do, such as prepare a spreadsheet or operate a machine, are known as
a. job titles
b. hard skills
c. soft skills
d. job descriptions
22. The Occupational Outlook Handbook
a. is available online
b. has data about the major job areas in the United States
c. does not give future projections for jobs
d. both a and b
23. Which of the following career fields would require the least amount of formal education?
a. physician’s assistant
b. skin care specialist
c. actor
d. computer programmer
24. A principle that reflects the worth you place on an idea or action is known as a(n)
a. appraisal
b. value
c. goal
d. objective
25. A plan to complete a college education is an example of a(n)
a. goal
b. appraisal
c. skill
d. value
26. Which of the following is an example of formal education?
a. self-training
b. on-the-job training
c. attending a class
d. working as an apprentice
27. To enhance your listening skills, you should not
a. focus on what the speaker is saying
b. look directly at the person who is talking to you
c. ignore distractions such as noises
d. think about your next response instead of focusing on what the speaker is saying
, Personal Financial Literacy, 2e
Chapter 1 Test 3
28. 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
29. 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
30. The point in the business cycle where the economy is as robust as it can get is called the
a. recovery
b. decline
c. peak
d. trough
31. Employers are more likely to give raises and bonuses in which part of the business cycle?
a. recovery
b. decline
c. trough
d. recession
32. Which of the following job assistance services is free of charge?
a. temp agency
b. employment agency
c. state employment office
d. all of the above
33. Money paid for the use of borrowed money is called
a. assets
b. profit
c. interest
d. debt
34. The expense of instruction at a school is called
a. grants
b. tuition
c. living expenses
d. housing charges
35. Which of the following tests is often required for admission to a college?
a. SAT
b. LSAT
c. GRE
d. GMAT
