GFC Final Exam Latest
1. 1040 -- Correct Answer --___________ is the classification for a general employee that
the company must provide worker's compensation insurance for
2. 1099 -- Correct Answer --An employee who is paid as a subcontracted business entity
and must pay more in taxes at the end of the year as well as provide their own worker's
compensation insurance typically needs to fill out the ___________________ federal tax
form
3. 3 bid -- Correct Answer --You are looking for a new car. You decide to research the
different options. You go to multiple dealerships and test drive until you find the few that
you are most likely to buy. You then call each of the dealerships for the best price and
options. This is called ____________
4. accounting -- Correct Answer --You earned your degree from a university and plan to
figure out corporate taxes for a career. Your job will probably be in the
________________ department
5. administration -- Correct Answer --A little while after you were hired, your company
decided to cross train. Now your job is to track attendance and customer satisfaction of
your employees. Your job is typically in the ___________ department
6. agenda -- Correct Answer --You have a meeting to run. You print up a list of topics so
you can keep the meeting moving along and on topic. This is called _____________
7. Appellate court -- Correct Answer --__________________ consists of 12 Districts; they
hear lower court decisions and determine if the verdict was fair
, 8. break even analysis -- Correct Answer --The formula FC / (SP - VC); the amount of stuff
you have to sell in order to cover initial costs
9. Budget -- Correct Answer --_______________ is a basic idea of living within your
means; you try not to spend more than you make
10. C- Corporation -- Correct Answer --________________ is the form of ownership that is
the most regulated; it is typically large companies that employ lots of people so if they
fail, they could effect the economy
11. Chapter 11 bankruptcy -- Correct Answer --__________________ is typically referred to
as "reorganization"; it is when a business is allowed to remain open while their debts are
lifted
12. Chapter 7 bankruptcy -- Correct Answer --_____________________ is typically referred
to as "full"; The individual looses all of their possessions and the money maid at auction
is used to repay their debt
13. civil -- Correct Answer --Your friend had an argument with their neighbor over the
placement of a privacy fence in their backyard. They are most likely to go to
_______________ court for the case
14. comprehensive coverage -- Correct Answer --You just bought your first car. Your parents
advised that you get ____________, so it protects you against any type of problem
15. criminal court -- Correct Answer --You just heard a story on the news of a person who
was arrested for robbing people. They will most likely go to ___________
16. defendant -- Correct Answer --A teenager was pulled over for not wearing their seatbelt.
They have decided to go to court and fight the ticket. They are the ________________ in
the case
1. 1040 -- Correct Answer --___________ is the classification for a general employee that
the company must provide worker's compensation insurance for
2. 1099 -- Correct Answer --An employee who is paid as a subcontracted business entity
and must pay more in taxes at the end of the year as well as provide their own worker's
compensation insurance typically needs to fill out the ___________________ federal tax
form
3. 3 bid -- Correct Answer --You are looking for a new car. You decide to research the
different options. You go to multiple dealerships and test drive until you find the few that
you are most likely to buy. You then call each of the dealerships for the best price and
options. This is called ____________
4. accounting -- Correct Answer --You earned your degree from a university and plan to
figure out corporate taxes for a career. Your job will probably be in the
________________ department
5. administration -- Correct Answer --A little while after you were hired, your company
decided to cross train. Now your job is to track attendance and customer satisfaction of
your employees. Your job is typically in the ___________ department
6. agenda -- Correct Answer --You have a meeting to run. You print up a list of topics so
you can keep the meeting moving along and on topic. This is called _____________
7. Appellate court -- Correct Answer --__________________ consists of 12 Districts; they
hear lower court decisions and determine if the verdict was fair
, 8. break even analysis -- Correct Answer --The formula FC / (SP - VC); the amount of stuff
you have to sell in order to cover initial costs
9. Budget -- Correct Answer --_______________ is a basic idea of living within your
means; you try not to spend more than you make
10. C- Corporation -- Correct Answer --________________ is the form of ownership that is
the most regulated; it is typically large companies that employ lots of people so if they
fail, they could effect the economy
11. Chapter 11 bankruptcy -- Correct Answer --__________________ is typically referred to
as "reorganization"; it is when a business is allowed to remain open while their debts are
lifted
12. Chapter 7 bankruptcy -- Correct Answer --_____________________ is typically referred
to as "full"; The individual looses all of their possessions and the money maid at auction
is used to repay their debt
13. civil -- Correct Answer --Your friend had an argument with their neighbor over the
placement of a privacy fence in their backyard. They are most likely to go to
_______________ court for the case
14. comprehensive coverage -- Correct Answer --You just bought your first car. Your parents
advised that you get ____________, so it protects you against any type of problem
15. criminal court -- Correct Answer --You just heard a story on the news of a person who
was arrested for robbing people. They will most likely go to ___________
16. defendant -- Correct Answer --A teenager was pulled over for not wearing their seatbelt.
They have decided to go to court and fight the ticket. They are the ________________ in
the case
