WORKFORCE ESSENTIALS FINAL
EXAM QUESTIONS AND ANSWERS
Credit - Answer-The receipt of goods, money, or services in exchange for a promise
to pay
Overdraft - Answer-A check written for more than is in an account
Certificate of Deposit (CD) - Answer-Money that is deposited into an interest-bearing
account for a predetermined length of time and rate of return
Savings - Answer-Cash that is set aside in a bank account to be used for financial
emergencies and goals.
Beneficiary - Answer-Person to whom an insurance company pays benefits
Face value - Answer-For life insurance, the amount paid in the event of the
policyholder's death.
Tax - Answer-Required contribution of money people make to government
Exemptions - Answer-In preparing an income tax return, set amounts deducted from
income for oneself and dependents such as children and a spouse
Individual Retirement Account (IRA) - Answer-A voluntary private pension plan that
allows employed individuals to save a certain amount annually toward retirement and
receive special tax benefits.
Social Security - Answer-The federal system of retirement benefits, survivors
payments, hospital insurance for the elderly, and other services
Indictment - Answer-Formal statement charging a person with an offense
Plaintiff - Answer-The complaining party in a lawsuit
Mortgage - Answer-A loan, typically for 30 years, obtained from a financial institution
to buy housing.
Tenant - Answer-Person who rents property.
Bias - Answer-A person's tendency to favor something because of familiarity or
preference.
Prejudice - Answer-Opinion that is based on insufficient information
Apprenticeship - Answer-Formal on-the-job program during which a worker learns a
trade
EXAM QUESTIONS AND ANSWERS
Credit - Answer-The receipt of goods, money, or services in exchange for a promise
to pay
Overdraft - Answer-A check written for more than is in an account
Certificate of Deposit (CD) - Answer-Money that is deposited into an interest-bearing
account for a predetermined length of time and rate of return
Savings - Answer-Cash that is set aside in a bank account to be used for financial
emergencies and goals.
Beneficiary - Answer-Person to whom an insurance company pays benefits
Face value - Answer-For life insurance, the amount paid in the event of the
policyholder's death.
Tax - Answer-Required contribution of money people make to government
Exemptions - Answer-In preparing an income tax return, set amounts deducted from
income for oneself and dependents such as children and a spouse
Individual Retirement Account (IRA) - Answer-A voluntary private pension plan that
allows employed individuals to save a certain amount annually toward retirement and
receive special tax benefits.
Social Security - Answer-The federal system of retirement benefits, survivors
payments, hospital insurance for the elderly, and other services
Indictment - Answer-Formal statement charging a person with an offense
Plaintiff - Answer-The complaining party in a lawsuit
Mortgage - Answer-A loan, typically for 30 years, obtained from a financial institution
to buy housing.
Tenant - Answer-Person who rents property.
Bias - Answer-A person's tendency to favor something because of familiarity or
preference.
Prejudice - Answer-Opinion that is based on insufficient information
Apprenticeship - Answer-Formal on-the-job program during which a worker learns a
trade
