# FP 100T Week 2 WileyPLUS Weekly Exam

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# FP100TWeek 2 WileyPLUS Weekly Exam

In this graded assignment, you are assessed on the content covered in this week's readings, activities, and assignments. To help you prepare, it is recommended that you first complete this week's Learning Path and Self-Test Learning Activities prior to completing this exam.

Complete the Week 2 WileyPLUS Weekly Exam covering this week's assigned readings:

•  "Chapter 3: Budgeting and Cash Management"
•  "Chapter 4: Tax Planning"

Note: Work submitted in WileyPLUS does not count toward attendance. Be sure to post at least two times each week in the online classroom to avoid being auto-dropped from the course.

Question 1

If you write a check or use your debit card when there isn’t enough money in your account to cover the payment, this is known as

being unbanked.

a stop payment.

an overdraft.

Question 2

Simone spent an average of \$500 each month on groceries last year for herself and her family. She is now forecasting the family budget for next year. She read that an inflation rate of 5% is expected. How much should Simone budget for the monthly food expense next year?

\$500

\$475

\$525

\$750

Question 3

One approach to forecasting variable expenses is to

use a wide range of estimates.

assign probabilities to different outcomes.

increase them by the expected inflation rate.

keep them constant.

Question 4

Which of the following is (are) good reasons for tracking budget variances?

to ensure that large, irregular cash expenses do not cause financial hardship.

to determine the largest categories of expenditures for future reductions.

to identify small cash leakages before a major shortfall.

all of the choices are good reasons to track budget variances.

Question 5

Which of the following types of accounts is not insured for \$250,000 by the Federal Deposit Insurance Corporation (FDIC)?

savings account at a commercial bank

money market mutual fund offered by an insurance company

checking account at an online bank

savings account at a savings and loan association

Question 6

A money market mutual fund is a mutual fund that invests in

stocks of the 500 largest companies in the United States.

investment quality corporate bonds.

short-term, low risk financial assets such as short-term government bonds.

long-term certificates of deposit.

Question 7