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Questions were developed by the MBA Research Center and are drawn from a test-item bank covering prerequisite, career-sustaining, and specialist instructional areas. The exam includes a descriptive test key with question sources and answer rationale, and outlines licensing and permitted use terms. 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Items have been randomly selected from the MBA Research Center’s Test-Item Bank and represent a variety of instructional areas. Performance indicators for these test questions are at the prerequisite, careersustaining, and specialist levels. A descriptive test key, including question sources and answer rationale, has been provided.  \nCopyright © 2020 by MBA Research and Curriculum Center®, Columbus, Ohio. Each individual test item contained herein is the exclusive property of MBA Research Center. Items are licensed only for use as configured within this exam, in its entirety. Use of individual items for any purpose other than as specifically authorized in writing by MBA Research Center is prohibited.  \nPosted online March 2020 by DECA Inc.  \n1. Which of the following statements is true of legally binding contracts:  \nA. Breaking one results in a lawsuit and possibly jail time.  \nB. They are not valid unless written.  \nC. They clearly outline both sides of an agreement.  \nD. They are enforceable for legal and illegal acts.  \n2. Pedro Sanchez works as a loan processor for the MON Company, which is located in Smithsville. Pedro has recently approved an application to extend a $10,000 line of credit to Mrs. Jones. Who is the creditor in this situation?  \nA. MON Company  \nB. Pedro Sanchez  \nC. Mrs. Jones  \nD. City of Smithsville  \n3. One of the aims of regulating the insurance industry is to  \nA. reduce the risk of gaps in coverage.  \nB. raise insurance prices.  \nC. create challenges for insurance agents.  \nD. make coverage more exclusive.  \n4. Regulatory agencies in the security and investment industry aim to keep markets fair by  \nA. banning illegal insider trading.  \nB. requiring corporate taxes.  \nC. preventing hiring discrimination.  \nD. prohibiting misleading advertisements.  \n5. Financial managers who are legally responsible for their clients' investments must demonstrate fiduciary responsibility, which involves  \nA. making risky investments without their clients' knowledge.  \nB. selling financial products that generate the highest commissions.  \nC. acting in the best interests of their clients.  \nD. speaking with their clients once a year to review their portfolios.  \n6. Jana Rockford works at Main Street Savings and Loan. As a teller, what is one of Jana's job responsibilities?  \nA. Making commodities trades on behalf of her clients  \nB. Managing her customers' retirement funds  \nC. Telling her customers about banking products  \nD. Processing payroll for business clients  \n7. Jonathan, an insurance agent, explains both the pros and cons of his products to all of his customers to help them decide which policies to purchase. Hank, also an insurance agent, explains to his customers why they should purchase his products, but he doesn't talk about anything negative before making a sale. Based on this information, which agent is more likely to retain and grow his client base?  \nA. Jonathan, because his customers feel that they can trust him .  \nB. Jonathan, because he gives his customers too much information.  \nC. Hank, because he doesn't scare his customers away.  \nD. Hank, because he is a very optimistic, upbeat person.  \n8. What type of economic resource is being described in the following situations: salespeople waiting on customers, managers instructing employees, and insurance agents selling policies?  \nA. Capital  \nB. Limited  \nC. Human  \nD. Natural  \n9. The desire for an item that has monetary value is a(n)   want.  \nA. intangible  \nB. noneconomic  \nC. economic  \nD. unlimited  \n10. Societies must decide how to allocate their scarce resources between the production of  \n[A. capital](A. capital) and consumer goods.  \nB. domestic and foreign products.  \nC. simple and complex items.  \nD. machine and handmade goods.","cbCailO9SgN99YLe","https://ap.wps.com/l/cbCailO9SgN99YLe","pdf",219623,36,"English","# Sample Exam\n## Contract and regulation questions\n## Credit, insurance, and fiduciary responsibility\n## Negotiation and active listening\n## Costs, money, and income concepts","[{\"question\":\"What is the purpose of the Personal Financial Literacy PFL sample exam?\",\"answer\":\"It provides test questions used for the Personal Financial Literacy event (PFL). The questions cover multiple instructional areas and performance indicator levels.\"},{\"question\":\"Who developed the test questions and how are they selected?\",\"answer\":\"The MBA Research Center developed the questions. Items are randomly selected from the MBA Research Center’s test-item bank.\"},{\"question\":\"What levels of performance indicators do the questions represent?\",\"answer\":\"The questions represent prerequisite, career-sustaining, and specialist levels.\"}]","Personal Financial Literacy - Sample Exam | PDF",13]