JA Financial Capability 1 - Pre-Program Survey (FY 25-26)

Please answer the following questions based on your current understanding of the concepts that will be taught in this learning experience. The results of this survey are confidential and will only be used to compute knowledge gain scores for students participating in this learning experience.

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* 1. Please indicate the JA Area you are served by:

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* 2. What are the first three letters of your FIRST NAME?

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* 3. What are the first three letters of your LAST NAME?

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* 4. In what MONTH were you born?

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* 5. On what DAY of the month were you born?

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* 6. What is the name of your teacher, volunteer, or instructor?

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* 7. Please indicate your level of agreement with the following statements.

	Strongly disagree	Mainly disagree	Somewhat disagree	Somewhat agree	Mainly agree	Strongly agree
I have hope in my financial future.	I have hope in my financial future. Strongly disagree	I have hope in my financial future. Mainly disagree	I have hope in my financial future. Somewhat disagree	I have hope in my financial future. Somewhat agree	I have hope in my financial future. Mainly agree	I have hope in my financial future. Strongly agree
I have confidence that I can succeed in my future workplace.	I have confidence that I can succeed in my future workplace. Strongly disagree	I have confidence that I can succeed in my future workplace. Mainly disagree	I have confidence that I can succeed in my future workplace. Somewhat disagree	I have confidence that I can succeed in my future workplace. Somewhat agree	I have confidence that I can succeed in my future workplace. Mainly agree	I have confidence that I can succeed in my future workplace. Strongly agree
I am motivated to pursue my educational and/or career interests.	I am motivated to pursue my educational and/or career interests. Strongly disagree	I am motivated to pursue my educational and/or career interests. Mainly disagree	I am motivated to pursue my educational and/or career interests. Somewhat disagree	I am motivated to pursue my educational and/or career interests. Somewhat agree	I am motivated to pursue my educational and/or career interests. Mainly agree	I am motivated to pursue my educational and/or career interests. Strongly agree
I can see how education will help me be successful in the future.	I can see how education will help me be successful in the future. Strongly disagree	I can see how education will help me be successful in the future. Mainly disagree	I can see how education will help me be successful in the future. Somewhat disagree	I can see how education will help me be successful in the future. Somewhat agree	I can see how education will help me be successful in the future. Mainly agree	I can see how education will help me be successful in the future. Strongly agree
I know how to set personal financial goals for myself.	I know how to set personal financial goals for myself. Strongly disagree	I know how to set personal financial goals for myself. Mainly disagree	I know how to set personal financial goals for myself. Somewhat disagree	I know how to set personal financial goals for myself. Somewhat agree	I know how to set personal financial goals for myself. Mainly agree	I know how to set personal financial goals for myself. Strongly agree
I know how to explore potential careers.	I know how to explore potential careers. Strongly disagree	I know how to explore potential careers. Mainly disagree	I know how to explore potential careers. Somewhat disagree	I know how to explore potential careers. Somewhat agree	I know how to explore potential careers. Mainly agree	I know how to explore potential careers. Strongly agree

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* 8. Scarcity means _____.

you can get what you need

a combination of unlimited wants and needs with limited resources

everyone only gets something

all resources are available to everyone

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* 9. Categories of resources needed by most businesses are _____.

resources, profit, and scarcity

engine, wheel, and power

land, labor, and capital

animal, vegetable, and mineral

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* 10. Business owners must allocate their resources in order to cover expenses and leave room for _____, in order to stay in business.

profit

scarcity

savings

labor

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* 11. Supply is best described as _____.

quantities of a product or service you should order at a specific price at a particular time

quantities of a good or service that producers are willing and able to sell at different prices at a particular time

quantities of how much of a product you should purchase at the lowest price at a particular time

quantities of how much of a product or service you want to buy at a specific price at a particular time

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* 12. Demand is best described as _____.

quantities of a particular good or service producers are willing and able to sell at different prices at a particular time

quantities of a particular good or service you want to buy at a specific price at a particular time

quantities of how much of a product or service consumers want to purchase at the lowest price possible

quantities of a particular good or service consumers are willing and able to buy at different prices at a particular time

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* 13. If the price paid for gasoline at the corner station increases, this could be caused by _____.

a decreased supply of oil from the oil-producing countries

a decrease in the number of people driving at this particular time of the year

a new source of oil discovered in North America

a decreasing demand for oil in another part of the world such as China

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* 14. Every summer, the grocery store lowers its prices on strawberries. Which statement explains a possible reason the price changes?

Growers in Brazil are sending lots of strawberries to the United States due to the high profits they can make.

Customers don't buy strawberries in the summer months, and suppliers stop shipping them to grocery stores.

The number of strawberries available goes up during the summer months, especially from local growers.

A news report highlights a new study that states strawberries have super health benefits, and more people are suddenly buying them at the grocery stores.

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* 15. The purpose of a business is to _____.

create and keep a customer

make money

add value

employ people

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* 16. What is one key difference between a for-profit and a nonprofit business?

A for-profit business makes a profit, while a nonprofit business does not.

A for-profit business sells items, while a nonprofit business gives items away.

A for-profit business hires and pays employees, while a nonprofit business uses only volunteers.

A for-profit business focuses on maximizing shareholder profit, while a nonprofit business focuses on meeting the needs of its constituents.

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* 17. Which of the following are the two best ways that a non-profit business can obtain funding?

selling stock and selling products

selling lottery tickets and soliciting individuals by phone

writing grants and accepting donations

sending mailings and buying TV advertising

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* 18. A for-profit business is an organization that is _____.

organized to pay profits to its owners

staffed mostly by volunteers

owned publicly, where no one person controls it

funded by donations

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* 19. Which of the following describes reasons a business needs a financial plan?

to train employees and to reduce and prioritize costs

to qualify for a loan and to reduce and prioritize costs

to apply for health insurance for its employees

to comply with the law and to submit to the IRS for taxes

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* 20. Which documents are the common components of a financial plan?

the balance sheet, the budget, the income statement, and the break even analysis

form 1099, the balance sheet, the break-even analysis, and the cash flow statement

the budget, the financial capability report, the balance sheet, and the income statement

the balance sheet, the income statement, the break-even analysis, and the cash-flow statement

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* 21. Costs such as rent, insurance, and utilities that remain mostly steady and are not affected by the number of products made are known as what in a break-even analysis?

variable

fixed

long-term

price-based

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* 22. Which is the equation used in a break-even analysis?

Fixed Costs/ (unit selling price - variable costs)

Variable costs / (unit selling price - fixed costs)

Revenues - expenses

Liabilities + equity

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* 23. Which definition describes the balance sheet?

a statement that analyzes the cash flow in and out of a company

a computation of the point of production at which income from sales equals total fixed and total variable costs

a report of a company's assets, liabilities, and net worth on one specific date

a statement that shows how much revenue a company brings into the business and the costs and expenses associated with earning that revenue over a set period of time

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* 24. The bottom line of an income statement is _____.

a list of the company's assets

the net loss or profit of the business

a list of the company's liabilities

the owner's equity

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* 25. Which of the following describes an income statement?

a statement that analyzes the cash flow in and out of a company

a computation of the point of production at which income from sales equals total fixed and total variable costs

a report of a company's assets, liabilities, and net worth on one specific date

a statement that shows how much revenue a company brings into the business and the costs and expenses associated with earning that revenue over a set period of time

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* 26. Which of the following statements is true about the time frame of balance sheets and income statements?

A balance sheet and an income statement cover a one-year period.

A balance sheet covers a period of time; an income statement covers one specific point in time.

A balance sheet covers one specific point in time; an income statement covers a period of time.

A balance sheet and an income statement are monthly documents.

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* 27. Which equation describes an income statement?

Assets = liabilities + equity

Revenues - expenses = profit or loss

Revenues = profits or losses - expenses

Assets - liabilities = equity

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* 28. Which of the following describes a cash flow statement?

a statement that analyzes the cash flow in and out of a company

a computation of the point of production at which income from sales equals total fixed and total variable costs

a report of a company's assets, liabilities, and net worth on one specific date

a statement that shows how much revenue a company brings into the business and the costs and expenses associated with earning that

revenue over a set period of time

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* 29. On the cash flow statement, where are the costs related to your primary business listed?

cash inflow

financing activities

investing activities

operating activities

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* 30. What conclusion can be drawn if a company's financing activities section has a high positive number?

They have made a lot of purchases during this period.

They have been paying off their debt during this period.

They have increased their debt during this period.

They have made more money than they have spent during this period.

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* 31. In what part of the cash flow statement would a purchase of more equipment be recorded?

financing activities

investing activities

operating activities

net increase in cash

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* 32. Which of the following describes a main difference between a personal bank account and a business bank account?

Business bank accounts do not have as many associated fees with them.

A personal account is opened in an individual's name; a business account is opened in a business's name.

Personal bank accounts provide more free services than business accounts.

It is illegal to use a personal account for business needs.

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* 33. Which of the following describes merchant services?

allows a business's customers to mail payments to a special address at the bank

automatically moves funds to or from an account when a threshold is met

allows a business to scan checks and electronically send the image to the bank for processing

allows a business to accept credit and debit card payments

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* 34. Which of the following describes remote deposit capture?

allows a business's customers to mail payments to a special address at the bank

automatically moves funds to or from an account when a threshold is met

allows a business to scan checks and electronically send the image to the bank for processing

allows a business to accept credit and debit card payments

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* 35. What is the best way for a business to identify which services it needs?

Consider your type of business and the type of transactions you are likely to be making with customers and your bank.

Talk to another successful business owner and get the same services.

Determine a budget for your business services, and then choose a combination that meets the budget.

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* 36. Which of the following statements is TRUE?

Experts advise having a business account that is separate from a personal account.

It is illegal to use a personal account to conduct business.

Having a separate business account will make tax preparation more difficult.

A check written to a business can be deposited into a personal account.

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* 37. Which list describes the three main reasons a business may need financing?

startup, development, closing

startup, operations, expansion

running, expansion, closing

startup, expansion, closing

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* 38. Which of the following is an example of equity financing?

a bank line of credit

SBA loan

term loan

venture capital

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* 39. Which of the following describes an angel investor?

a bank that is willing to loan start-up money to a business

a business that buys receivable invoices from a company at a discount to help with cash flow

wealthy individuals who seek high returns through private investments in start-up companies

a group of people who pool their resources, usually via the Internet, to invest in businesses

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* 40. Which of the following describes crowdfunding?

a bank that is willing to loan start-up money to a business

a business that buys receivable invoices from a company at a discount to help with cash flow

wealthy individuals who seek high returns through private investments in start-up companies

a group of people who pool their resources, usually via the Internet, to invest in businesses

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* 41. Which of the following is an advantage of getting funding from a traditional bank?

They often offer the lowest interest rates.

The money does not have to be paid back.

The funds are typically available very quickly.

The bank becomes part owner and can offer business expertise.

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* 42. What are the two main types of financing available to small businesses?

debit and credit

debt and equity

credit and equity

long-term and debt

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* 43. When is it most appropriate to seek venture capital?

to start up a typical small business needing $100,000 or less

to help with cash flow during the day-to-day running of a business

to help with a short-term financial need

to start up a high-growth business needing funds over $1 million

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* 44. Which scenario would most likely call for getting a line of credit?

to start up a typical small business needing $100,000 or less

to start up a high-growth business needing funds over $1 million

to help fill in the gaps for a business with predictable slow and busy seasons

to expand a business to a new building with new machinery and

equipment needs

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* 45. Which describes the main disadvantage of equity financing?

The money must be paid back with interest.

Some control and ownership of the business is lost.

It is only available for short-term needs.

It is only available to first-time business owners.

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* 46. Which of the following is true of crowdfunding?

It can be customized to fit the business owner's needs.

It is a form of debt financing.

It is an example of credit financing.

It is always based on equity financing.

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* 47. Which of the following describes the purpose of insurance?

to protect against loss

to put someone back in the same general financial condition he or she was in before a loss occurred

to allow a person or business to profit from an unexpected loss

to take the uncertainty out of life

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* 48. Which of the following statements about risk management is true?

Risk is the uncertainty of an outcome and insurance takes the uncertainty away.

Peril is another word for risk, a behavior that causes loss.

Perils are the causes of loss and can be categorized as natural, human, or economic.

The purchase of stock is not insurable because there is no risk of

loss.

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* 49. Which of the following statements about risk management is false?

Choosing not to own a car is an example of risk management through avoidance.

Smoke detectors, fire extinguishers, and security systems are examples of loss control.

An example of retention is to pay for damages out of your own pocket.

Insurance reduces your risk of loss.

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* 50. Which of the following describes examples of natural perils?

tornado, hurricane, flood, fire

negligence, fraud, fire, murder

inflation, recession, flood, fire

vandalism, hurricane, erosion, fraud

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* 51. Which of the following defines insurance?

the cause of loss

to be held legally responsible for any injuries or damage you cause to others

uncertainty about an outcome

a social and contractual device that transfers the risk of financial loss from individuals or businesses to an insurer

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* 52. Which scenario describes the most appropriate time to use insurance for risk management?

when the loss is expected to be infrequent but expensive

when the loss is expected to be infrequent but inexpensive

when the loss is expected to be frequent and expensive

when the loss is expected to be frequent and inexpensive

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* 53. Which of the following describes the declarations page of a business owner's policy?

eliminates coverage for specific occurrences that are deemed uninsurable or not calculated in the policy premium

the contractual clause of the policy setting forth the agreement between the insured and the insurance company

the personalized part of the policy. A computer-generated page that indicates the named insured, address, policy term and amount, and other details specific to the insured business owner.

clarifies terms used in the policy

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* 54. Which of the following describes the exclusions part of the business owner's policy?

clarifies terms used in the policy

the contractual clause of the policy setting forth the agreement between the insured and the insurance company

sets forth the rules, duties, provisions, and obligations of the insured business owner and the insurance company

eliminates coverage for specific occurrences that are deemed uninsurable or not calculated in the policy premium

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* 55. Which of the following situations would be covered by a typical business owner's policy?

The owner's spouse fell off a ladder when stocking inventory at the business.

An employee got into a car accident on his way to work.

One of the business partners broke his arm while hiking on vacation.

After work, several employees went out together, and one had his wallet stolen.

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* 56. Which of the following statements is true about pricing for insurance?

Pricing insurance is difficult because costs may not be known until many years later.

Insurance companies charge the highest rates customers are willing to pay.

Pricing insurance is easy because it is standardized by the government.

Insurance is priced in the same fashion as any other business's products or services.

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* 57. Which of the following statements is true about insurance agencies and other typical small businesses?

Their pricing is regulated by the government.

They do not need to make a business plan.

They need to identify prospects to convert into customers and then retain them.

Only insurance agencies need to complete licensing and register a

business name.

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* 58. Which of the following describes the three main ways insurance is distributed?

direct response methods, single party system, insurance subsidiaries

independent agencies, secret agencies, exclusive agencies

direct response methods, independent agencies, non-independent agencies

independent agencies, exclusive agencies, direct response methods

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* 59. The main job roles in an insurance agency include which of the following?

agents, customer service representatives, claims representatives

agents, producers, brokers

actuaries, underwriters, agents

human resources officer, broker, customer service representative

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* 60. Which of the following must be true of insurance prices?

They must be fair; they may not discriminate; they must be equal.

They must be adequate, not excessive, and not unfairly discriminatory.

They must remain steady; they must be adequate; they must be heavily taxed.

They must be as low as possible, as insurance companies are not

supposed to make a profit on someone else's losses.

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* 61. What is information that cannot be measured and expressed in numbers?

quantitative data

qualitative data

personal information

target audience data

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* 62. After data is collected, how is it analyzed?

It is input into a computer and saved for future use.

It is broken down into small pieces for closer examination.

It is presented to focus groups to obtain their opinion.

It is converted into marketing materials aimed at a target market.

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* 63. Which is the correct order for processing data when making a business decision?

Form a conclusion, set a goal, collect and analyze data, take action.

Set a goal, form a conclusion, collect and analyze data, take action.

Set a goal, collect and analyze data, form a conclusion, take action.

Take action, analyze data, form a conclusion, set goal.

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* 64. Which is not an example of why companies collect and use customer data?

to learn how to attract new customers

to learn how to keep up with competitors

to learn how to alter customers' personal information

to learn how to improve the customer experience

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* 65. Which of the following is the risk that investments will lose money when the whole market declines?

liquidity risk

inflation risk

market risk

longevity risk

Thank you for participating in this survey!