PERSONAL FINANCE FINAL EXAM REVIEW. Click here to begin
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1 PERSONAL FINANCE FINAL EXAM REVIEW Click here to begin
2 FINAL EXAM REVIEW Once you work through the questions, you will have a good ideas of what will be on the final next week. Click here if you are too smart and don t need to review Click here to begin the review
3 FINAL EXAM REVIEW Answer the questions by picking the most correct answer and clicking on the correct button. Let s begin
4 WRONG ANSWER Click here to try the question again!
5 QUESTION #1 When you get into a wreck, what part of your auto insurance covers injury to someone in the other car? Personal Injury Protection Bodily Injury Liability Comprehensive Collision
6 CORRECT!! Click here to go to the next question
7 QUESTION #2 What is a bond? A loan from one company to another Partial ownership in a company Debt a company sells to raise money
8 CORRECT!! Click here to go to the next question
9 QUESTION #3 When looking for the best mortgage rate, you should? Take the first offer you get Shop around for different quotes Let someone else tell you the best deal
10 CORRECT!! Click here to go to the next question
11 QUESTION #4 When planning a vacation, who should help decide on where to go? The whole family Just the parents No one, just go where ever the car takes you
12 CORRECT!! Click here to go to the next question
13 QUESTION #5 Which of the following is NOT a reason to get pre-approval for a mortgage? It really isn t that important when buying a house So you can negotiate a better price So you know exactly how much house you can afford
14 CORRECT!! Click here to go to the next question
15 QUESTION #6 How would Dave Ramsey tell you to buy a car? Take the biggest loan possible As long as you can make the monthly payment, you re okay Pay cash for a cheap car, invest the monthly payment, and pay cash every three years for a newer car
16 CORRECT!! Click here to go to the next question
17 QUESTION #7 Net pay is the money you get after taxes are taken out of your paycheck TRUE False
18 CORRECT!! Click here to go to the next question
19 QUESTION #8 An adjustable rate mortgage has an interest rate that changes every year, depending on the contract and the market True False
20 CORRECT!! Click here to go to the next question
21 QUESTION #9 What is a mutual fund A group of stock bought together that a similar theme Group of stocks that have nothing in common An index telling you about the market
22 CORRECT!! Click here to go to the next question
23 QUESTION #10 A dividend is money you get because you attend the annual shareholders meeting True False
24 CORRECT!! Click here to go to the next question
25 QUESTION #11 Most financial advisors will tell you that the average person should carry times their annual income in life insurance
26 CORRECT!! Click here to go to the next question
27 QUESTION #12 A budget is a spending and savings plan True False
28 CORRECT!! Click here to go to the next question
29 QUESTION #13 A certificate of deposit (CD) is a high risk invest that normally pays a huge return True False
30 CORRECT!! Click here to go to the next question
31 QUESTION #14 When you own a car, and you owe more money than the car is worth, it is said you have positive equity in the car True False
32 CORRECT!! Click here to go to the next question
33 QUESTION #15 What is a stock? The right to make money Partial ownership in a company A loan to a company
34 CORRECT!! Click here to go to the next question
35 QUESTION #16 Money given by a buyer to a seller as part of the purchase price to bind a transaction or assure payment promissory earnest cash warranty
36 CORRECT!! Click here to go to the next question
37 QUESTION #17 Compounding is earning interest on the interest True False
38 CORRECT!! Click here to go to the next question
39 QUESTION #18 Gross pay is the money you make after all taxes are taken out True False
40 CORRECT!! Click here to go to the next question
41 QUESTION #19 When the stock market is going down, it is said to be a market Bear Bull
42 CORRECT!! Click here to go to the next question
43 QUESTION #20 Credit can best be described as Buy now, pay later Buy now, pay now Pay for something now and get it later (lay-a-way)
44 CORRECT!! Click here to go to the next question
45 QUESTION #21 a loan payment by equal periodic payment calculated to payoff the debt at the end of a fixed period, including interest on the outstanding balance is called? Amortization Balloon Mortgage Equity Second Mortgage
46 CORRECT!! Click here to go to the next question
47 QUESTION #22 Which of the following is NOT a question you need to ask yourself before you decide to use credit? do I really need this purchase? how much extra am I paying by charging this? how much interest am I paying? will this look good in my house?
48 CORRECT!! Click here to go to the next question
49 QUESTION #23 The Social Security System was started in what year?
50 CORRECT!! Click here to go to the next question
51 QUESTION #24 What is an index Partial ownership in a company A way to raise money to fund future projects Debt that a company sells to raise money An indicator of how well a specific part of the market is performing
52 CORRECT!! Click here to go to the next question
53 QUESTION #25 Chapter 7 bankruptcy remain on your credit report for 10 years True False
54 CORRECT!! Click here to go to the next question
55 QUESTION #26 Calculate the interest for $15,000 principal at 6.5% interest for one year $925 $975 $1,050 $1,100
56 CORRECT!! Click here to go to the next question
57 QUESTION #27 If you get into credit card trouble, what is the first thing you should do? Stop using the card ignore your credit card bills call the company, but keep using the card don t worry, as this will never happen to me
58 CORRECT!! Click here to go to the next question
59 QUESTION #28 What percentage of NFL players are broke three years after football? 64% 72% 78% 84%
60 CORRECT!! Click here to go to the next question
61 QUESTION #30 Failure to make mortgage payments on is called Appraisal Delinquency Equity Lien
62 CORRECT!! Click here to go to the next question
63 QUESTION #31 Which of the following is an advantage of leasing a car No equity build up You can drive as many miles as you want Complicated transaction Lower car payment
64 CORRECT!! Click here to go to the next question
65 QUESTION #32 Which is NOT one of the three C s of credit? comprehensive character collateral capacity
66 CORRECT!! Click here to go to the next question
67 QUESTION #33 At what is the first age you can start taking full social security benefits?
68 CORRECT!! Click here to go to the next question
69 QUESTION #34 What is the average length of career for someone who plays in the NFL? 2 years 3 ½ years 5 years 7 years
70 CORRECT!! Click here to go to the next question
71 QUESTION #35 A deductible is the first amount YOU will pay in the event of a insurance claim. True False
72 CORRECT!! Click here to go to the next question
73 QUESTION #36 The stock market has averaged a return of 10% over the last 80 years True False
74 CORRECT!! Click here to go to the next question
75 QUESTION #37 Which of the following does NOT affect your car insurance rate? Your gender The type of job you have Your credit score The color of your car
76 CORRECT!! Click here to go to the next question
77 QUESTION #38 What is the advantage of buying a mutual fund? Guarantee of making money Diversification of risk
78 CORRECT!! Click here to go to the next question
79 QUESTION #39 A lien is when another person holds the title of ownership until the loan is paid off. True False
80 CORRECT!! Click here to go to the next question
81 QUESTION #40 There are currently more stocks traded than mutual funds True False
82 CORRECT!! Click here to go to the next question
83 QUESTION #41 Damage caused by your pets is NOT covered under your homeowners liability protect. True False
84 CORRECT!! Click here to go to the next question
85 QUESTION #42 There are three major credit reporting agencies. True False
86 CORRECT!! Click here to go to the next question
87 QUESTION #43 Over the limit fee is a penalty for spending more than your credit limit. True False
88 CORRECT!! Click here to go to the next question
89 QUESTION #44 Term life is cheaper monthly than whole life insurance True False
90 CORRECT!! Click here to go to the next question
91 QUESTION #45 Flood and earthquake coverage are normally included as a part of standard home owners insurance policy in the state of Indiana True False
92 CORRECT!! Click here to go to the next question
93 QUESTION #46 A growing trend for employers is to do what before they hire you? Look at your previous experience Run your credit report Call your previous employers for recommendations
94 CORRECT!! Click here to go to the next question
95 QUESTION #47 What is not a reason to buy life insurance? Replace income for dependents Pay for final expenses Leave a lasting legacy You can t afford it
96 CORRECT!! Click here to go to the next question
97 GENERAL TOPICS TO KNOW How to figure gross vs. net pay How to figure interest on an investment Advantages of car ownership Pro s / Con s of leasing a car Business math Mortgage terms What is the grace period on a credit card Comprehensive vs. collision auto insurance Click here for more info!
98 GENERAL TOPICS TO KNOW What type of things effect the cost of your car insurance Types of car insurance Pet damage and insurance Age and auto insurance XXXX What is the grace period on a credit card Comprehensive vs. collision auto insurance Click here for more info!
99 TEST STRUCTURE ~30 true / false question ~15 multiple choice question Good Luck on your Final Exam! Make sure to bring a pencil with you on Friday
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