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Financial Literacy Final
Test Description: My first test
Instructions: Answer all questions to get your test result.
1) what are viaticals?
A
holy bulidings that investors can buy stock in.
B
what they check to see if you are dead
C
paying to be the beneficiary of life insurance policy
D
pils taken to make sure you have the right vitamins
2) a letter that address specific qualifications you have for a particulary job
A
introductory letter
B
cover letter
C
job application
D
resume
3) which of the following would helo lower your insurance premiums each month?
A
get rid of unnecessary coverages
B
increase your share of the coinsurance
C
increase your deductible
D
all of these
4) which of the following is the least liquid investment?
A
real estate
B
money
C
mutual fund
D
bank account
5) who can contribute to an IRA?
A
anyone with money
B
anyone that earns an income
C
anyone that wants
D
only government employees
6) a debt instrument that is used by companies to rasie money without having to sell more stocks.
A
bond
B
bank account
C
mutual fund
D
stock
7) a letter to prospective employer that you will be contacting them
A
interview
B
job application
C
cover letter
D
introductory letter
8) a share of ownership in a company is called a:
A
stock
B
bond
C
mutual fund
D
viatical
9) what is earned income?
A
selling a investment at a higher price that you paid for it
B
money paid because you deserve it
C
any income that is generated by working
D
income generated by assets you have purcased or created
10) if you save money up for a rainy day, aka emergency fund, where should it be stored?
A
money market account
B
basic bank account
C
mutual fund
D
stocks
11) when liquidity does up what happens to the rate of return?
A
goes up
B
goes down
C
has no effect
D
stays the same
12) what is the term for the amount you pay each month for the insurance coverage ?
A
premium
B
deductible
C
co-pay
D
coinsurance
13) why should you never co-sign on a loan for anyone?
A
all of these
B
because the bank has deemed that person a credit risk
C
because if the person doesnt pay then you must pay and it go on your credit report
D
because the percentage of people needing co-signing that defaults is very high and you will probably be left with the bill
14) what happens to money taken out of a Roth IRA
A
It is matched by the employer
B
it is taxed
C
it is NOT taxed
D
it has to be used for healthcare
*select an answer for all questions
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