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Final Review Part 1
Test Description: Final Review Part 1
Instructions: Answer all questions to get your test result.
1) You signed an auto loan for $350, this is an example of:
A
Revolving Credit
B
Installment Credit
C
Open Credit
D
Secured Credit
2) You failed to pay your mortgage for 6 months and the bank foreclosed on your home. This is an example of:
A
Installment Credit
B
Secured Credit
C
Open Credit
D
Revolving Credit
3) What can you conclude about credit?
A
There are no risks in obtaining credit.
B
Having a good credit rating is not necessary.
C
You will not be penalized if you don't pay bills on time.
D
Having a good credit rating is very important.
4) Income includes all of the following EXCEPT:
A
Salary
B
Savings
C
A bonus
D
Gift from relative
5) Which is NOT a variable expense?
A
Doctor bills
B
Mortgage
C
Entertainment
D
Clothes
6) If gasoline prices doubled, what is the best way to adjust your budget?
A
Pay less important bills
B
Sell your car
C
Cut back on your variable expenses
D
Take out a loan
7) To help you set priorities for your needs, wants, and financial goals, which would be the most helpful?
A
Create and maintain a budget
B
Own many insurance policies
C
Obtain much credit
D
Create a list of stocks you want to buy
8) An example of a fixed expense is:
A
Entertainment
B
Mortgage on a home
C
Household items
D
Groceries
9) Which would earn the most from your deposit?
A
Certificate of Deposit Account
B
Money Market Account
C
Savings Account
D
Checking Account
10) You are a working high school senior and need to pay money for your expenses, which is the best method?
A
Having a Savings Account
B
Having a Money Market Account
C
Open a Checking Account
D
Put your money in a Certificate of Deposit (CD)
11) If you are looking to make a profit with the HIGHEST yield, what would you invest in?
A
U.S. Treasury Bonds
B
A Retirement Fund
C
Corporate Bonds
D
Stocks
12) Which of the following investment poses no risk to the consumer?
A
U.S. Treasury Bonds
B
Uninsured Savings Accounts
C
Municipal Bonds
D
Mutual Funds
13) Why is it important to have a good credit rating?
A
All of the above.
B
You will get a lower interest rate when getting a loan.
C
It will make it easier to pay back the loan.
D
It will be easier to get credit.
14) If you had a balance in your Checking Account of $150.00 and a check for $60.00 had not cleared, what is your true balance?
A
$210.00
B
$150.00
C
$110.00
D
$90.00
15) The difference between a Debit card and a Credit card is:
A
When you use a Credit card, the money is taken directly out of your account.
B
When purchasing something using a Debit card, money is taken directly out of your account.
C
When you use a Debit card, you pay for your purchases through monthly payments.
D
A Debit card, you promise to pay later. Using a Credit card, you promise to pay now.
*select an answer for all questions
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