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Unit 9- Money Management Part 2
Test Description: Test Review Part 2
Instructions: Answer all questions to get your test result.
1) An inheritance and winning lottery ticket are examples of
A
anticipated income.
B
unanticipated expenses.
C
anticipated expenses.
D
unanticipated income.
2) A salary is an example of
A
anticipated expenses.
B
unanticipated expenses.
C
anticipated income.
D
unanticipated income.
3) Most people pay for a house with
A
a mortgage.
B
a loan from family members.
C
cash.
D
a credit card.
4) A payment made to secure a property (a house or a car) and a loan is known as a(n)
A
property tax.
B
interest payment.
C
defaulted payment.
D
down payment.
5) When a person receives a mortgage to buy a house, who owns the house?
A
All of the above
B
The buyer
C
The lender
D
The local government
6) If you default on a mortgage, the lender may take possession of the property in a process known as
A
maturation.
B
foreclosure.
C
appreciation.
D
amnesty.
7) Real estate can
A
depreciate.
B
require significant operating costs.
C
appreciate.
D
All of the above
8) Which of the following is true of mortgages?
A
Most people should seek adjustable-rate mortgages.
B
They are only offered for a 10-year term.
C
They are bad for the economy.
D
Their interest rates fluctuate.
9) Which of the following does NOT add to the cost of a mortgage?
A
Interest
B
Larger down payment
C
Smaller down payment
D
Points
10) If your salary is $2,500 and your expenses are $2,160, how much are you saving each month?
A
$200.
B
$500.
C
$140.
D
$340.
11) The average consumer spends the largest part of his/her paycheck on
A
entertainment.
B
transportation.
C
housing.
D
food.
12) Which of the following represents discretionary income?
A
Discretionary income = anticipated income - unanticipated income
B
Discretionary income = income - essential expenses
C
Discretionary income = unanticipated income - anticipated income
D
Discretionary income = essential expenses – income
13) For those who get paid weekly or get paid a different amount each week, a(n) ______________ budget is the easiest to manage.
A
monthly
B
weekly
C
daily
D
annual
14) David has $500,000 in liabilities and $450,000 in assets. What is David's net worth?
A
$950,000
B
$0
C
-$50,000
D
$50,000
15) A house is an example of a
A
restricted asset.
B
All of the above
C
fixed asset.
D
liquid asset.
16) Certificates of deposit (CDs) and retirement funds are examples of
A
all of the above.
B
restricted assets.
C
liquid assets.
D
fixed assets.
17) Cash and stocks are examples of
A
all of the above.
B
liquid assets.
C
fixed assets.
D
restricted assets.
18) How much money would Mark have in his bank account after 5 years if he has $100 in it and accumulates 5% in simple interest annually (assuming that he doesn't make any deposits or withdraw any money)?
A
$125
B
$25
C
$27.63
D
$127.63
19) How much money would Mark have in his bank account after 5 years if he has $100 in it and accumulates 5% in compound interest annually (assuming that he doesn't make any deposits or withdraw any money)?
A
$127.63
B
$25
C
$125
D
$27.63
20) Using the rule of 72, about how long would it take for $1 million to double with a compound interest rate of 6%?
A
12 years
B
6 years
C
20 years
D
10 years
*select an answer for all questions
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