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Modules 103-104 Review Part 1
Test Description: Modules 103-104 Review Part 1
Instructions: Answer all questions to get your test result.
1) ______________ is the measure of a person's financial position at a particular point in time.
A
An asset
B
A net worth statement
C
A liability
D
The value of money
2) Net worth is calculated by
A
dividing assets by liabilities
B
subtracting liabilities from assets
C
multiplying assets by liabilities
D
adding liabilities and assets
3) A _____________ is a liquid asset that many people use to reach short-term goals.
A
mortgage payment
B
credit card debt
C
savings account
D
winning lottery ticket
4) A _____________ is a liability that must be deducted from a person's assets when calculating net worth.
A
piece of fine art
B
savings account
C
certificate of deposit (CD)
D
bank loan
5) An investment is something worth buying because it
A
increases in value over time
B
costs a lot of money up front
C
is a safe place to put your money
D
loses value over time
6) Property assets that have historically increased in value include original works of art by known artists, gold and silver jewelry with precious gemstones, and
A
flat screen televisions
B
houses and real estate
C
new cars
D
computers and other technology devices
7) Liquid assets are
A
retirement funds
B
cash or easily turned into cash
C
only sold under special circumstances
D
heavy and difficult to transport
8) Boats, houses, fine art, and antiques are considered ____________ assets because they take time to convert into cash.
A
Liquid
B
fixed
C
current
D
restricted
9) If you have $500 worth of assets and $325 in liabilities, your net worth is
A
$100
B
$325
C
$175
D
$500
10) An original amount of money deposited in a bank account is known as
A
future value
B
principal
C
simple interest
D
compound interest
11) _____________ is calculated solely on the amount of the principal.
A
Net worth
B
Compound interest
C
Future value
D
Simple interest
12) ______________ is paid on the principal plus interest earned to date.
A
Future value
B
Simple interest
C
Compound interest
D
Net worth
13) The rule of 72 helps you calculate how long it will take for an investment to
A
lose value
B
double in value
C
earn interest
D
triple in value
14) If Marie invests $100.00 in a savings account that pays 5% interest, it will double in value in
A
12 years
B
a little under 17 years
C
10 years
D
a little over 14 years
15) According to the ______, the value of a dollar is greater today than the value of any dollar you make in the future.
A
restricted value of money
B
time value of money
C
present value of money
D
liquid value of money
*select an answer for all questions
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