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Money Management
Test Description: Final Exam Review: Credit & Investing
Instructions: Answer all questions to get your test result.
1) According to the Rule of 72, how long will it take to double your money if the interest rate is 2%?
A
144 years
B
144 days
C
36 days
D
36 years
2) By law, how many times can you receive a free credit report?
A
Three times a year
B
Never
C
Once every two years
D
Once a year
3) What is APR?
A
Annual Percentage Rate, rate charged on any unpaid balance
B
Annual Percentage Rate, rate you receive on your checking account
C
Annual Percentage Rate, rate you receive for being a good customer
D
Annual Percentage Rate, rate you receive for paying your credit card bill off every month
4) The maximum amount a person pays if their credit card is used by someone else without their knowledge
A
Entire amount charged
B
$100
C
$0
D
$50
5) Which of the following carries the most risk in investing
A
Stocks
B
Hybrid Mutual Funds
C
Government Bonds
D
Corporate Bonds
6) Which of the following carries the lowest risk in investing?
A
Corporate Bonds
B
Government Bonds
C
Mutual Funds
D
Stocks
7) Why should a person diversify?
A
To make the decision easier when selecting stocks
B
To protect their money in case an investment goes bad
C
To make more money in a shorter period of time
D
A person should not diversify
8) "Not putting all of your eggs in one basket" describes which term
A
Diversification
B
Insurance
C
Bonds
D
Investing
9) When starting a financial portfolio, where should you go?
A
E*Trade
B
New York Stock Exchange
C
Financial planner
D
Mrs. Larsen
10) How long does bad credit stay on your credit report?
A
10 years
B
7 years
C
Forever
D
1 year
*select an answer for all questions
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