Modules 103-104 Review Part 1 Question Preview (ID: 33529)


Modules 103-104 Review Part 1. TEACHERS: click here for quick copy question ID numbers.

If Marie invests $100.00 in a savings account that pays 5% interest, it will double in value in
a) 10 years
b) 12 years
c) a little over 14 years
d) a little under 17 years

The rule of 72 helps you calculate how long it will take for an investment to
a) earn interest
b) double in value
c) triple in value
d) lose value

______________ is paid on the principal plus interest earned to date.
a) Net worth
b) Compound interest
c) Simple interest
d) Future value

An original amount of money deposited in a bank account is known as
a) principal
b) compound interest
c) simple interest
d) future value

_____________ is calculated solely on the amount of the principal.
a) Net worth
b) Compound interest
c) Simple interest
d) Future value

If you have $500 worth of assets and $325 in liabilities, your net worth is
a) $500
b) $325
c) $175
d) $100

Boats, houses, fine art, and antiques are considered ____________ assets because they take time to convert into cash.
a) Liquid
b) fixed
c) restricted
d) current

Liquid assets are
a) cash or easily turned into cash
b) heavy and difficult to transport
c) only sold under special circumstances
d) retirement funds

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) computers and other technology devices
b) houses and real estate
c) flat screen televisions
d) new cars

An investment is something worth buying because it
a) costs a lot of money up front
b) loses value over time
c) is a safe place to put your money
d) increases in value over time

A _____________ is a liability that must be deducted from a person's assets when calculating net worth.
a) piece of fine art
b) certificate of deposit (CD)
c) bank loan
d) savings account

A _____________ is a liquid asset that many people use to reach short-term goals.
a) savings account
b) winning lottery ticket
c) credit card debt
d) mortgage payment

______________ is the measure of a person's financial position at a particular point in time.
a) The value of money
b) An asset
c) A net worth statement
d) A liability

Net worth is calculated by
a) adding liabilities and assets
b) subtracting liabilities from assets
c) dividing assets by liabilities
d) multiplying assets by liabilities

According to the ______, the value of a dollar is greater today than the value of any dollar you make in the future.
a) time value of money
b) present value of money
c) restricted value of money
d) liquid value of money

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