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Final Review
Test Description: Final Review
Instructions: Answer all questions to get your test result.
1) The three variables that affect saving money are:
A
amount, stocks, and time
B
amount, interest, and credit
C
none of the above
D
amount, interest, and time
2) A disadvantage of credit is that:
A
it allows you to establish credit
B
it encourages impulse or unplanned buying
C
it allows you to track the money you are spending
D
it allows you to buy now and pay later
3) Which of the following about debit cards is true?
A
Use of a debit card takes money directly from a person's bank account
B
A debit card can be used even if there is not enough money in a person's account
C
Using a debit card is the same as securing a loan
D
A debit card is just another name for a credit card
4) Which of the following is TRUE about sales taxes?
A
You don't have to pay sales tax if your income is very low
B
The federal government deducts sales tax if your income is very low
C
Groceries are taxable items
D
Sales taxes make things more expensive for you to buy
5) The total amount of monthly income remaining after all deductions have been taken out is known as:
A
gross monthly income
B
gross annual income
C
net annual income
D
net monthly income
6) An investment company that pools money from shareholders to buy various stocks and bonds is called a:
A
Mutual fund
B
Stock
C
Bond
D
Savings account
7) A record of spending or of probable expenditures and income for a given period of time is called:
A
investments
B
interest
C
a budget
D
credit
8) An account provided by a bank or credit union where you can put money aside and earn interest at a low rate is a:
A
savings account
B
stock
C
mutual fund
D
bond
9) Long-term funds that represent part ownership in a company and are sold as shares are called
A
stocks
B
savings accounts
C
mutual funds
D
bonds
10) An investment in which a buyer receives a certain amount of money at the end of a stated period, plus interest payments at specific times, is called:
A
bond
B
mutual fund
C
savings account
D
stocks
*select an answer for all questions
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