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