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Personal Finance 8.01
Test Description: Personal Finance 8.01
Instructions: Answer all questions to get your test result.
1) John and Larry were each given $1,000. John invested his money in savings bonds. Larry invested in growth stocks. What is an ADVANTAGE of Larry's decision over John's?
A
Possibility of higher earnings
B
Easier access to money
C
Less chance of losing his investment
D
Fixed dividends
2) How are savings and investments different? Savings are:
A
more liquid than investments.
B
less secure than investments.
C
more risky than investments.
D
more volatile than investments.
3) What do saving and investing have in common?
A
Both may be used to get ready to pay big expenses.
B
Both yield high rates of interest.
C
Both are designed primarily to make a large profit.
D
Both are usually risk-free.
4) Max bought penny stocks and Nancy bought blue chip stocks. Which statement about Max and Nancy is TRUE?
A
Nancy paid more for her stocks, but has less risk.
B
Nancy is taking a much higher risk than Max.
C
Max paid a higher price per share than Nancy paid.
D
Max bought stock in a large, stable company.
5) Samantha saved $75 a month, even in December, when she wanted to buy holiday gifts for her family and friends. Which rule for saving and investing does this BEST illustrate?
A
View saving and investing as a fixed expense
B
Rule of 70-20-10
C
Rule of 72
D
Over-relying on credit for expenses
6) When Meredith received her first paycheck, she decided to set aside money to buy a car before spending any of the income. Which does this BEST illustrate?
A
Pay yourself first Rule of Saving
B
Over-relying on credit for expenses
C
Rule of 70-20-10
D
Rule of 72
7) The Haleys calculated that it would take 30 years to double the money they invested in a retirement account. Which rule for saving and investing does this BEST illustrate?
A
Saving and Investing Plan
B
Rule of 70-20-10
C
Rule of 72
D
pay yourself first
8) How are savings and investments different?
A
Savings have changeable rates of interest, but investment interest rates are fixed.
B
Investments may be withdrawn at any time, but savings may not be easy to access.
C
Savings earn high rates of interest, but investments do not.
D
Savings involve low risk factors, but the risks with investments are greater.
9) How are saving and investing different?
A
People who save tend to earn larger returns on their money than those who invest.
B
Investors want to be able to easily access their money, while those who save do not.
C
People save so they can pay for unexpected needs; they invest to make a profit.
D
People who save tend to be better risk-takers than those who do not.
10) What do saving and investing have in common?
A
Both are known for their safety and low level of risk.
B
Both allow money to be withdrawn at any time.
C
Both involve putting money into a savings account.
D
Both may be used to help reach financial goals.
*select an answer for all questions
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