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Personal Finance - Saving And Investing For The Future - Part 1
Test Description: Review for Test
Instructions: Answer all questions to get your test result.
1) Based on the Rule of 72, if the interest rate is 4%, how many years will it take for your money to double?
A
18 years
B
12 years
C
1 year
D
20 years
2) An IRA account:
A
is tax deferred
B
all of the above
C
is not very liquid
D
is used to save for retirement
3) Which of the following is the most liquid?
A
Mutual fund
B
CD
C
regular savings account
D
IRA
4) Stocks and bonds issued by corporations or by the government are called
A
savings accounts
B
dividends
C
CDs
D
securities
5) Diversification of investments helps to protect against large losses.
A
True
B
False
6) Some ways to make saving easier include direct deposit and automatic payroll deductions.
A
False
B
True
7) The more often interest is compounded, the lower your earnings.
A
True
B
False
8) It is not beneficial to start saving early.
A
True
B
False
9) Needs you expect to have in the next few months or years are
A
Short-Term
B
Long-Term
10) A sum of money deposited for a set length of time at a fixed interest rate is a
A
Stock
B
Bond
C
Mutual Fund
D
Certificate of Deposit
*select an answer for all questions
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