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Personal Finance - Saving And Investing For The Future - Part 2
Test Description: Review for Test
Instructions: Answer all questions to get your test result.
1) Which of the following is an advantage of investments through a brokerage firm?
A
Liquid investments
B
Safety - Insured by FDIC
C
High Rate of Return
D
Low risk
2) An IRA in which the contributions are not tax free, but earnings and gains remain tax free is called a
A
Traditional IRA
B
Roth IRA
3) If you withdraw part of the money you deposited into a Certificate of Deposit (CD) before the maturity date, you will not have to pay a penalty.
A
True
B
False
4) An IRA in which the contributions, gains, and earnings remain tax-free until you withdraw them is called a
A
Roth IRA
B
Traditional IRA
5) The amount of money you place in savings is called
A
principle
B
liquidity
C
withdrawal
D
interest
6) Interest computed on the principle plus accumulated interest is called
A
compound interest
B
calculated interest
C
simple interest
D
built-up interest
7) Which is not an example of a long-term goal?
A
retirement
B
home ownership
C
vacation
D
college education
8) Brokerage firms buy and sell different types of securities.
A
True
B
False
9) Certificates of Deposit (CDs)
A
earn a fixed interest rate for a set length of time
B
do not require a minimum deposit
C
is more liquid than a regular savings account
D
usually has a lower interest rate than a regular savings account
10) FDIC and NCUA insure accounts up to
A
$20,000
B
$5,000
C
$100,000
D
$500,000
*select an answer for all questions
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