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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
High Rate of Return
B
Safety - Insured by FDIC
C
Low risk
D
Liquid investments
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
Traditional IRA
B
Roth IRA
5) The amount of money you place in savings is called
A
withdrawal
B
interest
C
liquidity
D
principle
6) Interest computed on the principle plus accumulated interest is called
A
calculated interest
B
built-up interest
C
compound interest
D
simple interest
7) Which is not an example of a long-term goal?
A
vacation
B
retirement
C
home ownership
D
college education
8) Brokerage firms buy and sell different types of securities.
A
False
B
True
9) Certificates of Deposit (CDs)
A
usually has a lower interest rate than a regular savings account
B
earn a fixed interest rate for a set length of time
C
do not require a minimum deposit
D
is more liquid than a regular savings account
10) FDIC and NCUA insure accounts up to
A
$100,000
B
$20,000
C
$5,000
D
$500,000
*select an answer for all questions
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