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Financial Literacy Final
Test Description: My first test
Instructions: Answer all questions to get your test result.
1) what are viaticals?
A
pils taken to make sure you have the right vitamins
B
paying to be the beneficiary of life insurance policy
C
holy bulidings that investors can buy stock in.
D
what they check to see if you are dead
2) a letter that address specific qualifications you have for a particulary job
A
introductory letter
B
cover letter
C
job application
D
resume
3) which of the following would helo lower your insurance premiums each month?
A
increase your deductible
B
all of these
C
get rid of unnecessary coverages
D
increase your share of the coinsurance
4) which of the following is the least liquid investment?
A
money
B
bank account
C
mutual fund
D
real estate
5) who can contribute to an IRA?
A
anyone that wants
B
anyone that earns an income
C
anyone with money
D
only government employees
6) a debt instrument that is used by companies to rasie money without having to sell more stocks.
A
bond
B
mutual fund
C
stock
D
bank account
7) a letter to prospective employer that you will be contacting them
A
interview
B
job application
C
introductory letter
D
cover letter
8) a share of ownership in a company is called a:
A
viatical
B
stock
C
bond
D
mutual fund
9) what is earned income?
A
income generated by assets you have purcased or created
B
money paid because you deserve it
C
any income that is generated by working
D
selling a investment at a higher price that you paid for it
10) if you save money up for a rainy day, aka emergency fund, where should it be stored?
A
stocks
B
money market account
C
mutual fund
D
basic bank account
11) when liquidity does up what happens to the rate of return?
A
stays the same
B
goes up
C
has no effect
D
goes down
12) what is the term for the amount you pay each month for the insurance coverage ?
A
deductible
B
co-pay
C
coinsurance
D
premium
13) why should you never co-sign on a loan for anyone?
A
because the percentage of people needing co-signing that defaults is very high and you will probably be left with the bill
B
all of these
C
because the bank has deemed that person a credit risk
D
because if the person doesnt pay then you must pay and it go on your credit report
14) what happens to money taken out of a Roth IRA
A
it is NOT taxed
B
It is matched by the employer
C
it has to be used for healthcare
D
it is taxed
*select an answer for all questions
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