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Unit 9 98-101
Test Description: Unit 9 98-101
Instructions: Answer all questions to get your test result.
1) Which of the following would be the riskiest place to keep money that you eventually want to use to buy a car?
A
A stock market
B
A savings account
C
A certificate of deposit (CD
D
A checking account
2) _____________________ covers damage to your car in case you are in an accident.
A
Property damage liability
B
Uninsured motorist coverage
C
Collision coverage
D
Medical payment insurance
3) ___________________________ pays for damages to your car from theft, vandalism, acts of nature, fire, and collision with animals.
A
Bodily injury liability
B
Property damage liability
C
Comprehensive coverage
D
Medical payment insurance
4) ___________________ are awards of money students may receive to pursue higher education and don't have to pay back (with very few exceptions).
A
Student loans
B
Scholarships and grants
C
None of the above - such things don't exist
D
Work-study programs
5) Typically, any schooling you pursue will likely increase your ___________________ and will __________________ your income potential.
A
human capital, increase
B
Debt and do nothing
C
human capital, decrease
D
Go fishing
6) Phone and utility bills, rent, insurance, and grocery bills are all examples of
A
anticipated/fixed expenses
B
unanticipated/Variable income
C
unanticipated/Variable expenses.
D
anticipated/fixed income. . .
7) If you default on a mortgage, the lender may take possession of the property in a process known as
A
foreclosure
B
appreciation
C
maturation.
D
amnesty
8) A house is an example of a
A
All of the above
B
restricted asset.
C
liquid asset.
D
fixed asset.
9) Certificates of deposit (CDs) and retirement funds are examples of
A
fixed assets.
B
restricted assets.
C
liquid assets.
D
all of the above.
10) We have to consider opportunity costs because of
A
abundance.
B
scarcity.
C
all of the above.
D
affluence.
*select an answer for all questions
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