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Unit 4 Test Review - Economics
Test Description: Unit 4 Test Review
Instructions: Answer all questions to get your test result.
1) One of the benefits of home ownership includes —
A
building equity
B
funding large capital outlays
C
paying property taxes
D
purchasing insurance
2) In order to qualify for a mortgage a loan officer will consider an applicant’s net worth. Which of the following is subtracted from assets to determine net worth?
A
liabilities
B
bonds
C
mutual funds
D
interest rates
3) Which of the following is not an annual cost of owning a home?
A
paying property taxes
B
Making payments on principal, interest, and insurance
C
keeping up with repairs and maintance
D
paying for new furniture
4) One potential risk from investing in the stock market is the loss of —
A
portfolio diversification
B
earned interest income
C
purchasing power
D
investor tolerance
5) Which investment is considered the most secure in a retirement plan?
A
individual retirement account
B
public bond
C
mutual fund
D
401(k)
6) One effect of an increase in the amount of savings in an economy is —
A
a decrease in retirement investments
B
a decrease in the production of goods and services
C
an increase in financial resources for business investment
D
an increase in consumer spending
7) Loans that are obtained by offering an asset to guarantee repayment of the loan are considered —
A
secured
B
default
C
insecure
D
repossesed
8) Investments with high rates of return are generally accompanied with —
A
very high risk
B
no risk
C
nothing
D
low risk
9) The most effective way to manage credit card debt is by —
A
finding a credit card with the lowest interest rate
B
working a part-time job to pay for credit
C
paying off the balance each month
D
paying the minimum balance
10) Which type of bank account is not insured?
A
mutual fund
B
savings
C
money market fund
D
checking
*select an answer for all questions
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