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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
funding large capital outlays
B
purchasing insurance
C
paying property taxes
D
building equity
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
mutual funds
B
liabilities
C
bonds
D
interest rates
3) Which of the following is not an annual cost of owning a home?
A
keeping up with repairs and maintance
B
Making payments on principal, interest, and insurance
C
paying for new furniture
D
paying property taxes
4) One potential risk from investing in the stock market is the loss of —
A
purchasing power
B
earned interest income
C
investor tolerance
D
portfolio diversification
5) Which investment is considered the most secure in a retirement plan?
A
public bond
B
mutual fund
C
individual retirement account
D
401(k)
6) One effect of an increase in the amount of savings in an economy is —
A
an increase in financial resources for business investment
B
an increase in consumer spending
C
a decrease in retirement investments
D
a decrease in the production of goods and services
7) Loans that are obtained by offering an asset to guarantee repayment of the loan are considered —
A
default
B
secured
C
insecure
D
repossesed
8) Investments with high rates of return are generally accompanied with —
A
nothing
B
very high risk
C
no risk
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
paying the minimum balance
C
paying off the balance each month
D
working a part-time job to pay for credit
10) Which type of bank account is not insured?
A
mutual fund
B
savings
C
checking
D
money market fund
*select an answer for all questions
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