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Unit 9- Money Management Part 1
Test Description: Unit 9 review- Part 1
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 certificate of deposit (CD)
B
A savings account
C
A checking account
D
A stock market
2) Other than cash that you have saved, which of the following is a way to pay for a car?
A
Taking out a personal loan from a family member
B
Taking out a car loan
C
All of the above
D
Leasing
3) In Virginia, you
A
may NOT register a car without insurance.
B
may register a car without insurance if you pay $500 each year.
C
must buy uninsured motorist coverage to operate a vehicle.
D
must have a job to buy a car.
4) What type of insurance will cover the damage that you cause to another vehicle if you have an accident for which you are responsible.
A
Bodily injury liability
B
Medical payment insurance
C
Uninsured motorist coverage
D
Property damage liability
5) This type of insurance covers damage to your car in case you are in an accident.
A
Property damage liability
B
Collision coverage
C
Uninsured motorist coverage
D
Medical payment insurance
6) This type of insurance 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
Medical payment insurance
D
Comprehensive coverage
7) This type of insurance covers an injury or death of another person if you are involved in a car accident that is legally deemed to be your fault.
A
Bodily injury liability
B
Property damage liability
C
Comprehensive coverage
D
Collision coverage
8) This type of insurance covers damages if you are the victim of a car accident caused by an individual who is uninsured.
A
Bodily injury liability
B
Comprehensive coverage
C
Property damage liability
D
Uninsured motorist coverage
9) This type of insurance is used to pay the medical expenses for yourself and any passengers involved in a car accident whether or not it is your fault.
A
Comprehensive coverage
B
Medical payment insurance
C
Property damage liability
D
Collision coverage
10) These are 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
Work-study programs
C
Scholarships and grants
D
None of the above - such things don't exist
11) Students are allowed to work on campus in order to offset tuition costs through what?
A
student loans
B
scholarships and grants
C
None of the above - such things don't exist
D
work-study programs
12) Money borrowed from an institution, usually the federal government or a bank, to pay for higher education and must be paid back with interest are known as these.
A
None of the above - such things don't exist
B
work-study programs.
C
scholarships and grants.
D
student loans.
13) If you want to pursue a post-graduate professional degree in medicine or college, which of the following would be the best option after high-school?
A
Four-year college
B
GED program
C
Technical school
D
Community college
14) On average, which of the following has the most expensive tuition?
A
Community colleges
B
Technical schools
C
Private colleges
D
In-state (public) colleges
15) On average, which of the following has the least expensive tuition?
A
Technical schools
B
Private colleges
C
Community colleges
D
In-state (public) colleges
16) Typically, any schooling you pursue will likely increase your what?
A
human capital
B
employment opportunities
C
all of the above
D
income potential
17) Which of the following is NOT true of 529 plans?
A
They grow tax free.
B
They are retirement plans.
C
Virginia has four different options.
D
They are higher education savings plans.
18) Scholarships and/or grants can be obtained from
A
community organizations.
B
religious organizations.
C
high schools.
D
all of the above.
19) Phone and utility bills, rent, insurance, and grocery bills are all examples of
A
unanticipated income.
B
unanticipated expenses.
C
anticipated expenses.
D
anticipated income.
20) Funds spent on a sick pet, broken tooth, or flat tire are all examples of
A
anticipated income.
B
anticipated expenses.
C
unanticipated income.
D
unanticipated expenses.
*select an answer for all questions
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