Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Unit 9- Money Management Part 2
Test Description: Test Review Part 2
Instructions: Answer all questions to get your test result.
1) An inheritance and winning lottery ticket are examples of
A
unanticipated expenses.
B
unanticipated income.
C
anticipated income.
D
anticipated expenses.
2) A salary is an example of
A
anticipated expenses.
B
anticipated income.
C
unanticipated expenses.
D
unanticipated income.
3) Most people pay for a house with
A
a credit card.
B
cash.
C
a loan from family members.
D
a mortgage.
4) A payment made to secure a property (a house or a car) and a loan is known as a(n)
A
interest payment.
B
property tax.
C
down payment.
D
defaulted payment.
5) When a person receives a mortgage to buy a house, who owns the house?
A
The lender
B
All of the above
C
The buyer
D
The local government
6) If you default on a mortgage, the lender may take possession of the property in a process known as
A
amnesty.
B
maturation.
C
foreclosure.
D
appreciation.
7) Real estate can
A
depreciate.
B
require significant operating costs.
C
All of the above
D
appreciate.
8) Which of the following is true of mortgages?
A
They are bad for the economy.
B
Their interest rates fluctuate.
C
They are only offered for a 10-year term.
D
Most people should seek adjustable-rate mortgages.
9) Which of the following does NOT add to the cost of a mortgage?
A
Interest
B
Points
C
Smaller down payment
D
Larger down payment
10) If your salary is $2,500 and your expenses are $2,160, how much are you saving each month?
A
$200.
B
$340.
C
$500.
D
$140.
11) The average consumer spends the largest part of his/her paycheck on
A
housing.
B
entertainment.
C
food.
D
transportation.
12) Which of the following represents discretionary income?
A
Discretionary income = income - essential expenses
B
Discretionary income = anticipated income - unanticipated income
C
Discretionary income = unanticipated income - anticipated income
D
Discretionary income = essential expenses – income
13) For those who get paid weekly or get paid a different amount each week, a(n) ______________ budget is the easiest to manage.
A
weekly
B
daily
C
annual
D
monthly
14) David has $500,000 in liabilities and $450,000 in assets. What is David's net worth?
A
$0
B
$50,000
C
-$50,000
D
$950,000
15) A house is an example of a
A
All of the above
B
restricted asset.
C
liquid asset.
D
fixed asset.
16) Certificates of deposit (CDs) and retirement funds are examples of
A
fixed assets.
B
all of the above.
C
liquid assets.
D
restricted assets.
17) Cash and stocks are examples of
A
restricted assets.
B
all of the above.
C
liquid assets.
D
fixed assets.
18) How much money would Mark have in his bank account after 5 years if he has $100 in it and accumulates 5% in simple interest annually (assuming that he doesn't make any deposits or withdraw any money)?
A
$27.63
B
$25
C
$127.63
D
$125
19) How much money would Mark have in his bank account after 5 years if he has $100 in it and accumulates 5% in compound interest annually (assuming that he doesn't make any deposits or withdraw any money)?
A
$127.63
B
$27.63
C
$25
D
$125
20) Using the rule of 72, about how long would it take for $1 million to double with a compound interest rate of 6%?
A
12 years
B
20 years
C
10 years
D
6 years
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?