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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
anticipated income.
B
anticipated expenses.
C
unanticipated expenses.
D
unanticipated income.
2) A salary is an example of
A
anticipated expenses.
B
anticipated income.
C
unanticipated income.
D
unanticipated expenses.
3) Most people pay for a house with
A
a credit card.
B
cash.
C
a mortgage.
D
a loan from family members.
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
defaulted payment.
C
property tax.
D
down payment.
5) When a person receives a mortgage to buy a house, who owns the house?
A
The local government
B
All of the above
C
The buyer
D
The lender
6) If you default on a mortgage, the lender may take possession of the property in a process known as
A
maturation.
B
appreciation.
C
amnesty.
D
foreclosure.
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
Most people should seek adjustable-rate mortgages.
C
They are only offered for a 10-year term.
D
Their interest rates fluctuate.
9) Which of the following does NOT add to the cost of a mortgage?
A
Smaller down payment
B
Interest
C
Points
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
$500.
B
$200.
C
$340.
D
$140.
11) The average consumer spends the largest part of his/her paycheck on
A
transportation.
B
food.
C
entertainment.
D
housing.
12) Which of the following represents discretionary income?
A
Discretionary income = anticipated income - unanticipated income
B
Discretionary income = unanticipated income - anticipated income
C
Discretionary income = income - essential expenses
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
annual
B
weekly
C
daily
D
monthly
14) David has $500,000 in liabilities and $450,000 in assets. What is David's net worth?
A
-$50,000
B
$0
C
$50,000
D
$950,000
15) A house is an example of a
A
fixed asset.
B
All of the above
C
liquid asset.
D
restricted asset.
16) Certificates of deposit (CDs) and retirement funds are examples of
A
restricted assets.
B
liquid assets.
C
all of the above.
D
fixed 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
$125
B
$127.63
C
$25
D
$27.63
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
$125
B
$27.63
C
$127.63
D
$25
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
20 years
B
10 years
C
6 years
D
12 years
*select an answer for all questions
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