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Unit 9- Money Management Part 3
Test Description: Test Review Part 3
Instructions: Answer all questions to get your test result.
1) What is the appreciation of a car that was worth $5,000 in 2011 and $2,000 in 2012?
A
$3,000
B
$5,000
C
$0
D
$2,000
2) What is the depreciation of a car that was worth $5,000 in 2011 and $2,000 in 2012?
A
$3,000
B
$5,000
C
$0
D
$2,000
3) What is an operating cost?
A
what you pay to keep something working and in good condition
B
what you paid for an asset
C
the value of an asset after it has fully depreciated
D
the loss of value of an asset
4) What is scrap value
A
what you pay to keep something working and in good condition
B
the loss of value of an asset
C
what you paid for an asset
D
the value of an asset after it has fully depreciated
5) What is depreciation?
A
the value of an asset after it has fully depreciated
B
what you paid for an asset
C
what you pay to keep something working and in good condition
D
the loss of value of an asset
6) What is a historical cost?
A
the value of an asset after it has fully depreciated
B
what you pay to keep something working and in good condition
C
the loss of value of an asset
D
what you paid for an asset
7) Examples of operating costs for a vehicle might be:
A
Gas , tires and repairs
B
Insurance
C
all of the above
D
registration
8) What is income?
A
the money you earn
B
the money left over
C
the things on which you spend money
D
the money you are saving
9) What are some examples of liabilities?
A
retirement plan
B
credit card debt
C
your car
D
bank accounts
10) What is the time value of money?
A
the money you have now is worth more than the money you will get in the future
B
how long it takes for an investment to double
C
calculated on the current savings balance (the original deposited principal and future deposits) as well as interest
D
calculated on a current savings account balance
*select an answer for all questions
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