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Modules 103-104 Review Part 1
Test Description: Modules 103-104 Review Part 1
Instructions: Answer all questions to get your test result.
1) ______________ is the measure of a person's financial position at a particular point in time.
A
A net worth statement
B
An asset
C
The value of money
D
A liability
2) Net worth is calculated by
A
adding liabilities and assets
B
multiplying assets by liabilities
C
dividing assets by liabilities
D
subtracting liabilities from assets
3) A _____________ is a liquid asset that many people use to reach short-term goals.
A
credit card debt
B
mortgage payment
C
savings account
D
winning lottery ticket
4) A _____________ is a liability that must be deducted from a person's assets when calculating net worth.
A
piece of fine art
B
savings account
C
certificate of deposit (CD)
D
bank loan
5) An investment is something worth buying because it
A
increases in value over time
B
costs a lot of money up front
C
loses value over time
D
is a safe place to put your money
6) Property assets that have historically increased in value include original works of art by known artists, gold and silver jewelry with precious gemstones, and
A
houses and real estate
B
computers and other technology devices
C
flat screen televisions
D
new cars
7) Liquid assets are
A
cash or easily turned into cash
B
retirement funds
C
only sold under special circumstances
D
heavy and difficult to transport
8) Boats, houses, fine art, and antiques are considered ____________ assets because they take time to convert into cash.
A
restricted
B
current
C
Liquid
D
fixed
9) If you have $500 worth of assets and $325 in liabilities, your net worth is
A
$500
B
$100
C
$325
D
$175
10) An original amount of money deposited in a bank account is known as
A
principal
B
future value
C
simple interest
D
compound interest
11) _____________ is calculated solely on the amount of the principal.
A
Future value
B
Compound interest
C
Net worth
D
Simple interest
12) ______________ is paid on the principal plus interest earned to date.
A
Compound interest
B
Net worth
C
Simple interest
D
Future value
13) The rule of 72 helps you calculate how long it will take for an investment to
A
double in value
B
earn interest
C
triple in value
D
lose value
14) If Marie invests $100.00 in a savings account that pays 5% interest, it will double in value in
A
12 years
B
10 years
C
a little over 14 years
D
a little under 17 years
15) According to the ______, the value of a dollar is greater today than the value of any dollar you make in the future.
A
liquid value of money
B
restricted value of money
C
time value of money
D
present value of money
*select an answer for all questions
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