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3rd 9 Weeks JTC Test Part 2
Test Description: 3rd 9 weeks JTC TEST qeustions 21 - 40
Instructions: Answer all questions to get your test result.
1) The Rule of 72 is
A
The method banks use to determine interest rates.
B
A Method of figuring out how long it will take you to double your money.
C
The Ruling Committee of 72 banks.
2) What type of bank account offers the easiest access to your money?
A
Exchanged trades fund
B
Checking
C
Mutual fund
3) How long will it take you to double $2000 at 6% interest rate, compounded annually?
A
12 years
B
26 years
C
2 years
4) A(n)_____ is a degree title issued by a college or university to a person who has completed undergraduate studies
A
Associate Degree
B
Bachelor’s Degree
C
Master’s Degree
D
Doctorate Degree
5) A(n) _____ is a degree earned upon completion of a program that usually require the equivalent of two or more years of full-time study.
A
Master’s Degree
B
Doctorate Degree
C
Associate Degree
D
Bachelor’s Degree
6) 26. A ________ is money that you do not have to repay. It is based on an need and/or academic achievement.
A
B. Grant
B
D. None of these choices
C
C. Loan
D
Scholarship
7) A _______ is money that does not have to be repaid, but must meet standards and qualifications set by the provider.
A
Loan
B
Scholarship
C
None of these choices
D
Grant
8) _____ is a form you and your family must complete to apply for need-based financial aid.
A
Expected Family Contribution (EFC)
B
Student Aid Report (SAR)
C
None of these choices
D
Federal Application for Federal Student Aid (FAFSA)
9) This is a test that assesses high school students’ general education development and their ability to complete college-level work.
A
ACT
B
Both SAT and ACT
C
Neither SAT or ACT
D
SAT
10) TRUE or FALSE - The amount of income you make affects the amount of federal taxes you will owe.
A
TRUE
B
FALSE
11) TRUE or FALSE - Some American citizens never pay any form of taxes.
A
FALSE
B
TRUE
12) TRUE or FALSE - Dealers set mileage limits on leased vehicles.
A
TRUE
B
FALSE
13) TRUE or FALSE - All homeowner’s insurance policies have the same coverage.
A
TRUE
B
FALSE
14) TRUE or FALSE - You do not pay for insurance on a leased car.
A
FALSE
B
TRUE
15) TRUE or FALSE - If an item appreciates, it decreases in price ( or loses value)
A
TRUE
B
FALSE
16) TRUE or FALSE - One late payment can lower your credit score.
A
FALSE
B
TRUE
17) TRUE or FALSE - Let’s say your roommate forgot to pay a cable bill. It was entirely his fault, but your name was on the bill. This will not lower your credit score.
A
FALSE
B
TRUE
18) TRUE or FALSE - There is such a thing as good debt.
A
TRUE
B
FALSE
19) TRUE or FALSE - Renting and buying mean the same thing.
A
TRUE
B
FALSE
20) TRUE or FALSE - Debit cards are connected to funds in your bank account.
A
TRUE
B
FALSE
*select an answer for all questions
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