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Personal Finance - Unit 6 (Part 3)
Test Description: Part 3
Instructions: Answer all questions to get your test result.
1) James received his first medical bill of the year. It was a total of $1,000. His health insurance policy has a $500 deductible and a 20% co‐insurance. How much of the medical bill will James be responsible to pay?
A
$500
B
$600
C
$700
D
$0, insurance will cover the entire medical bill
2) Chad has decided to rent an apartment. His landlord explained to him that he would need to pay a refundable fee to cover any potential damages that might occur while Chad is living in the apartment. This fee is called the:
A
amenities.
B
rental agreement.
C
down payment.
D
security deposit.
3) Megan’s credit card statement indicates that she is now paying a penalty APR. Which scenario best describes why?
A
Her card had a lower introductory interest rate for the first year; now the interest rate increased, as stated on contract
B
She missed two credit card payments while she was studying abroad; her friend forgot to pay them even though she agreed to.
C
The computer she bought made account go over the credit limit for 1 week, until the credit company processed her statement.
D
Megan’s credit card payment has been paid in full each of the last 6 months.
4) When making food decisions, which is likely to be the least expensive?
A
Ready-to-eat foods
B
Fast food restaurants
C
Full-service restaurants
D
Convenience foods
5) A rental agreement is often referred to as:
A
renters insurance.
B
a lease.
C
a mortgage.
D
an amenity.
6) Paying the minimum payment on a credit card every month will:
A
pay a large percentage of the total balance owed every month.
B
make the final amount paid substantially higher than the amount initially charged to the card.
C
allow the cardholder to avoid paying any interest charges.
D
help the cardholder create a plan for paying off a credit card in a decent amount of time.
7) Sally is researching a new tablet and conducting research using a variety of sources. What is an example of an unbiased source?
A
Product review from an individual making money from the sale
B
A product review from an independent company
C
Product review from a seller
D
A product review that is five years old
8) Perry would like to purchase a new car. What should he consider first in the planned buying process?
A
Evaluate the opportunity cost and trade-offs to purchasing the car
B
Research different sellers to determine where to purchase the car from
C
Rank product features in order of importance
D
Calculate the cost of ownership
9) Melissa needs a vehicle and is considering leasing one. This means:
A
she would be purchasing the vehicle by making payments over time.
B
she would be renting the vehicle by making payments over time, although the vehicle title would remain with the lease grantor
C
her depreciation costs will likely be higher.
D
she will need to pay a larger down payment to offset the lease agreement fees.
10) Becky no longer wants to use her Clothes-R-Us store credit card. What is the best thing she could do with the credit card?
A
File the credit card away for use at a later time.
B
Keep the credit card in her wallet in case she needs proof of identification.
C
Let a family member take over the credit account so her credit score will not be affected.
D
Close the account by phone and in writing, then destroy the card.
*select an answer for all questions
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