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Personal Finance Unit Review
Test Description: Budgeting, banks and the fed, investing
Instructions: Answer all questions to get your test result.
1) how much should you have saved in an emergency fund?
A
$20,000
B
6-12 months of income
C
$40,000
D
$1000
2) in government and personal budgets, you should always __________ more than you __________
A
spend, make
B
make, spend
C
lend, earn
D
buy, purchase
3) information that shows how much of a loan payment goes to principal, how much goes to interest, and how many payments there will be
A
APR
B
amortization table
C
payoff sheet
D
PMT function
4) How can you pay tens of thousands of dollars less in interest over the life of your loan ?
A
pay a smaller down payment
B
get a longer term of loan
C
pay extra on principal every month
D
shop for a higher interest rate
5) inflation is caused by...
A
crooked governments
B
prices increasing in certain industries
C
an increase in the money supply
D
market economies
6) inflation could have been avoided in the second class auction if....
A
there would have been more products to choose from
B
everyone would have spent all their money
C
students would have been able to get loans from each other
D
there would have been less products to choose from
7) which of the following doesn't belong?
A
stocks
B
stock exchange
C
mutual funds
D
bonds
8) the djia, and the s and p 500 are
A
publicly traded stocks
B
stock exchanges
C
stock indexes
D
mutual funds
9) you can buy stock in snickers
A
i dont know
B
maybe
C
true
D
false
10) when investing, which type of interest do you want to earn?
A
fractional
B
low
C
compound
D
simple
11) looking for similar houses in a neighborhood to determine what price you should pay for (or sell) a house
A
fracking
B
fracturing
C
comps
D
flip
12) a home loan payment should not account for more than _________ of your personal monthly budget
A
10
B
25
C
50
D
30
13) which type of debt are you likely to have when you first begin your career?
A
car
B
insurance
C
student
D
home
14) it is cheaper to go out to eat than to make your own food
A
false
B
unless you shop at Aldis
C
only at waffle house
D
true
15) if you buy a $200,000 house at a 30 year loan at an interest rate of 6%, how much principal will you be paying in the first payment?
A
$19
B
$1990
C
$991
D
$199
16) which of the following is not a good way to choose a stock?
A
if you read about it on a website trying to sell you something
B
P/E ratio
C
EPS
D
if they have a really good product or service
17) a company must provide their financial statements to the public if the public can buy stock in the company
A
fajitas
B
true
C
enchiladas
D
false
18) the best way to buy stocks is to....
A
buy and hold
B
sell often
C
take a balanced approach
D
buy often
19) which type of bond do you purchase for less than the face value?
A
us savings bond
B
i bond
C
zero coupon
D
coupon
20) in person of interest, what was the illegal investing tactic used?
A
short sell
B
pre calc
C
insider trading
D
short cover
*select an answer for all questions
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