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