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Personal Finance Review - B
Test Description: Review Questions
Instructions: Answer all questions to get your test result.
1) David made a mistake in his checking account recordkeeping and spent $10 more than he had deposited in his account. As a result, he can expect to be charged a/an:
A
safe deposit fee.
B
contact fee.
C
overdraft fee.
2) Zoe has been assigned by her school counselor to complete a career assessment. Which statement best describes why her counselor has suggested she do this?
A
Her counselor wants Zoe to find a career that will provide a high level of income to support Zoe’s lifestyle and well-being.
B
Her counselor wants Zoe to conduct interviews with people in her area of interest to determine if she truly enjoys the career
C
Her counselor wants Zoe to match her skills, abilities, interests and values with a list of specific occupations.
3) In order to make an informed career decision, a high school student will want to:
A
commit to a profession that requires a college degree.
B
choose a career that offers the amount of money desired.
C
develop personal goals, complete a career assessment, and research careers.
4) Which statement would not be true about the value of career research?
A
There are many careers that would support your well-being. Career exploration allows you to find the one that pays the most s
B
Opinions from different people working in the occupation should be considered before ruling out a particular career.
C
Current job availability and the outlook for future employment are as essential to consider as whether you have the skills, i
5) Erin has been in college for 2 years and has decided that the major she has been studying is not for her. Changing her major and/or her college could result in:
A
the need for backward planning.
B
a well-rounded college degree.
C
losing credits for classes she has already taken.
6) Which statement is true regarding college-level expectations for studying and completing projects?
A
It is best to study alone in a quiet environment.
B
Plan backward from major deadlines.
C
Multitasking during study time develops the important skill of working while being distracted, so it is okay to message with
7) Dylan is preparing a presentation about saving and the presentation rubric says that he must include an explanation of compounding interest. Which concept would be the best one to include in his presentation to show that he understands compounding in
A
Earning interest on interest
B
Interest earned on the principal investment
C
The effect interest has on the total return on investment
8) When taking advantage of the time value of money, which is most likely to result in the largest return?
A
Invest at a high interest rate because interest is the only factor that affects return.
B
Invest a large principal amount of money and then make no additional investments.
C
Invest as long as possible and at the highest interest rate possible.
9) Compound interest is best defined as:
A
interest earned on the principal investment.
B
earning interest on interest.
C
any form of interest earned from saving or investing.
10) Which is not an example of a data furnisher?
A
Landlord
B
Credit card company
C
Utility company
11) Which is not included in an individual’s credit report?
A
Bankruptcies and foreclosures
B
Medical information
C
Account balances
12) When may a person view his/her credit report for free?
A
A person may not review his/her credit report
B
At any time and an unlimited number of times
C
Once a year, from each of the three main credit reporting agencies
13) 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
Let a family member take over the credit account so her credit score will not be affected.
B
File the credit card away for use at a later time.
C
Close the account by phone and in writing, then destroy the card.
14) When Bryce attempted to borrow money at the bank, he learned that his credit score is low. Which best describes what this is likely to mean for Bryce?
A
The purchase price of the item he needs the loan for will be higher due to his low credit score.
B
The monthly loan payments will be lower due to his lower credit score.
C
The interest rates on his loan will be higher, since his credit score is low.
*select an answer for all questions
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