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Money Management
Test Description: Final Exam Review: Credit & Investing
Instructions: Answer all questions to get your test result.
1) According to the Rule of 72, how long will it take to double your money if the interest rate is 2%?
A
36 years
B
36 days
C
144 years
D
144 days
2) By law, how many times can you receive a free credit report?
A
Once a year
B
Once every two years
C
Never
D
Three times a year
3) What is APR?
A
Annual Percentage Rate, rate you receive for paying your credit card bill off every month
B
Annual Percentage Rate, rate charged on any unpaid balance
C
Annual Percentage Rate, rate you receive on your checking account
D
Annual Percentage Rate, rate you receive for being a good customer
4) The maximum amount a person pays if their credit card is used by someone else without their knowledge
A
$50
B
$0
C
$100
D
Entire amount charged
5) Which of the following carries the most risk in investing
A
Government Bonds
B
Corporate Bonds
C
Hybrid Mutual Funds
D
Stocks
6) Which of the following carries the lowest risk in investing?
A
Corporate Bonds
B
Government Bonds
C
Mutual Funds
D
Stocks
7) Why should a person diversify?
A
To make the decision easier when selecting stocks
B
To protect their money in case an investment goes bad
C
A person should not diversify
D
To make more money in a shorter period of time
8) "Not putting all of your eggs in one basket" describes which term
A
Insurance
B
Bonds
C
Investing
D
Diversification
9) When starting a financial portfolio, where should you go?
A
E*Trade
B
Mrs. Larsen
C
New York Stock Exchange
D
Financial planner
10) How long does bad credit stay on your credit report?
A
10 years
B
1 year
C
Forever
D
7 years
*select an answer for all questions
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