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Unit 2 Personal Finance
Test Description: Unit 2 Personal Finance
Instructions: Answer all questions to get your test result.
1) This type of saving/investment is low risk, has a low interest rate, and money can be withdrawn at anytime.
A
Stocks
B
Certificate of Deposit
C
Savings Account
D
Mutual Funds
2) Protection against risk is the primary reason people purchase this type of policy.
A
Auto Insurance
B
All of the above
C
Homeowner’s Insurance
D
Health Insurance
3) A long term investment (like paying for student loans, mortgaging a house or investing for your future, etc.) usually mean
A
1-3 months
B
3-6 months
C
Don't invest at all, it's not a good thing to do
D
Over a year
4) An example of a financial institution is:
A
A department store
B
A bank
C
A school
D
A post office
5) Who uses financial institutions?
A
College graduates
B
Almost anyone who has a checking or savings account, uses a debit or credit
C
Only account holders with a lot of cash
D
No one
6) Which of the following in a not-for-profit financial institution?
A
Bank
B
Department Store
C
Credit Union
D
Post Office
7) Which of the following is a for-profit financial institution?
A
Credit Union
B
Post Offics
C
Bank
D
Store
8) When it comes to personal savings, what does the acronym PYF stand for?
A
Pay yourself first
B
Paint your feet
C
Prepare your future
D
Pay your friends
9) Principal refers to:
A
Stocks you own in a company
B
Interest earned
C
The original invested amount
D
The time you wait for a certificate of deposit to mature
10) What is true about mutual funds?
A
Your money can be withdrawn at any time
B
Nothing is true about them, they are fake
C
They are low risk and low interest
D
They are less risky than stocks because your money isn’t in ONE place
*select an answer for all questions
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