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Personal Finance Review 4
Test Description: Personal Finance Final Reivew
Instructions: Answer all questions to get your test result.
1) 32: Which of the following is not a secured loan?
A
30-yearm fixed rate mortgage
B
auto loan
C
cash loan to get through a temporary lay-off
D
home equity loan to put on a new roof
2) What action should you take first if you see that your debt is mounting?
A
file bankruptcy
B
consolidate your loans
C
get a credit card cash advance
D
stop using your credit cards
3) Which of the following might be the least expensive source for getting a loan?
A
a local savings and loan
B
a local bank
C
credit union that you are a member of
D
a consumer finance company
4) Which of the following would be the best choice to get a loan and start building a good credit history?
A
borrowing against your tax refund
B
taking out a payday loan
C
taking your valuable ring to the pawnshop
D
borrowing from a consumer finance company
5) Why is getting a cash advance on your credit card more costly than charging merchandise?
A
Purchases must be paid off before your payments will count towards the cash advance.
B
all of the above
C
There is no grace period.
D
A higher interest rate is charged on a cash advance.
6) How do businesses make additional money on gift cards?
A
Many shoppers do not use up the entire amount on a gift card.
B
Many shoppers do not use the gift card.
C
all of the above
D
Most shoppers spend more than the amount on the gift card.
7) Which of the following could a sole proprietor put money in to invest for retirement?
A
Schedule C
B
Form W-2
C
FICO
D
IRA
8) Which of the following topics would not appear in a company policy handbook?
A
online job sites
B
standards of conduct
C
performance reviews
D
medical and family leave
9) When a business earns more money than it spends, the entrepreneur is paid from the
A
commision
B
profits
C
investment
D
royalties
10) A business in which the owners have little personal responsibility for the company’s debts and actions is called a
A
limited liability company.
B
sole proprietorship.
C
franchise.
D
partnership.
*select an answer for all questions
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