Money Matters TEKS Test Review: Question Preview (ID: 16916)

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The main purpose of personal financial planning is to
a) plan for retirement
b) reach personal economic goals
c) control your spending habits
d) increase the amount in your savings

What is a budget (spending plan)?
a) Specific objectives to be accomplished through financial planning
b) A financial planning tool used to track only an individual's flexible expenses
c) An individual's values, needs, wants, and goals that create a financial plan
d) A financial planning tool that records planned and actual income through expenditures over a period of time

The ______________ is an estimate of how long it will take to double your savings with compounded interest.
a) 70/20/10 rule
b) law of investing
c) rule of 72
d) future value calculation

The purpose of a cash flow statement is to
a) budget for future spending
b) summarize assets and liabilities for an individual or family
c) project the future value of investments
d) report current income and payments

Most nations of the world can be classified as having a ______________ economy.
a) command
b) traditional
c) market
d) mixed

Interest that is earned on only the principal investment is called
a) compounded interest
b) simple interest
c) fixed interest
d) cumulative interest

The quantity of a good or service that consumers are willing and able to buy at a certain price is called
a) supply
b) demand
c) equilibrium
d) competition

When the amount of a country's imports exceeds the amount of its exports, there is a
a) deficit
b) balance
c) surplus
d) negative net worth

Earning interest on interest applies to
a) simple interest
b) ) fixed interest
c) compounded interest
d) principal interest

The ___________________ is the point where supply and demand are equal.
a) equilibrium price
b) selling price
c) competition price
d) premium price

In a _____________ economy, all resources are owned and controlled by the government.
a) market
b) traditional
c) command
d) mixed

______________ establish supply.
a) Producers
b) Markets
c) Consumers
d) Governments

When a nation is able to produce products more efficiently than other countries, it is said to have
a) absolute advantage
b) economic advantage
c) comparative advantage
d) production advantage

You have invested $5,000 in an account earning 3% simple interest. How much money will you have after six years?
a) $900.00
b) $970.26
c) $5,900.00
d) $5,970.26

What is the first step that should be completed when creating a budget (spending plan)?
a) Implement and control
b) Make adjustments to spending
c) Allocate money to income and expense categories
d) Track current income and expenses

A mixed economy combines elements of a _________________ economy and a ________________ economy.
a) market, traditional
b) capitalistic, traditional
c) traditional, command
d) market, command

Gross domestic product is the
a) dollar value of all final goods and services produced in a country during one year
b) dollar value of all goods and services produced in a country during one year
c) price-adjusted value of all goods and services produced in a country during one year
d) value of all final goods and services produced in, or imported to, a country during one year

A(n) ______________ is the value of a currency of one country compared with the value of another.
a) balance of payments
b) conversion rate
c) inflation rate
d) exchange rate

According to the rule of 72, how long will it take your investment to double in value if it earns 6% compounded interest?
a) 36 years
b) 6 years
c) 12 years
d) There is not enough information provided to solve this problem

Assets + Liabilities = Net Worth
a) True
b) False

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