Unit 9- Money Management Part 2 Question Preview (ID: 33430)
Test Review Part 2.
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An inheritance and winning lottery ticket are examples of
a) anticipated income.
b) unanticipated income.
c) anticipated expenses.
d) unanticipated expenses.
A salary is an example of
a) anticipated income.
b) unanticipated income.
c) anticipated expenses.
d) unanticipated expenses.
Most people pay for a house with
a) cash.
b) a loan from family members.
c) a mortgage.
d) a credit card.
A payment made to secure a property (a house or a car) and a loan is known as a(n)
a) interest payment.
b) down payment.
c) defaulted payment.
d) property tax.
When a person receives a mortgage to buy a house, who owns the house?
a) The buyer
b) The local government
c) The lender
d) All of the above
If you default on a mortgage, the lender may take possession of the property in a process known as
a) foreclosure.
b) amnesty.
c) appreciation.
d) maturation.
Real estate can
a) appreciate.
b) depreciate.
c) require significant operating costs.
d) All of the above
Which of the following is true of mortgages?
a) They are only offered for a 10-year term.
b) They are bad for the economy.
c) Most people should seek adjustable-rate mortgages.
d) Their interest rates fluctuate.
Which of the following does NOT add to the cost of a mortgage?
a) Smaller down payment
b) Interest
c) Points
d) Larger down payment
If your salary is $2,500 and your expenses are $2,160, how much are you saving each month?
a) $140.
b) $200.
c) $340.
d) $500.
The average consumer spends the largest part of his/her paycheck on
a) transportation.
b) housing.
c) food.
d) entertainment.
Which of the following represents discretionary income?
a) Discretionary income = anticipated income - unanticipated income
b) Discretionary income = unanticipated income - anticipated income
c) Discretionary income = essential expenses – income
d) Discretionary income = income - essential expenses
For those who get paid weekly or get paid a different amount each week, a(n) ______________ budget is the easiest to manage.
a) daily
b) weekly
c) monthly
d) annual
David has $500,000 in liabilities and $450,000 in assets. What is David's net worth?
a) -$50,000
b) $0
c) $50,000
d) $950,000
A house is an example of a
a) liquid asset.
b) restricted asset.
c) fixed asset.
d) All of the above
Certificates of deposit (CDs) and retirement funds are examples of
a) liquid assets.
b) restricted assets.
c) fixed assets.
d) all of the above.
Cash and stocks are examples of
a) liquid assets.
b) restricted assets.
c) fixed assets.
d) all of the above.
How much money would Mark have in his bank account after 5 years if he has $100 in it and accumulates 5% in simple interest annually (assuming that he doesn't make any deposits or withdraw any money)?
a) $25
b) $27.63
c) $125
d) $127.63
How much money would Mark have in his bank account after 5 years if he has $100 in it and accumulates 5% in compound interest annually (assuming that he doesn't make any deposits or withdraw any money)?
a) $25
b) $27.63
c) $125
d) $127.63
Using the rule of 72, about how long would it take for $1 million to double with a compound interest rate of 6%?
a) 6 years
b) 10 years
c) 12 years
d) 20 years
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