3rd 9 Weeks JTC Test Part 2 Question Preview (ID: 35837)


3rd 9 Weeks JTC TEST Qeustions 21 - 40.

The Rule of 72 is
a) A Method of figuring out how long it will take you to double your money.
b) The method banks use to determine interest rates.
c) The Ruling Committee of 72 banks.
d)

What type of bank account offers the easiest access to your money?
a) Mutual fund
b) Exchanged trades fund
c) Checking
d)

How long will it take you to double $2000 at 6% interest rate, compounded annually?
a) 2 years
b) 26 years
c) 12 years
d)

A(n)_____ is a degree title issued by a college or university to a person who has completed undergraduate studies
a) Master’s Degree
b) Doctorate Degree
c) Associate Degree
d) Bachelor’s Degree

A(n) _____ is a degree earned upon completion of a program that usually require the equivalent of two or more years of full-time study.
a) Master’s Degree
b) Doctorate Degree
c) Associate Degree
d) Bachelor’s Degree

26. A ________ is money that you do not have to repay. It is based on an need and/or academic achievement.
a) Scholarship
b) B. Grant
c) C. Loan
d) D. None of these choices

A _______ is money that does not have to be repaid, but must meet standards and qualifications set by the provider.
a) Scholarship
b) Grant
c) Loan
d) None of these choices

_____ is a form you and your family must complete to apply for need-based financial aid.
a) Federal Application for Federal Student Aid (FAFSA)
b) Student Aid Report (SAR)
c) Expected Family Contribution (EFC)
d) None of these choices

This is a test that assesses high school students’ general education development and their ability to complete college-level work.
a) SAT
b) ACT
c) Both SAT and ACT
d) Neither SAT or ACT

TRUE or FALSE - The amount of income you make affects the amount of federal taxes you will owe.
a) TRUE
b) FALSE
c)
d)

TRUE or FALSE - Some American citizens never pay any form of taxes.
a) TRUE
b) FALSE
c)
d)

TRUE or FALSE - Dealers set mileage limits on leased vehicles.
a) TRUE
b) FALSE
c)
d)

TRUE or FALSE - All homeowner’s insurance policies have the same coverage.
a) TRUE
b) FALSE
c)
d)

TRUE or FALSE - You do not pay for insurance on a leased car.
a) TRUE
b) FALSE
c)
d)

TRUE or FALSE - If an item appreciates, it decreases in price ( or loses value)
a) TRUE
b) FALSE
c)
d)

TRUE or FALSE - One late payment can lower your credit score.
a) TRUE
b) FALSE
c)
d)

TRUE or FALSE - Let’s say your roommate forgot to pay a cable bill. It was entirely his fault, but your name was on the bill. This will not lower your credit score.
a) TRUE
b) FALSE
c)
d)

TRUE or FALSE - There is such a thing as good debt.
a) TRUE
b) FALSE
c)
d)

TRUE or FALSE - Renting and buying mean the same thing.
a) TRUE
b) FALSE
c)
d)

TRUE or FALSE - Debit cards are connected to funds in your bank account.
a) TRUE
b) FALSE
c)
d)

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