Personal Finance Exam Review 7 Question Preview (ID: 42413)
Final Exam Review.
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The need for credit arose in the United States with the dawn of the
a) American Revolution.
b) Industrial Revolution.
c) Great Depression.
d) Information Age.
Which of the following transactions would likely be difficult to make without a credit card?
a) purchasing a car
b) buying groceries
c) reserving a hotel room
d) buying a house
Tammi wants to buy a stereo. She finds once for $500 at Stereo City. She withdraws $250 from her account at 1st National Bank and obtains a loan from her parents for the rest of the amount.Then she buys the stereo.In this scenario, who is the debtor?
a) Tammi
b) Tammi's parents
c) Stereo City
d) 1st National Bank
Your financial position is based on your
a) age.
b) captial.
c) income.
d) collateral.
The total dollar amount of all interest and fees you pay for the use of credit is called the
a) collateral.
b) balance due.
c) principal.
d) finance charge.
A service available to charge customers whereby purchases are not billed until much later than the standard billing time is called
a) a leverage payment plan.
b) secured loan.
c) deferred billing.
d) a line of credit.
One difference between a charge card and a credit cared is that
a) charge cards are open-end credit, whereas credit cards are closed-end credit.
b) the full balance on a charge card must be paid each month.
c) charge cards almost always have lower credit limits than credit cards.
d) none of these; there is no difference between the two.
If you go over your credit limit or make your payment late, you will likely be charged a(n)
a) penalty fee.
b) annual fee.
c) transaction fee.
d) maintenance fee.
Which of the following is least likely to offer service credit?
a) the telephone company
b) a doctor's office
c) a furniture store
d) a dry cleaner
A legal business that makes high-interest loans based on the value of personal possessions is called a
a) finance company.
b) loan shark.
c) fence.
d) pawnbroker.
Which of the following lists the steps of the decision-making process in the correct order?
a) obtain accurate information, define the problem, compare choices, make a decision, reevaluate, take action
b) define the problem, compare choices, obtain accurate information, take action, make a decision, reevaluate
c) define the problem, obtain accurate information, compare choices, make a decision, take action, reevaluate
d) compare choices, obtain accurate information, define the problem, make a decision, take action, reevaluate
Suppose Susan purchased a used car three years ago for $2,500. Today, the car's engine stopped working and cannot be fixed. In this case, the $2,500 represents a(n)
a) sunk cost.
b) opportunity cost.
c) start-up cost.
d) avoidable cost.
Which of the following would probably be classified as a life-enhancing want?
a) basic medical care
b) a warm coat
c) a wristwatch
d) a peanut butter and jelly sandwich
the principles by which you live are your
a) tastes.
b) values.
c) avocations.
d) desires.
New ideas, products, or services that bring about changes in the way we live are called
a) innovations.
b) novelties.
c) inventions.
d) improvements.
Which of the following would be an example of a public good?
a) Harvard University
b) Disney World
c) Smoky Mountains National Park
d) Microsoft Corporation
Factors such as your age, marital status, or employment status are examples of your
a) goals.
b) values.
c) personal resources
d) position in life.
All activities related to the production and distribution of goods and services in a geographic area are referred to as
a) the economy.
b) the business cycle.
c) technological advances.
d) the law of supply and demand.
People are buying more products that are ecologically safe, recyclable, and organic. This is mostly an example of how ___ influences personal buying decisions.
a) technology
b) age
c) concern for the environment
d) gender
This type of card is punched each time a customer makes a purchase, and customers who accumulate enough punches receive some type of reward, such as free merchandise.
a) smart card
b) customer-loyalty card
c) debit card
d) frequent-buyer card.
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