Personal Finance Review - B Question Preview (ID: 49464)


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When Bryce attempted to borrow money at the bank, he learned that his credit score is low. Which best describes what this is likely to mean for Bryce?
a) The interest rates on his loan will be higher, since his credit score is low.
b) The monthly loan payments will be lower due to his lower credit score.
c) The purchase price of the item he needs the loan for will be higher due to his low credit score.
d)

When may a person view his/her credit report for free?
a) Once a year, from each of the three main credit reporting agencies
b) A person may not review his/her credit report
c) At any time and an unlimited number of times
d)

Becky no longer wants to use her Clothes-R-Us store credit card. What is the best thing she could do with the credit card?
a) Let a family member take over the credit account so her credit score will not be affected.
b) File the credit card away for use at a later time.
c) Close the account by phone and in writing, then destroy the card.
d)

Which is not an example of a data furnisher?
a) Credit card company
b) Utility company
c) Landlord
d)

Which is not included in an individual’s credit report?
a) Account balances
b) Medical information
c) Bankruptcies and foreclosures
d)

Compound interest is best defined as:
a) any form of interest earned from saving or investing.
b) interest earned on the principal investment.
c) earning interest on interest.
d)

When taking advantage of the time value of money, which is most likely to result in the largest return?
a) Invest as long as possible and at the highest interest rate possible.
b) Invest a large principal amount of money and then make no additional investments.
c) Invest at a high interest rate because interest is the only factor that affects return.
d)

Dylan is preparing a presentation about saving and the presentation rubric says that he must include an explanation of compounding interest. Which concept would be the best one to include in his presentation to show that he understands compounding in
a) Earning interest on interest
b) Interest earned on the principal investment
c) The effect interest has on the total return on investment
d)

Which statement is true regarding college-level expectations for studying and completing projects?
a) It is best to study alone in a quiet environment.
b) Plan backward from major deadlines.
c) Multitasking during study time develops the important skill of working while being distracted, so it is okay to message with
d)

Erin has been in college for 2 years and has decided that the major she has been studying is not for her. Changing her major and/or her college could result in:
a) losing credits for classes she has already taken.
b) the need for backward planning.
c) a well-rounded college degree.
d)

Which statement would not be true about the value of career research?
a) There are many careers that would support your well-being. Career exploration allows you to find the one that pays the most s
b) Opinions from different people working in the occupation should be considered before ruling out a particular career.
c) Current job availability and the outlook for future employment are as essential to consider as whether you have the skills, i
d)

David made a mistake in his checking account recordkeeping and spent $10 more than he had deposited in his account. As a result, he can expect to be charged a/an:
a) overdraft fee.
b) safe deposit fee.
c) contact fee.
d)

Zoe has been assigned by her school counselor to complete a career assessment. Which statement best describes why her counselor has suggested she do this?
a) Her counselor wants Zoe to match her skills, abilities, interests and values with a list of specific occupations.
b) Her counselor wants Zoe to conduct interviews with people in her area of interest to determine if she truly enjoys the career
c) Her counselor wants Zoe to find a career that will provide a high level of income to support Zoe’s lifestyle and well-being.
d)

In order to make an informed career decision, a high school student will want to:
a) choose a career that offers the amount of money desired.
b) develop personal goals, complete a career assessment, and research careers.
c) commit to a profession that requires a college degree.
d)

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