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EPF Exam Review 2

Quiz by Rebecca Booth

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10 questions
Show answers
  • Q1
    To qualify for a Federal Housing Administration (FHA) loan, a person must generally fulfill which requirement?
    have one-quarter of the cost of the home for a down-payment.
    fulfill income guidelines.
    provide two individuals to co-sign the loan.
    have at least a high school diploma.
    30s
  • Q2
    How can you avoid becoming a victim of identity theft?
    Avoid using your credit card to charge purchases on the phone.
    Keep your PIN on your ATM card.
    Leave your wallet containing personal information where it can be stolen.
    Avoid giving your Social Security number on a phone call you did not initiate.
    30s
  • Q3
    The type of credit card issued by an oil company, bank, or department store is called a:
    An installment card
    A cash card
    A debit card
    A revolving charge card.
    30s
  • Q4
    Which of the following does the Federal Reserve use to regulate the nation's money supply?
    Fiscal policy
    Monetary policy.
    Regulations
    Proposing legislation
    30s
  • Q5
    Which statement is usually true about individuals who are financially literate?
    They achieve all of their financial goals
    They have high debt and low savings
    They understand the basics of personal finance and money management.
    They almost always choose stocks and bonds that increase in value
    30s
  • Q6
    Which statement best describes the relationship between a person's educational level and that person's potential earning power?
    Attaining a higher educational level affects the earning potential only for people over 40 years old
    A person with a professional degree is likely to earn at least four times as much per year as a person who did not complete high school.
    Education has no effect on a person's potential earning power
    Attaining a higher educational level decreases potential earning power
    30s
  • Q7
    New coins and currency enter the economy through the distribution system of the:
    Federal Mint
    Secretary of the Department of Treasury
    Federal Reserve System.
    Treasurer of the United States
    30s
  • Q8
    When money is not used and goods and services are exchanged for other goods and services, this system is called:
    Money
    Checks
    Credit
    Barter.
    30s
  • Q9
    A person's debt ratio shows the relationship between debt and net worth. The lower the ratio means the person is:
    better off financially the person is.
    more liquid assets the person has.
    worse off financially the person is.
    less liquid assets the person has.
    30s
  • Q10
    One of the benefits of holding an investment for over a year rather than selling it in less than a year is that the capital gains on the investment will be:
    taxed at a lower rate.
    fees will not be charged by brokers for selling the investment.
    money earned on the investment will be considered tax-free.
    profits on the investment can be averaged over the length of time the investment is held.
    30s

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