Personal Finance Final Exam Review
Quiz by Laura Schoenike
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30 questions
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- Q1Which of the following is your credit limit?Interest RateAmount of time you have to payMaximum amount you can use on that accountThe annual fee(s)60s
- Q2Having life insurance is most important for which of the following people?Youth ages 5-7Older adults with grown childrenYoung adults ages 16-24Parent(s) in their 30s with small children60s
- Q3What does the IRS (Internal Revenue Service) do?Regulates securities and investmentsGrants personal loansRegulates federal taxesDetermines financial aid60s
- Q4What are the 3 major credit bureaus?SEC, IRS, and DOREquifax, Experian, and TransUnionTransAtlantic, Experian, and Better Business BureauWaterstone, Associated, and US Bank60s
- Q5Which type of income is NOT taxable?DividendsBonusesAllowance/Spending Money from your parents/guardiansWages or Salary60s
- Q6What is a mortgage?Loan on a carExtended credit card limitLoan on a housePrepayment for an apartment60s
- Q7What is the relationship between deductible and premium for health insurance?Higher deductible, lower premiumHigher deductible, higher premiumNo relationship60s
- Q8Which of the following is true in a bear market?Guaranteed capital gains and dividendsPrices are lower, investments are more affordablePrices are higher, investments are more expensiveStocks will perform very well60s
- Q9What does the Securities & Exchange Commission (SEC) do?Collects federal taxesSets student loan interest ratesRegulates (polices) securities and investmentsMakes laws regulating unemployment60s
- Q10Your home initially cost $250,000. Your initial down payment was $50,000 and you financed the rest with a mortgage. Since then, you have paid in $100,000 by making monthly payments. This house was assessed and is currently worth $275,000. What is your equity in this house at this time?$125,000$175,000$100,000$150,00060s
- Q11Your home initially cost $325,000. Your initial down payment was $60,000 and you financed the rest with a mortgage. Since then, you have paid in $15,000 by making monthly payments. This house was assessed and is currently worth $330,000. What is your equity in this house at this time?$250,000$75,000$255,000$80,00060s
- Q12Which type of insurance covers you in "natural disasters" (tree brand, hail, etc.) and other similar types of unavoidable damage?Bodily InjuryCollisionComprehensiveLiability60s
- Q13Which insurance offers "extra" coverage in case you run out in another area?ComprehensiveBalloonUmbrellaPersonal Liability60s
- Q14What is a deductible?The amount insurance will pay, no questions askedThe amount the person at fault must payThe amount government will contribute for Medicaid and Medicare usersThe amount the policyholder must pay out of pocket before insurance kicks in60s
- Q15What is the relationship between risk and reward?Higher risk, higher rewardRegardless of reward, risk stays the sameRegardless of risk, reward stays the sameHigher risk, lower reward60s