Personal Finance Literacy Exam 8
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Personal Finance Literacy Exam 8
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25 Questions

1. The ten-year-old boy has more money in his savings account because the money was deposited
2. Which of the following is an example of how a stock may provide income?
3. Lilia borrows a diamond necklace from her friend Jane for a special event. The necklace is very expensive and is insured on Jane's parents' homeowner's policy. When the necklace is returned, Jane notices that a diamond is missing. Jane should handle this situation by
4. Negative or inaccurate information on a person's credit report will make it difficult for a person to
5. Which of the following is an important benefit of long-term investing in the stock market?
6. Credit card transactions are considered a form of borrowing because
7. When making online transactions, it is important to minimize the threat of identity theft by
8. The Fair Credit Reporting Act (FCRA) is a major law that protects consumers who apply for loans and people using credit. Which of the following is one of the major rights of consumers under this law?
9. When a consumer is disappointed with the quality of a product purchased, which of the following should the person try to do first?
10. How does having a loan to pay for a college education affect a person's net worth?
11. Review the following information on financing a new car that costs $25,000 with a 48-month (four year) loan.
Person Down payment Bank Loan Dealer Loan Monthly Payment
25 Year old Male $5,000 5% $460
30 Year old Female $5,000 6% $470 The 30-year-old female's monthly payment of $470 is more than the 25-year-old male's monthly payment of $460 because of the
12. When an employee is vested in his retirement plan, it means that the employee is now entitled to
13. A college student wants to buy a bike to ride from a rented apartment to the college campus. Which of the following should be part of the research?
14. When a credit card company contacts a person's employer or asks for a copy of a school transcript with grades, they are generally evaluating a person's
15. Entrepreneurs who start a new business with the hope of making a profit are
16. 'I pay my credit card bill in full five-to-seven days before the due date each month!' Someone who does this is likely to have
17. An individual with a high tolerance for risk and volatility in financial markets would be most comfortable with more than 50% of his investments in which of the following?
18. When selecting a financial planner for advice, it is important to know the
19. A young man owes $6,000 in income taxes that was due three years ago. To collect this debt, the Internal Revenue Service is able to
20. Which of the following government programs would provide partial income to support someone who is permanently disabled?
21. How are stocks on the secondary market bought and sold?
22. What strategy is an effective way to build adequate financial resources for a family to pay for college tuition?
23. The purpose of long-term care insurance policies is to pay for
24. The purpose of bankruptcy laws is to
25. A credit card offers a grace period of 21 days, which mean that the card holder

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