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Personal Finance Literacy Exam 5
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Personal Finance Literacy Exam 5
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25 Questions

1. A good retirement plan usually accounts for increasing __________ costs.
2. If Cheryl earns 3% compound interest on a $700 investment, how much will her investment be worth in four years?
3. According to Isaac's pay stub, his total earnings before deductions are $1,425. His total deductions are $255. What is Isaac's net income?
4. What is one reason that regulation in the securities and investments industry is considered ethical?
5. Jamie carries comprehensive insurance coverage and is involved in a car accident. The other driver carries liability and collision insurance. Jamie's car is destroyed, and both insurance companies determine that Jamie is at fault for the accident. Who is responsible for paying for damages to Jamie's car?
6. Brian recently got his first part-time job as a food bagger at a local grocery store. He needs a safe place to store his income that allows him to withdraw money easily and frequently. Brian should consider opening a(n) __________ account.
7. During a storm, a large tree crashes into Jamal's living room damaging all his electronic devices. How can he get reimbursed so he is able to buy new devices to replace the damaged ones?
8. Annie currently has $20,000 of mortgage debt, $3,000 of credit card debt, and $15,000 of student loan debt. These are all examples of
9. Taryn is choosing between two apartments. Which of the following factors is most important for her to consider in order to make a responsible financial decision:
10. Monitoring financial accounts and reading bank statements on a regular basis can help detect activities associated with
11. Carmen has 8% of her weekly paycheck placed in an employer-sponsored fund that she can access later in her life, when she is no longer working. Carmen is planning for her
12. Janie has a problem with impulse spending. When she goes to the store, she frequently ends up purchasing items that she doesn't really need. Impulse spending can lead to
13. If a company experiences a lot of growth and retains its earnings instead of paying stock dividends, how does a stockholder benefit from owning the stock?
14. Josh took out a student loan to pay for his college education. Josh's loan is an example of a(n) __________ debtor-creditor relationship.
15. To learn objective information about a news topic, you should
16. An existing business should update its business plan when it is
17. Who purchases workers' compensation insurance?
18. Financial planning is important because it can help you
19. Which of the following is an additional benefit that an employer may choose to offer its employees to attract top talent and encourage high performance:
20. Which of the following statements related to debt management is true:
21. Which of the following is an example of legal tender issued by the federal government:
22. Dan is working part-time delivering pizzas. He has a new credit card with 0% interest, a credit limit of $5,000, and no minimum payment required for the first six months. The card also grants 1% cash back for all purchases. How can he wisely handle his account for the first six months?
23. Which of the following statements best describes the difference between an occupation and a career:
24. Why is it important for a car owner to have liability insurance coverage?
25. Every year since she was born, Sophia's grandparents invested $100 on her birthday. Sophia is now 18 and the investment has grown large enough to pay for most of her college expenses. Her grandparents explain that this is because her money has grown in two ways: by earning interest, and then by earning interest on that interest. This is an example of

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