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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. Which of the following is an example of legal tender issued by the federal government:
2. When a small business purchases insurance to protect itself from losses associated with flooding and hurricanes it is
3. A salesperson who has been negotiating sales terms with a client feels that the client's terms would be harmful to her/his company's well being. What action should the salesperson be prepared to take?
4. Some occupations require that businesspeople participate in professional development activities in order to maintain their
5. Rhonda is doing research for a paper in her business class. She should use sources that
6. When setting your financial goals, you should choose goals that are
7. Connor thinks that he may be interested in pursuing a career as an insurance underwriter. He accessed a government website, which provided him with information about an insurance underwriter's educational requirements, typical job responsibilities, salary ranges, and
8. When Jeremy develops his personal budget, he should categorize the money that he spends on food, clothing, and entertainment as
9. Glenn has committed to investing $100 each month to buying shares of his favorite stock, Microsoft. Last month, when the stock price was $22, he bought 4.54 shares. This month the stock price is $25, so he bought just 4 shares. This strategy is called
10. What type of insurance provides monetary payments to an independent business owner running a business from his/her home in the event that s/he develops a personal illness and is unable to work?
11. Why do companies providing financial loans and leases for new automobiles often require the car owner to carry gap insurance?
12. If you are nearing retirement, which investing approach will you use?
13. The Milton Ladder Corporation, which is publicly traded, is in the process of acquiring the Bradley Chute Company. What type of document is Milton Ladder required to file within 15 days of the acquisition?
14. The credit applicant was told, We have approved your credit application because of your excellent credit rating." Which of the following factors helped the applicant win approval:"
15. One benefit of loan products is that they allow individuals to pay for goods and services when they need them. One downside of loan products is that
16. Landon wants to start a home-based T-shirt printing business. Which of the following are the most critical equipment and supplies that Landon will need to get his business up and running?
17. Incorrect information on an individual's credit report may hinder his/her ability to
18. Regular credit accounts are sometimes called open accounts because they allow
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 is the opportunity cost for a person who decides to place $500 in the bank rather than purchase something s/he really wants but does not need:
21. 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
22. 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
23. Financial planning is important because it can help you
24. When you are just beginning your career, what should be the main emphasis of your retirement planning efforts?
25. If Cheryl earns 3% compound interest on a $700 investment, how much will her investment be worth in four years?

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