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Personal Finance Literacy Exam 2
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Personal Finance Literacy Exam 2
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25 Questions

1. One of the most important benefits of setting goals is
2. Which of the following forms of income would be considered unearned income:
3. For a school project, Megan needs to calculate her net worth. Using the following information, help Megan determine her net worth.
Car value = $6,000
Savings account = $250
Credit card debt = $500
Computer value = $100
4. What can a potential investor determine about a stock by analyzing its price range in a 52-week period?
5. Michelle wants to take Saturday night off, but her boss wants her to work. Michelle agrees to work because she thinks this might give her more leverage when she asks for time off in a few weeks. What negotiating style is Michelle using?
6. Arden's roof was damaged during a thunderstorm. What type of insurance claim should she file?
7. When using exploratory interviews to identify occupational interests, you should try to interview someone who
8. When providing product information to clients, finance professionals should use
9. Chris wants to open a small business, and he has a very good business plan that is likely to succeed. He is more likely to go to a(n) __________ for a loan.
10. Which of the following is a tool that often helps individuals organize and manage their mortgage, utility, and insurance bills:
11. Jorge is considering whether to invest $100 at his bank, but first, he wants to know what his $100 will be worth in a year. To figure this out, Jorge needs to know the
12. The credit plan that does not charge interest for the privilege of using monthly credit is a(n) __________ credit plan.
13. Which of the following would indicate that a job applicant is more likely to make mistakes on the job:
14. Which of the following is a measurable financial goal:
15. What is good advice to follow to avoid excessive debt?
16. If you are covered under your parents' health insurance, you
17. One reason that the balance on your bank statement would be higher than your checkbook register would be that
18. When preparing a personal income tax form, parents report some of their childcare expenses to receive
19. Banks must clearly communicate loan terms to the loan applicants, and loan applicants must be honest and provide accurate information about their finances to the bank during the application process. What concept does this situation describe?
20. William's car is damaged. To fix the car, the repairs will cost $1,789. If William's insurance deductible is $750, how much will the insurance company pay for the repairs?
21. A business that decides to lease its current building instead of buying it is transferring risk through
22. Which of the following is the most effective way to avoid excessive credit card debt:
23. Which of the following is a reason that you might file an automobile insurance claim:
24. What does diversification by cap-size help investors to do?
25. Sammy received one share of stock in Nike, Inc. as a gift. He wondered how much of the company's profit went to his single share, so he divided net income by the number of outstanding shares of common stock. What common ratio did Sammy calculate?

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