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Personal Finance Literacy Exam 4
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Personal Finance Literacy Exam 4
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25 Questions

1. What does the property and equipment category on a balance sheet commonly include?
2. What is good advice to follow to avoid excessive debt?
3. Which of the following is a source of unearned income:
4. It is a good idea to purchase life insurance as a young adult because
5. Which of the following is likely to be covered under long-term care insurance:
6. A service that allows customers to buy merchandise and use it before paying for it is called a __________ sale.
7. Which of the following is an example of an extensive decision:
8. What is an example of an internal stock information resource?
9. When considering loan products for higher education, most finance professionals encourage students to pursue federal loans first because
10. Which of the following is a question you should ask yourself when determining how your assets will be managed after your death:
11. What do people usually take into consideration when identifying occupations that they want to pursue in life?
12. Which of the following statements about retirement is true:
13. When shopping for an investment broker, which of the following things should you always do:
14. Which of the following actions is most likely to put you at risk of credit card fraud:
15. It is important to regularly track and analyze your budget because
16. When reconciling a bank statement, you use check marks to do which of the following:
17. What is one of the main reasons for writing a cover letter?
18. To avoid accumulating unmanageable debt, you should
19. Kevin bought a refrigerator at a home improvement store. When it was delivered to his home, he discovered that there were faulty parts. Which of the following should he do first:
20. Arial is a high school student working 10 hours a week at a part-time job. She wants to buy her first car. She has $1,000 saved for a down payment and plans to obtain a car loan for the remaining purchase price. What should she do first?
21. What usually decreases as the rate of inflation increases?
22. Cassidy is trying to determine her personal net worth. She owes $3,000 in credit card debt. She has $5,000 in savings and an heirloom diamond ring worth $2,000. What is her net worth?
23. Rhea is 20 years old, and she wants to buy a house by the time she is 40 years old. Ideally, she'd like to invest a lump sum now and watch it grow over time, at an interest rate of 5% annually, until she has enough to make a down payment of $40,000 on the home. What is the minimum amount (rounded up to the nearest dollar) she should invest now to reach her goal in 20 years?
24. Which of the following best describes a decision-making model:
25. Which of the following should you do when you fail to reach a goal:

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