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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. Limiting loss and enhancing possibilities for gain by evaluating potential hazards is the primary goal of
2. When you are just beginning your career, what should be the main emphasis of your retirement planning efforts?
3. 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?
4. How can a consumer typically determine the best interest rates for personal savings accounts and personal loans?
5. If you are nearing retirement, which investing approach will you use?
6. Which of the following is a disadvantage of using cash as a form of financial exchange:
7. Marco doesn't like to leave much to chance, so when it comes to investing his money, he knows that he wants something relatively low-risk. He decides to invest in a combination of stocks from different corporations in different industries because it is less risky than investing in just one stock. What type of investment does Marco select?
8. Investing involves using money to _________, while saving involves putting money away for __________ use.
9. When setting your financial goals, you should choose goals that are
10. When considering employment opportunities in business, individuals should consider their
11. 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:
12. 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?
13. 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?
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. Which of the following information should you include in your resume:
16. When a customer is permitted to pay his/her credit account in full in 30 days, or make a minimum payment and be charged a finance charge on the balance, s/he has a(n) __________ account.
17. If Danita invests $6,000 at a simple annual interest rate of 5%, the future value of her investment at the end of a five-year period will be
18. 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?
19. 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?
20. Josh took out a student loan to pay for his college education. Josh's loan is an example of a(n) __________ debtor-creditor relationship.
21. Some occupations require that businesspeople participate in professional development activities in order to maintain their
22. 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?
23. Which of the following would be the most appropriate item to purchase with a credit card:
24. Incorrect information on an individual's credit report may hinder his/her ability to
25. A good retirement plan usually accounts for increasing __________ costs.

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