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Personal Finance Literacy Exam 7
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Personal Finance Literacy Exam 7
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25 Questions

1. John gets up, dresses, brushes his teeth, eats breakfast, goes to school, buys gum at the school store, and reports to his first class. Which of these would be considered an economic activity?
2. Insurance companies are regulated and supervised in order to
3. While Chase was reviewing his stock performance, he saw that his commodities investment dropped .002 points from Monday's close to Tuesday's close. This drop is called the
4. Which of the following statements is true about inflation:
5. What kind of risk is a flood that causes a business to close for three weeks?
6. A common transference device is a(n)
7. If you are nearing retirement, which investing approach will you use?
8. When Jasmine got her credit card bill, she was surprised to see that she was charged an extremely high annual fee. Jasmine could have avoided this situation by
9. Which of the following is a disadvantage of investing in a mutual fund:
10. Why is estate planning important?
11. Justin's gross income for the year is $37,800. He contributes $2,000 per year to an approved retirement plan. Justin is single and claims one exemption for himself. The amount of the exemption is $3,650. He is taking the $5,700 standard deduction for a person filing an income tax return as an individual. What is Justin's taxable income?
12. Reconciling a personal bank statement is the process of determining any differences between the bank statement balance and the
13. What should you do if a financial client reports a problem with her/his portfolio?
14. Marshall's employer pays him for the work that he performs while on the job. This is an example of
15. Monitoring financial accounts and reading bank statements on a regular basis can help detect activities associated with
16. The arrangement by which businesses or individuals can purchase now and pay later is known as
17. What type of information is acceptable to leave out of a job application?
18. What is a tip to aid in paying bills on time?
19. Scarlet is setting her personal financial goals. What is the first step she should take to reaching her financial goals?
20. Which of the following is a benefit of writing down your goal:
21. Following a business employee for a few days to obtain information about that particular career is an example of
22. When a nation's inflation rate is low, what do prices tend to do?
23. The inputs that allow businesses to operate are called economic
24. Which of the following is typically an effective method to build trusting relationships with financial clients:
25. Juliet and Tony send their young son to a day care center. Instead of writing a check each month to pay the center, they signed a form allowing the center to automatically take the money from their checking account at the bank each month. This type of bill paying is called

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