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Personal Finance Literacy Exam 8
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Personal Finance Literacy Exam 8
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25 Questions

1. When making online transactions, it is important to minimize the threat of identity theft by
2. The Federal Trade Commission provides information to consumers about
3. When a consumer is disappointed with the quality of a product purchased, which of the following should the person try to do first?
4. A major difference between leasing and borrowing to buy is that
5. Which of the following is a correct calculation of simple interest on $1,000 at the end of one year?
6. A college student wants to buy a bike to ride from a rented apartment to the college campus. Which of the following should be part of the research?
7. Based on the information on this card, it is
8. When a credit card company contacts a person's employer or asks for a copy of a school transcript with grades, they are generally evaluating a person's
9. A person, who is reluctant to invest in stocks because she has a low tolerance for risk, should consider
10. When selecting a financial planner for advice, it is important to know the
11. The purpose of bankruptcy laws is to
12. Which of the following is the best advice for a student with college loans?
13. A highly successful high school student applied to public and private colleges and he was accepted to all of them, including one very prestigious university. The tuition at these colleges ranges from $15,000 to $55,000 a year. His mother lost her job. What is the first thing the family should do to address this situation?
14. The purpose of long-term care insurance policies is to pay for
15. The ten-year-old boy has more money in his savings account because the money was deposited
16. In addition to a Social Security number or taxpayer ID, which of the following documents will a bank require to open a new account?
17. Income can be earned or unearned. Which of the following is an example of unearned income?
18. An investor who is interested in diversifying his stock portfolio should buy
19. The result of 4% inflation on the value of money when bank interest rates are 2% is that
20. A woman invested $10,000 in a corporate bond offered by a technology company. The interest rate on the bond is 6% and the bond matures in seven years. The company went bankrupt three years after the bond was bought. What happened to her investment?
21. Which of the following investments provides the greatest amount of liquidity?
22. The premium of a person's life insurance policy is likely to be more expensive as a result of
23. The feature of a fixed-rate mortgage loan that is it different from an adjustable-rate mortgage loan is that the fixed-rate mortgage has
24. An example of a tax that raises the price of a product to reduce its popularity is
25. Lilia borrows a diamond necklace from her friend Jane for a special event. The necklace is very expensive and is insured on Jane's parents' homeowner's policy. When the necklace is returned, Jane notices that a diamond is missing. Jane should handle this situation by

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