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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. Some occupations require that businesspeople participate in professional development activities in order to maintain their
3. When Jeremy develops his personal budget, he should categorize the money that he spends on food, clothing, and entertainment as
4. In investing, buy and sell orders that are placed online
5. A good retirement plan usually accounts for increasing __________ costs.
6. Limiting the number of credit cards that you have will help you
7. Lucy has decided to open a restaurant. What kind of lending service might she need?
8. 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?
9. Who purchases workers' compensation insurance?
10. Which of the following is a benefit of using a debit card instead of a credit card:
11. When considering employment opportunities in business, individuals should consider their
12. To learn objective information about a news topic, you should
13. Which of the following is the result of both parties using the collaborative negotiation style during a negotiation:
14. Annie currently has $20,000 of mortgage debt, $3,000 of credit card debt, and $15,000 of student loan debt. These are all examples of
15. 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?
16. Patrick wants to keep a certain amount of his money in a safe place in which he can earn interest on his savings, and also be able to withdraw his funds without experiencing sizable financial penalties. In what type of financial institution should Patrick consider placing his money?
17. At her last job, Luisa made $50,000. At her new job, she only makes $48,000, but she also receives retirement benefits, free childcare, and a gym membership stipend. This is an example of how
18. Which of the following is an example of legal tender issued by the federal government:
19. Carmen has 8% of her weekly paycheck placed in an employer-sponsored fund that she can access later in her life, when she is no longer working. Carmen is planning for her
20. Christine is buying a new computer. If she's making her decision logically, which of the following is true:
21. Before recommending specific products or services to clients, what should a finance professional do?
22. 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?
23. Monitoring financial accounts and reading bank statements on a regular basis can help detect activities associated with
24. For a job seeker to find the most satisfactory job, s/he needs to
25. Every year since she was born, Sophia's grandparents invested $100 on her birthday. Sophia is now 18 and the investment has grown large enough to pay for most of her college expenses. Her grandparents explain that this is because her money has grown in two ways: by earning interest, and then by earning interest on that interest. This is an example of

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