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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. Review the following information on financing a new car that costs $25,000 with a 48-month (four year) loan.
Person Down payment Bank Loan Dealer Loan Monthly Payment
25 Year old Male $5,000 5% $460
30 Year old Female $5,000 6% $470 The 30-year-old female's monthly payment of $470 is more than the 25-year-old male's monthly payment of $460 because of the
2. Which of the following is an example of insurance fraud?
3. 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
4. The amount of savings in a bank account that is protected by the Federal Deposit Insurance Corporation (FDIC) is
5. Negative or inaccurate information on a person's credit report will make it difficult for a person to
6. An individual or family should consult with a lawyer when
7. Which of the following is included when determining a person's net worth?
8. When selecting a financial planner for advice, it is important to know the
9. The result of 4% inflation on the value of money when bank interest rates are 2% is that
10. Which of the following factors, other than job performance, will result in higher wages being given to many workers?
11. In addition to a Social Security number or taxpayer ID, which of the following documents will a bank require to open a new account?
12. People in the U.S. spend 5.5% of their income on food consumed in the home and spend 4.5% of their income on food outside of the home. What does this say about how they spend their money?
13. Which of the following will help to create discretionary income?
14. A person is age 16 and looking for part-time work at a restaurant that is part of a national chain. Which of the following is the employer allowed to ask for on a job application?
15. Investment education help investors avoid scams and protect themselves against fraud. Which statement is a red flag that something is wrong?
16. An example of a tax that raises the price of a product to reduce its popularity is
17. Which of the following explains why a person with an Associate's Degree from a two-year community college earns $10,700 more than someone with a high school (HS) diploma?
18. Credit card transactions are considered a form of borrowing because
19. A young man owes $6,000 in income taxes that was due three years ago. To collect this debt, the Internal Revenue Service is able to
20. Anthony's friend Donald asks to borrow Anthony's computer for the weekend while Donald's computer is being repaired. What is most important for Anthony to consider before allowing Donald to borrow the computer?
21. What strategy is an effective way to build adequate financial resources for a family to pay for college tuition?
22. The ten-year-old boy has more money in his savings account because the money was deposited
23. Which of the following is included in a standard homeowners or renters policy?
24. Which of the following terms is correctly matched?
25. What is the difference between a stock and a bond?

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