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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. 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
2. Which of the following is the best advice for a student with college loans?
3. A woman parked her car and went shopping. When she returned she discovered that her car was damaged while it was parked. When filing a claim, what does she have to provide to her insurance company?
4. 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
5. A person's credit report includes his
6. 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
7. 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?
8. 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?
9. One way that leads a person to earn additional income is for the person to
10. An important responsibility for young adults living independently is to
11. The result of 4% inflation on the value of money when bank interest rates are 2% is that
12. 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
13. Four friends each deposited $1,000 in a savings account at their local bank on the same day. After two years, from the date of deposit, the friend who had the most amount of money is the one whose bank compounded interest
14. A suggested amount of savings in order to pay for emergencies is
15. A credit card offers a grace period of 21 days, which mean that the card holder
16. Which of the following is included when determining a person's net worth?
17. In order to be sure that the checking or savings account linked to the account owner's debit card has sufficient funds for purchases, banks offer 'easy-access' credit as an option. Which of the following explains how 'easy access' credit works?
18. What is an acceptable way for people to lower the cost of their automobile insurance?
19. A person who owns a house needs to reduce her monthly expenses. Which of the following is good advice to help her save money?
20. Which of the following can cause a person to become a victim of consumer fraud?
21. Based on the information on this card, it is
22. Which of the following will help to create discretionary income?
23. Which of the following is likely to DECREASE the auto insurance premium on a policy?
24. Credit card transactions are considered a form of borrowing because
25. Negative or inaccurate information on a person's credit report will make it difficult for a person to

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