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Career Prep Semester Exam

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1.
2 points
A fee paid by a borrower to the lender for the use of borrowed money.
2.
2 points
The recipient of assets passed on from the death of a friend or relative
3.
2 points
Which of the following best explains why students should learn about personal finance?
4.
2 points
Rent is a:

5.
2 points
Which of the following is the best investment option?
6.
2 points
Interest paid on interest previously earned.
7.
2 points
When it comes to personal finance, the math is easy. Whatʹs challenging is managing your
8.
2 points
True financial security is achieved when your money begins to generate an income-your money starts working for you.
9.
2 points
When buying and selling investments, you should not:
10.
2 points
Which of the following is not a factor in becoming money smart?
11.
2 points
Quality of an asset that permits it to be converted quickly into cash without loss of value; availability of money
12.
2 points
You should save money for three basic reasons: emergency fund, purchases and wealth building.
13.
2 points
There are three credit bureaus: Experian, TransUnion and Equifax.
14.
2 points
The amount you pay monthly, quarterly, semiannually or annually to purchase different types of insurance
15.
2 points
What factors affect a credit score?

16.
2 points
In some cases, employers will match the employee contribution, but you should fund your plan whether your company matches or not. This statement refers to:
17.
2 points
Your income level greatly affects your saving habits.
18.
2 points
ʺPay yourself firstʺ means you should assign a portion of your income to saving and investing every month.
19.
2 points
Amount you must pay before you begin receiving any benefits from your insurance company
20.
2 points
Which of the following statements best explains why income alone does not determine wealth?
21.
2 points
Savings accounts and money-market accounts are most appropriate for:
22.
2 points
Which of the following is not a recommended way of lowering your car insurance premiums?
23.
2 points
Comprehensive coverage takes care of damage to your car that is not caused by a collision.
24.
2 points
Life insurance policy for a specific period of time is called:
25.
2 points
The zero-based budget is the best method of budgeting because:

26.
2 points
Which of the following is not a recommended step in the Drive Free method of purchasing a car?
27.
2 points
A written budget, if followed, removes ______ from your finances.

28.
2 points
Paperwork filed with an insurance company in order to get them to cover a loss for someone they insure
29.
2 points
If you leave a job and have money saved in your employerʹs retirement plan, always roll that money into an IRA using a direct rollover, which allows you to avoid taxes and penalties.
30.
2 points
Which of the following is the most cost-effective option for purchasing a home?

31.
2 points
Co-signing a loan is a good way to help a friend or relative.
32.
2 points
You are involved in a two-car accident in which you are at fault. The other driver is injured and your insurance covers the medical expenses of the victim. This type of insurance coverage is called:
33.
2 points
A list of your investments
34.
2 points
A credit score is intended to measure:
35.
2 points
The purpose of insurance is to:
36.
2 points
Budgeting is crucial to your financial success.
37.
2 points
Saving money over time for a large purchase is called a(an)
38.
2 points
Employee benefits packages:
39.
2 points
What does it mean to have a negative savings rate?
40.
2 points
Which of the following steps is the First Foundation?
41.
2 points
An item that is bought without previous planning or consideration of the long-term effects
42.
2 points
An amount of money you pay to help cover a portion of your medical costs
43.
2 points
Key components of financial planning include all of the following except:
44.
2 points
Doing a budget does not:
45.
2 points
Which of the following is a sign that your identity may have been stolen?
46.
2 points
An interest-bearing account is an account that generates interest income on the available balance in the account.
47.
2 points
You can and should obtain a free copy of your credit report annually in order to check for any suspicious activity.
48.
2 points
Personal financial success is primarily the result of:
49.
2 points
Your monthly budget should include:
50.
2 points
Describes the type of coverage in an insurance agreement
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