1 PERSONAL FINANCE QUESTIONS I. THINKING ECONOMICALLY 1. Good decision making involves all the following except: A. Determining your alternatives. B. Establishing your criteria/goals. C. Evaluating your options with respect to your goals. D. Making the choice that has the lowest cost. 2. Jamal values three goods in this order: (1) a music CD, (2) a computer game, and (3) a sweatshirt. Each item has a price of $30. Jamal buys the music CD. What is the opportunity cost of his choice? A. $30. B. the computer game. C. the sweatshirt. D. the computer game and the sweatshirt. 3. What is an opportunity cost to an individual of dropping out of high school? A. There is none. B. Less ability to acquire work experience. C. Less ability to start saving. D. Less expected life-time earnings. 4. Rising interest rates are beneficial to: A. businesses who are buying new equipment or building new production facilities. B. people looking to buy a new home. C. savers and lenders. D. consumers with credit card balances. 5. Which of the following is in the best interest of consumers of Good A? A. Good A has few good substitutes. B. Good A is produced by a competitive industry. C. Good A is well-advertised. D. Good A has a high price. 6. Which of the following is generally true? A. Correct choices have no costs. B. People's choices have consequences in the future. C. In a voluntary trade there is a winner and a loser. D. People do not respond to incentives.
2 7. John is considering buying one of two cars: one with a a price $20,000 and the other, $18,000. If the sales tax he must pay is 8% and he is going to finance the entire purchase of this car at 10% simple interest for one year, what is the actual difference in the cost of these two cars? A. $2000 B. $2160 C. $2360 D. $ The present value of a benefit received or cost incurred in the future: A. is greater than the future value of the benefit or cost. B. is larger the further into the future the benefit or cost occurs. C. is larger the lower the rate of discount. D. is not affected by when the benefit or cost occurs. 9. A family is thinking about renting out its house for the month they are on vacation. Their monthly mortgage payment is $500 and the monthly utilities are $200 if the house is occupied and only $100 if it is not. It is in their best interest to rent out the house if they can get at least how much for the month? A. $100 B. $200 C. $500 D. $ Which of the following is true about inflation? A. It tends to hurt both borrowers and lenders. B. It tends to hurt borrowers. C. It increases the real return on an asset. D. It reduces the real cost of a loan. II. EARNING INCOME 1. Which of the following is true about most millionaires? A. They inherited most of their wealth. B. They work more than 40 hours per week. C. They work in glamorous jobs like sports or entertainment. D. They do not invest in the risky stock market.
3 2. Which of the following questions are employers allowed to ask job applicants during a job interview? A. Are you married? B. Do you attend a place of worship? C. What do you feel are your weaknesses as they pertain to this job? D. Do you have any disabilities that might affect your ability to do this job? 3. Higher levels of education/training are related to: A. Lower credit scores. B. Lower levels of income. C. Higher levels of productivity. D. Higher levels of unemployment. 4. Over two-thirds of all income earned in the U.S. is what kind of income? A. Profits from small businesses and corporations. B. Dividends and interest earned on stocks and bonds. C. Wages and salaries from selling labor services. D. Rents and royalties earned from selling land and other natural resources. 5. All of the following are investments in human capital except: A. keeping in good physical and mental shape. B. learning in a trade school or college. C. practicing to improve a skill. D. buying a new computer. 6. Which of the following would result in a decrease in the wages paid for software programmers? A. A decrease in the price of software. B. A decrease in the supply of software programmers. C. An increase in the productivity of software programmers. D. An increase in the demand for software. 7. The more costly (in terms of income and time) it is to acquire a skill, the: A. lower the demand for people with that skill. B. higher the demand for people with that skill. C. lower the supply of people with that skill. D. higher the supply of people with that skill.
4 8. Given everything else the same, the more productive a worker becomes: A. the greater the demand for his/her services. B. the greater the wage a business is able to offer the worker. C. Both A and B are true. D. Neither A nor B is true. 9. Entrepreneurs tend to have all of the following characteristics except: A. Good problem-solving skills. B. Willingness to work hard. C. Creativity. D. Low tolerance for uncertainty. 10. A business plan typically includes all of the following except: A. Estimating future sales. B. Hiring personnel. C. Pricing products. D. Determining financing sources. III. PAYING TAXES 1. An employee works for 40 hours per week at $10 per hour and has $50 in federal income taxes, $20 in state income taxes, and $30 in Social Security taxes deducted each week. In addition, the employee saves $20 per week. What is this employee's net pay? A. $280. B. $300. C. $310. D. $ Emily works full-time at Handy Dandy Hardware. Who pays the FICA contributions on Emily's wages? A. Only Emily. B. Only Emily's employer. C. Both Emily and her employer (split equally). D. Both Emily and her employer (split according to Emily's wage contract).
5 3. Katie is considering buying a $16,000 car. She must pay 6% in state sales taxes, as well as, 1% in local sales taxes on the value of the car. What would be the total cost of the car to her? A. $16, B. $16, C. $17, D. $17, Consider the following income tax table: Income over.. but not over.. pay this tax $0 $20,000 5% of income $20,000 $50,000 $1000 plus 6% of amount over $20,000 $50,000 $100,000 $2800 plus 7% of amount over $50,000 If Clark's income is $60,000, how much income tax does he owe? A. $3500 B. $3800 C. $4200 D. $ An income tax requires people making $100,000 to pay $15,000 in income tax, those making $25,000 to pay $5000 and those making $10,000 to pay $3000. What kind of tax is this? A. Progressive B. Proportional C. Regressive D. Flat 6. Which of the following goods or services is most likely to be purchased with funds generated from local taxes? A. Income security programs B. Police and fire protection C. Highways D. National defense
6 7. Although many types of taxes may exist at all levels of government, which level of government is each of the following taxes most often associated with? Payroll taxes Property taxes Sales taxes A. Local State Federal B. Federal Local State C. Federal State Local D. State Federal Local 8. Mindy sold some stocks for $10,000 that she bought two years ago for $6000. What is true about her federal income tax obligation as a result of this sale? A. She would owe no taxes on this sale. B. She would be subject to normal income rates on the entire $10,000. C. She would be subject to normal income rates on the difference of $4000. D. She would be subject to capital gains rates on the difference of $ What is the difference between gross and net pay? A. Net pay is gross pay minus saving. B. Gross pay is net pay minus saving. C. Gross pay is net pay minus taxes and deductions. D. Net pay is gross pay minus taxes and deductions. 10. You incur a tax-deductible expense (such as, interest on your mortgage) of $4000. If you are in the 35% income tax bracket, what is your after-tax cost? A. $1400 B. $2600 C. $5400 D. $6600 IV. BUDGETING 1. Which of the following are the fundamental choice elements of a complete budget? A. Current spending, short-term saving, and long-term saving (investment). B. Spending, saving, and tax payments. C. Housing, transportation, food, healthcare, and other expenditures. D. Checking account balance, savings account balance, and credit available balance.
7 2. The Jackson family has a balanced annual budget. They now decide to take an unplanned vacation. Each of the the following adjustments taken alone allows them to take the vacation and maintain a balanced budget except for which one? A. Spend less on dining out and other activities. B. Save less for their retirement. C. Increase their income by taking on extra jobs. D. Increase their credit card balance. 3. "Pay yourself first" means which of the following? A. Pay all your bills before setting aside any saving. B. Budget your income to those things that give you the most satisfaction. C. Allocate part of your income to savings before budgeting your spending. D. Pay off credit card balances before buying more on credit. 4. Each of the following is a pair of concepts which are essentially the same. Which is NOT? A. Disposable income and net pay B. Consumption and spending C. Saving and investing D. Budgeting and allocating income 5. Steven's monthly net pay is $1200. He wants to save 15% each month. If his monthly expenses except for entertainment are $800, how much can he spend on entertainment? A. $580 B. $382 C. $280 D. $ What is Greta's ending cash balance for the year based on the following information: beginning cash balance: $25,000, salary: $40,000, interest income: $5000, taxes: $10,000, rent: $18,000, utilities: $6000, food: $6000, all other expenses $7000? A. - $2000 B. $13,000 C. $23,000 D. $27,000
8 7. A $60 sweater is on sale for 50% off plus the store is offering an additional 10% off all sales prices. What would be the final price of the sweater? A. $24 B. $27 C. $28 D. $30 8. Jermaine has the following expenses: Monthly: Mortgage $600 Car loan $200 Car expenses $100 Food $400 Utilities $300 Personal $200 Yearly: Insurance $3000 Property tax $1000 Healthcare $1000 Vacation $1000 If Jermaine's net pay is $2000/month, then he: A. is living within his means. B. is able to save at least $100 each month. C. has a balanced budget (his expenses exactly equal his income). D. needs to reduce his expenses to balance his budget. 9. After housing, what are the second and third largest expenditures of U.S. consumers? Second Third A. Transportation Food B. Food Transportation C. Food Healthcare D. Transportation Healthcare 10. Running budget deficits tends to lead to all of the following except: A. increasing credit card debt. B. increasing assets. C. difficulty meeting unexpected expenses. D. having more goods and services today, but much less tomorrow.
9 V. SAVING 1. If Jessica deposited $100 two years ago in a new account that pays 10% interest compounded quarterly, what would be the current balance of her account? A. $110. B. $120. C. $121. D. More than $ About how many years would it take for $100 to become $400 if the $100 is invested in a fund earning 6%? A. 6 B. 12 C. 18 D The biggest advantage of saving while you are still young is: A. the opportunity cost is lower when you are young. B. there is more time to allow the effects of compound interest to work for you. C. you can take advantage of getting paid higher interest rates. D. you don't have to reduce your spending to do it. 4. Both Kyle and Adrienne earn $40,000 per year. Kyle saves twice as much as Adrienne (20% versus 10%), however, Adrienne earns twice as much interest each year on her savings (10% versus 5%). After two years who would have the larger savings balance? A. Kyle. B. Adrienne. C. Both would be the same. D. There is not enough information to determine this. 5. What is the opportunity cost of letting your interest compound in your savings account instead of withdrawing the interest as it is earned? A. Lower taxes B. Consuming less goods and services now C. Greater future interest D. Lower interest rate paid on the account
10 6. Saving is fundamentally a decision to: A. enjoy no goods and services. B. buy goods and services in the future. C. invest. D. get rich. 7. How much would Bill save each year if he switches from having a $4 cup of coffee every morning to a cup of tea--50 for the bag and hot water? A. $ B. $ C. $ D. $ If Tanya sets aside $1000 today and $1000 each of the next three years, how much will she have in three years (assuming she earns 10% simple interest each year)? A. $4000 B. $4400 C. $4641 D. $ How long would it take to save $1000 if you save $100 each quarter and earn no interest? A. two years B. two and a half years C. three years D. three and a half years 10. With respect to the timing of benefits received and costs incurred, saving is an activity most like which of the following? A. Smoking. B. Borrowing. C. Exercising. D. Eating junk food. VI. FINANCIAL PLANNING 1. Which of the following would not be considered an asset in determining a person's net worth? A. The person's checking account balance. B. The person's four-year-old car. C. The person's line of available credit. D. The person's holdings of U.S. Treasury notes.
11 2. A positive net worth means that: A. A person's income exceeds their expenses. B. A person's saving exceeds their income. C. A person's assets exceeds their liabilities. D. A person's saving exceeds their debts. 3. Which of the following would increase the amount you would need to save to meet a given retirement goal? A. The younger you are. B. The higher the rate of return you expect. C. The higher the expected rate of inflation. D. The longer you plan to work before retiring. 4. The life-expectancy of a: A. 55-year-old person is greater than that of a 60-year-old person. B. 50-year-old male is greater than that of a 50-yearold female. C. 50-year-old white male is greater than that of a 50-year-old black male. D. 75-year-old person is less than two more years. 5. Most financial planners suggest that when you are young you should hold a larger percentage of in your portfolio and when you are nearing or in retirement you should hold a larger percentage of. A. cash; stocks B. stocks; cash C. stocks; bonds D. bonds, stocks 6. Which of the following is an asset whose value is generally expected to appreciate even during inflationary periods? A. House B. Automobile C. Savings account D. Credit card balance 7. A financial plan based on which of the following would be the least risky? A. Corporate bonds B. U.S. Treasury bonds C. Corporate stocks D. Mutual funds
12 8. Gloria's net worth is $40,000, while her total assets are $60,000. What is her debt/asset ratio and is she better or worse off if it was lower? A..33; better B..33; worse C..50; better D..50; worse 9. Which of the following would increase your net worth? A. Taking out a loan B. Making a mortgage payment C. Having the price of your stocks fall D. An increase in your property taxes 10. What is Juan's net worth given the following information: annual salary: $30,000, balance on credit card: $3000; available credit: $7000, car loan: $5000, savings account: $10,000, car: $15,000, personal property: $5000, annual rent: $6000, unpaid utility bill: $1000, checking account: $3000, stocks: $1000? A. $15,000 B. $20,000 C. $25,000 D. $30,000 VII. INVESTING 1. When making an investment, market risk refers to what possibility? A. The difficulty of converting the investment into cash. B. The investment's value could decrease over time. C. The investment instrument may be fraudulent. D. The rate of return earned may be less than the rate of inflation. 2. What is the real rate of return on a share of stock whose price a year ago was $50 if it is currently selling for $51, paid a dividend during the year of $3, and the rate of inflation is 3%? A. 1% B. 4% C. 5% D. 8%
13 3. In general, an investment earns a greater real rate of return the: A. lower the liquidity of the investment. B. lower the potential risk of the investment. C. lower the transactions costs/fees associated with the investment. D. greater the rate of inflation. 4. Mutual funds: A. pay a guaranteed return set by the fund manager. B. are insured by FDIC. C. offer different mixes of stocks, bonds, and other assets. D. require the payment of management fees. 5. Stockholders earn dividends on their stocks when: A. They sell their stocks. B. The price of their stocks rise. C. Interest is paid on the face value of their stocks. D. Corporations decide to distribute some of their profits. 6. Time: A. increases the expected rate of return on an investment. B. decreases the expected rate of return on an investment. C. increases the variation of the actual rate of return on an investment from its expected rate. D. decreases the variation of the actual rate of return on an investment from its expected rate. 7. Which of the following investment options is the least liquid? A. Cash. B. Savings account. C. Shares of common stock. D. Real estate. 8. What three criteria are typically most important in choosing an investment instrument? A. Collateral, credit, and convenience B. Rate of return, risk, and liquidity C. Dividends earned, interest paid, taxes owed D. Stocks, bonds, and real estate.
14 9. There is a 20% chance that the price of a particular stock will rise by $20, a 40% chance it will stay the same, and a 40% chance it will fall by $5. What is the expected change in the price of the stock? A. Fall by $4 B. Fall by $1 C. Rise by $1 D. Rise by $2 10. There is an inverse relationship between: A. a bond's rating and its coupon rate. B. the price of a bond and its effective rate of return. C. Both A and B are true. D. Neither A not B is true. VIII. BORROWING 1. Which of the following is not a benefit of using credit cards? A. Allows one to build a credit record/history. B. Helps one deal with emergencies. C. Can get goods now and pay for them later. D. There is less potential for identity theft. 2. Which of the following would increase your chances of getting a loan at a favorable interest rate? A. Having a criminal record. B. Having no collateral to offer. C. Paying your past bills on time. D. Working at several different minimum-wage jobs. 3. If Mark chooses to pay back a loan over a longer period of time, how is this likely to affect his monthly payment and the amount of interest he pays? Monthly payment Interest A. Decrease Increase B. Decrease Decrease C. Increase Increase D. Increase Decrease
15 4. A thief takes your credit card. You report the card missing, but the thief has already run up $2000 in bills. How much of the $2000 are you responsible for? A. You are not liable for any of the $2000 because you reported the card stolen. B. Your liability is limited to $50. C. Your liability is the amount charged up to the time when you reported the card missing. D. You are liable for the entire $2000 because the card was issued in your name and you lost it. 5. Sheila is granted a $1200 loan which she agrees to pay back over the next year at $110 per month. What is the APR (Annual Percentage Rate) she is paying? A % B % C % D % 6. What does a credit bureau do? A. Grants loans to people with low credit scores. B. Provides advice on how to lower credit card debt. C. Tracks the bill-paying habits of consumers. D. Sends warnings to people who have debt problems. 7. The best indicator of the cost of a loan is the: A. amount of the monthly payment. B. number of payments. C. finance charges. D. annual percentage rate. 8. During the last month Justin's daily balance on his credit card was $400 for 20 days and $100 for 10 days. How much finance charge will he have to pay if the account charges monthly interest of 1.5% on the average daily balance? A. $2.25 B. $3.75 C. $4.50 D. $ Which of the following is not taken into consideration in determining your credit score? A. Your payment history (on time or not) B. The amounts you owe C. The types of credit you have obtained D. Your income
16 10. Which of the following methods of interest calculation is most favorable for a borrower? A. Add-on interest B. Discounted interest C. Compound interest D. Declining-balance interest IX. BANKING (AND OTHER FINANCIAL INSTITUTIONS) 1. Which type of financial institution typically charges the highest interest rates for loans? A. Credit unions. B. Commercial banks. C. Savings and loans. D. Payday loan companies. 2. Using a debit card to purchase a good is most similar to using a: A. check. B. loan. C. credit card. D. money market account. 3. To reconcile a bank statement on your checking account you start with the balance in your checking account register and then: A. add any outstanding checks or deposits. B. subtract any outstanding checks or deposits. C. add any outstanding checks and subtract any outstanding deposits. D. subtract any outstanding checks and add any outstanding deposits. 4. Which of the following is generally not protected by FDIC insurance? A. Certificates of deposit B. Savings accounts C. Money market deposit accounts D. Money market mutual funds 5. Which of the following is not a function of the Federal Reserve? A. Grant loans to banks. B. Manage the U.S. money supply and interest rates. C. Operate a check-clearing system. D. Print and distribute U.S. currency.
17 6. Which of the following is a restrictive endorsement of a check written to Rick Doe? A. "Rick Doe" B. "Pay to the order of Jane Doe, Rick Doe" C. "For deposit only, Rick Doe" D. "Without recourse, Rick Doe" 7. Which of the following is true about the two major stock exchanges, the NYSE and NASDAQ? A. NASDAQ is a secondary market for stocks, while the NYSE is a primary market for stocks. B. Companies listed on the NYSE must have ay least $100 million in outstanding stock. C. Trading at both exchanges physically takes place in New York City (although in different buildings). D. NASDAQ has less companies listed than does the NYSE. 8. The Securities and Exchange Commission: A. promotes insider trading. B. sets the prices of stocks and bonds. C. requires publicly-owned companies to disclose truthful information about their financial positions. D. must approve trades made on the major U.S. stock exchanges before they are final. 9. When stocks are first issued by a company, who buys them? A. Investment banks B. Stockbrokers C. A stock exchange D. Individual investors 10. In choosing a bank, credit union, or other financial institution to provide you services, you should choose the one that: A. is the closest and most convenient for you. B. offers the lowest fees. C. provides the most services and account features. D. best meets the goals and criteria that are important to you.
18 X. INSURING 1. The higher the deductible on an insurance policy: A. the less the policy will cost. B. the less the policyholder will have to pay in the event of a loss. C. the greater the maximum loss the policy will cover. D. the greater the cash value of the policy. 2. Which of the following is the best description of comprehensive coverage in an auto insurance policy? A. It covers the cost of property damage or injuries to others caused by the policyholder's car. B. It covers the cost of damage to an auto as a result of fire, theft, or storm. C. It covers the cost of repairing or replacing the policyholder's car due to damage from an accident. D. It covers the policyholder's lost income from being unable to work as a result of an accident. 3. Which type of insurance protects a person from loss from lawsuits? A. Whole life. B. Casualty. C. Comprehensive. D. Liability. 4. Geanie backs her car into a pole causing $1000 worth of damage to her car. She has an auto insurance policy with a $250 deductible. If she has her car fixed, how much will her insurance company pay? A. $0. B. $250. C. $750. D. $ Buying insurance is which of the following ways to deal with risk? A. Avoid it. B. Reduce it. C. Accept it. D. Share it.
19 6. There is a 5% chance each year that Nathan will suffer a $1000 loss as a result of an apartment fire. If he pays $60 annually for rental insurance to cover these losses, then he is most likely: A. a risk lover. B. risk neutral. C. risk adverse. D. buying too little insurance. 7. All of the following, except for which one, would help lower your insurance premiums? A. Lower your deductibles. B. Lower your coverage maximums. C. Getting all your insurance coverage from one agent or company. D. Installing equipment such as air bags, smoke alarms, and anti-theft systems. 8. Who is more likely to pay lower auto insurance premiums? A. Male drivers versus female drivers B. Younger drivers versus older drivers C. Rural drivers versus urban drivers D. High-mileage drivers versus low-mileage drivers 9. Which of the following types of automobile insurance coverage is usually required by most states? A. Uninsured motorist B. Comprehensive C. Collision D. Liability 10. What type of insurance is most likely to be partially paid by a worker s employer? A. Life B. Home C. Health D. Automobile
20 KEY I II III IV V 1. D 1. B 1. B 1. A 1. D 2. B 2. C 2. C 2. D 2. D 3. D 3. C 3. C 3. C 3. B 4. C 4. C 4. A 4. C 4. A 5. B 5. D 5. C 5. D 5. B 6. B 6. A 6. B 6. C 6. B 7. D 7. C 7. B 7. B 7. C 8. C 8. C 8. D 8. D 8. C 9. A 9. D 9. D 9. A 9. B 10. D 10. B 10. B 10. B 10. C VI VII VIII IX X 1. C 1. B 1. D 1. D 1. A 2. C 2. C 2. C 2. A 2. B 3. C 3. A 3. A 3. C 3. D 4. C 4. C 4. B 4. D 4. C 5. C 5. D 5. D 5. D 5. D 6. A 6. D 6. C 6. C 6. C 7. B 7. D 7. D 7. B 7. A 8. A 8. B 8. C 8. C 8. C 9. B 9. D 9. D 9. A 9. D 10. C 10. C 10. D 10. D 10. C
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