Topic
Q:
A student borrows \( \$ 20,000 \) from a bank but ends up paying \( \$ 25,000 \) on the
loan over the next five years. How much interest did the student pay?
A. \( \$ 45,000 \)
B. \( \$ 5,000 \)
C. \( \$ 20,000 \)
D. \( \$ 25,000 \)
Q:
Getting a home mortgage would most likely be a better choice than renting
for a person who:
A. may have to relocate to a new city for work in the next few years.
B. has a large amount of savings and wants to make an investment.
C. often gets bored of living in the same place for too long.
D. has no interest in maintaining or personalizing property.
Q:
A person wants to buy a violin that costs \( \$ 400 \). When he goes to buy it, the
clerk tells him that he will need to pay \( \$ 440 \).
Which type of tax explains the extra cost?
A. Corporate tax
B. Sales tax
C. Property tax
D. Income tax
Q:
A title pawn lender is a financial institution that:
A. specializes in financial services for small businesses.
B. accepts deposits and makes loans without earning profits.
C. uses a person's car as collateral to secure a loan.
D. offers short-term loans with high interest rates.
Q:
Which person would most likely want to invest all of his or her savings in an
IRA?
A. A student who wants his money to grow as quickly as possible
B. A doctor who wants to avoid paying taxes on retirement income
C. A teacher who would like to have a diversified set of investments
D. A retiree who is most interested in keeping her deposits safd
Q:
One major drawback to filing for bankruptcy is that a person who files for
bankruptcy:
A. has to pay higher fees on existing debt.
B. may not be able to get loans in the future.
C. continues paying interest on all borrowed money.
D. could be sent to prison for failing to pay off debts.
Q:
A college student wants to buy a new guitar. Unfortunately, she doesn't have
enough money to pay for it all at once. She'd like to pay for it in small
installments over a few months.
Which type of loan would most help solve her problem?
A. A mortgage
B. A line of credit
C. A credit card
D. A student loar
Q:
People who consistently make late payments on a loan or credit card are
likely to experience which consequence?
A. Employers will be forced to fire them from their jobs.
B. Banks will charge them more interest on future loans.
C. Airlines will not permit them to travel outside the country.
D. Courts will sentence them to time in jail or prison.
Q:
Which skill is part of financial literacy?
A. Comparing microeconomics to macroeconomics
B. Understanding the value of retirement savings
C. Differentiating imports from exports
D. Calculating the national deficit
Q:
Life insurance coverage would be most important to a person who:
A. recently bought a new sports car.
B. has a family that depends on her income.
C. lives near a river that often floods.
D. owns an apartment building in a big city.
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