Personal Finance Test Review

Your credit score is NOT configured off of which of the following:

• Payment history

• Amount owed

• GPA

• Length of credit history

Which of the following probably has the highest credit score? Assume that all of them have made regular monthly payments on time.

• An 18 year old college freshman

• A 20 year old waitress with two active credit cards

• A 40 year old business owner with two cars, a house, and four active credit cards

• A 50 year old with five credit cards who rents his house.

If you open a savings account, will you earn more money with simple or compound interest?

• simple

• compound

Which of the following factors can the insurance company look at when determining the cost of your policy?

• age

• marital status

• gender

• all of the above

What is the main purpose of disability insurance?

• To provide replacement income if you have an accident or illness and can't work
• To cover your medical expenses if you have a accident or illness and can't work
• To provide your family with income when you retire
• To provide replacement income and cover all of your medical expenses if you have an accident or illness and can't work

Sales tax is __________ to the price

• subtracted
• added
• multiplied
• divided

Tags

CCSS.6.RP.A.3D

Federal and State Income Taxes are examples of a ...

• Proportional Tax

• Progressive Tax

• Regressive Tax

As your income goes up the percentage of taxes you pay goes up. What type of tax is this?

• Progressive tax

• Proportional tax

• Regressive tax

• None of the aove

A flat tax is also known as a

• progressive tax

• proportional tax

• regressive tax

• None of the above

A sales tax is an example of what type of tax?

• progressive tax

• proportional tax

• regressive tax

• none of the above