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Personal Finance Final Review

Authored by Brianna Lemmons

Business, Life Skills

9th - 12th Grade

Used 5+ times

Personal Finance Final Review
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50 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A savings account earns the greatest amount of money when the interest on the account is compounded how often?

Quarterly

Daily

Monthly

Yearly

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Your creditor determines your creditworthiness based on what?

Capital

Conditions of the economy

Character, capacity, and collateral

None of the above

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

When a borrower fails to repay a loan and there is a co-signer on the loan, the most likely result will be:

The co-signer has the opportunity to renegotiate the loan.

The co-signer will be help responsible for one-half the repayment of the loan.

Only the co-signer's credit report will show that there has been a default on the loan.

The co-signer will be held responsible for the repayment of the entire loan plus fees or penalties.

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following lenders charge the highest interest rate?

Banks

Pawn Shops

Credit Unions

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

When a person brings an item to a pawnshop to obtain cash, the transaction is considered to be a(n):

A collateralized loan

A sales agreement

An unsecured loan

A custodial payment

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An advantage of using credit is:

The many forms of hidden fees on the credit card bill.

The increased cost of the purchase because of interest charges.

The increase of being a victim of fraud or rip-offs.

Not having to carry large amounts of cash.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Identify how a young adult can begin to establish a good credit rating.

Have the telephone and utility bill in your own name.

Pay off loans as desired, rather than quickly.

Nothing. A person begins with a good credit rating.

Keep high balances on various credit cards.

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