PF FINAL EXAM PRACTICE 2022

Which of the following is NOT a common feature of a financial institution?

• Access to investment products

• Paper checks

• Access to ATMs

• Direct Deposit

Which savings account will earn you the most money?

• One that compounds interest daily

• One that compounds interest monthly

• One that earns simple interest daily

• One that earns simple interest monthly

Tags

CCSS.7.RP.A.3

Which of the following statements about savings accounts is FALSE?

• Savings accounts pay interest on the money you deposit

• Savings accounts allow an unlimited amount of withdrawals each month

• Savings accounts may require you to maintain a minimum balance to avoid paying a fee

• Savings accounts are used to store money for longer term goals.

A mutual fund is ___________.

• A type of debt investment that acts like a loan.

• A share of ownership in a company

• A type investment that invests in a mix of different type of investments

• A type of savings account that pays interest based on current interest rates in the money market.

Which of the following should NOT be considered when setting a current budget?

• Your financial goals

• Future income

• Needs and wants

• Savings

___________ are good places to look to find your current expenses when building your budget.

• Banks and credit unions

• Grocery stores and concerts

• Bank and credit statements

• Online research websites

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.9-10.3

CCSS.RI.8.5

Bank statements, credit statements, and records of cash expenses help you to estimate your ________.

• credit score

• emergency fund needs

• expenses

• available investments

Which of the following statements is TRUE?

• Recurring expenses don't need to be planned for because they rarely happen.

• Recurring expenses are expenses that can never be stopped.

• Recurring expenses should be planned for after looking at your wants.

• None of these

Which of the following is NOT true about emergency funds?

• They are used for anything listed on the budget.

• They can keep you from borrowing money from friends and family.

• They help you prepare for unexpected expenses.

• They help remove the worry about expenses not in the budget.

How can you ensure you don't go over your budget?

• Round up your expense estimates to add a buffer

• Use most of your budget for entertainment expenses

• Find a friend that enjoys going shopping

• Buy all of your wants at one time.