Finance Aptitude test of Let's Unbound

Does savings help in realizing your dreams?

• No

• Yes

The value of money increases over time.

• True

• False

What is more important?

• Paying rent

• Buying a new phone

• Buying new sneakers

How is the 50/30/20 rule segregated?

• Needs, Wants, Goals

• Wants, Needs, Goals

• Goals, Needs, Wants

The average inflation rate is 3%. You had $1000 in 2000, what is it worth today?

• $ 1200

• $ 1600

• $ 1800

• $ 1400

Which account is the most common?

• Checkings

• Savings

The formula for calculating Future Value is?

• FV = PV/(1+r)^n

• FV = PV/(1+r)*n

• FV = PV x (1+r)^n

• FV = PV x (1+r)*n

If you were able to earn interest at 3%, and you started with $100, how much would you have after 3 years?

• $91

• $113

• $109

• $107

The concept of Time Value of money is?

• The cash flows that occur earlier are more valuable than cash flows that occur later

• The cash flows that occur earlier are less valuable than cash flows that occur later

• The longer the time cash flows are invested, the more valuable they are in the future

• The future value of cash flows are always higher than the present value of the cash flows

What is the opportunity cost of buying a phone that is $999?

• Buying a phone is a necessity.

• $999 could be invested to earn interest income.