ICEV Practice Exam Short

How much would a $10,000 deposit earn after 3 years assuming a 5% annual compound interest rate?

• $1576.25

• $1500.00

• $2576.25

• $1250.00

Which of the following is an example of a tangible asset?

• Trademark

• Brand

• Copyright

• Patent

Which of the following is an amount of money which can be offset against a tax liability owed to the government?

• Tax deduction

• Tax bracket

• Tax exemption

• Tax credit

Which of the following is an itemized summary of the expected income and expenses for a defined period of time such as a month?

• Balance sheet

• Equity

• Budget

• Net worth

Which of the following equations calculates net pay?

• Withholdings + tax deductions = net pay

• Deductions - gross pay = net pay

• Deductions + taxes paid = net pay

• Gross pay- deductions = net pay

Morgan and Jason were recently married. They have a set goal to save up for a down payment to purchase a house in seven years. Which of the following types of financial goals has been set?

• Short-term goal

• intermediate-term goal

• Long-term goal

• Life goal

Which loan should someone pay off first?

• Loan with the highest interest rate

• Loan with the smallest ballance

• Loan with the largest balance

• Loan with the lowest interest rate

Which of the following is a summary of a bank account's financial transactions whih have occurred over a given period of time?

• Certficate of deposit

• Net worth statement

• Liabilities report

• Bank statement

Which of the followinf is an example of a fixed asset?

• Patents

• House

• Stocks

• Cash

which of the following is an expense which can vary in amount from month to month?

• Estimated expense

• Equity expense

• Variable expense

• Fixed expense