Borrowing a subsidized federal student loan means:

b. The government will pay the interest on the loan until 6 months after you graduate.

a. The government will repay the loan in full provided you graduate.

c. The government will repay the loan if you take a certain type of job after you graduate.

d. The government will pay the loan as long as you have steady full time employment after you graduate.

Which of the following is an advantage of federal student loans?

a. Federal student loans have a fixed interest rate.

b. Federal student loans are only available to students who can demonstrate financial need.

c. Federal student loans must be paid back while you’re in school.

d. Federal student loans do not accumulate interest.

Which statement is most correct when choosing to rent or buy a home?

d. Buy or rent a home based on your individual circumstance.

a. Rent a home only until you can afford to buy one.

b. Buy a home because it is better than renting one.

c. Rent a home because it is better than buying one.

Which of the following statements is most correct?

c. A benefit of owning a home is that the value may appreciate.

a. A benefit of owning a home is that it is easier to move.

b. A benefit of renting a home is that you can make renovations to the home.

d. A benefit of renting a home is that you can move out whenever you want.

What are the responsibilities of a renter versus an owner?

b. An owner of a house has complete responsibility and control over the property.

a. A renter living in a house has complete responsibility and control over the property.

c. Neither a renter nor an owner has any responsibility and control over the property – it’s completely controlled by the government.

d. Both a renter and the owner have equal responsibility and control over the property.

Which of following drivers will likely pay the highest auto insurance premiums?

a. Younger, inexperienced drivers

c. Drivers who have a safe driving records

d. Drivers who travel short distances

How often are you entitled to a free credit report from each of the major credit reporting companies?

d. Prior to making large purchases

Which of the following provides the best protection against identity theft?

b. Shred documents that contain personal information

a. Open up a new bank account every year

c. Pay all bills with cash only

Which piece of information is most useful to an identity thief?

c. Your full name and social security number

b. Your full name and date of birth

d. Your full name and student ID number

Which of the following steps best protects your credit history if you suspect fraud?

a. Contact the credit bureaus and report suspected fraud

b. Contact the store where your credit card was used and request a refund

c. Contact the local police department and file a complaint

d. Contact the chamber of commerce and close your bank account

32. When buying a stock in a company, you are:

d. buying a portion of a company

When you purchase a municipal bond, you are:

d. loaning money to a municipality

a. buying a portion of a municipality

Diversification is important in investing because…

a. It helps you to balance your risk across different investment types.

b. It increases your overall risk, which guarantees that you will make more money.

c. It ensures that you only make low-risk investments.

d. It helps you gain the highest rate of return despite any risks.

Economics Unit 6 Test Quiz

35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Use the Rule of 72 to calculate how long it will take for your money to double if it’s earning 6% in interest:

a. 12yrs

b. 16yrs

c. 36yrs

d. 72yrs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Use the table above to answer the following question: Asim earns $250 per month. Which statement below is most correct?

a. Asim makes more than she spends.

b. Asim spends more than she makes.

c. Asim should save more in the future.

d. Asim should stop saving in the future.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which will most benefit you financially?

a. A savings account that compound interest daily

b. A savings account that compound interest monthly

c. A savings account that compound interest yearly

d. A savings account that does not compound interest

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

(Check all that apply) Which of the following are examples of types of savings vehicles?

Certificate of deposit (CD)

Money Market Account

Checking Account

Savings Account

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Use the above figure to answer the following: The first set of numbers (74894934) on the check represents the:

a. bank account number

b. check number

c. bank routing number

d. member number

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Use the above figure to answer the following: The set of numbers (101) on the top-right of the check represents the:

a. check number

b. bank account number

c. member number

d. the bank routing number

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of bank account typically offers no interest?

a. Savings

b. Money market

c. Certificate of Deposit

d. Checking

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Economics Unit 6 Test

Use the Rule of 72 to calculate how long it will take for your money to double if it’s earning 6% in interest:

Use the table above to answer the following question: Asim earns $250 per month. Which statement below is most correct?

Which will most benefit you financially?

(Check all that apply) Which of the following are examples of types of savings vehicles?

Use the above figure to answer the following: The first set of numbers (74894934) on the check represents the:

Use the above figure to answer the following: The set of numbers (101) on the top-right of the check represents the:

Which type of bank account typically offers no interest?

Which of the following typically have the highest fees?

Which of the following typically has the lowest fees or costs to use?

The term referring to the rate of yearly interest for your credit card is commonly known as:

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