Advanced Personal Finance Final Exam May 2025

First Name: (Please enter your first name.)

• [Student's first name]

• John

• Smith

• Apple

Last Name: (Please enter your last name.)

• [Student's last name]

• Smith

• Johnson

• Williams

Class Block (Check all that apply):

• 5B

• 7B

• 8B

• 4A

• 1A

Magda is going to finance her car purchase using an auto loan. Which statement below is accurate?

• Her principal is the cost of the car, minus any down payment she makes

• Her interest rate is the total cost she'll pay after making all of her principal and interest payments

• Choosing a shorter term means it will take her longer to repay the loan

• It’s likely that her monthly payment will be between 4-5% of the cost of the car

Jaime is creating a budget for the first time and doesn’t know which to use - NET PAY or GROSS PAY. What do you tell him?

• Use net pay, because it’s the total amount you’ve earned minus taxes and other deductions.

• Use gross pay, because it’s the total amount you’ve earned minus any recurring bills you owe for the month.

• Use net pay, because it’s the total amount you’ve earned for the month.

• Use gross pay, because that is the amount that is reported to the government for taxes.

Why is sending a personalized thank you after a job interview important?

• It shows that you want the job even if you don’t really like the company

• You can apologize for any mistakes you made in the interview

• It gives you the opportunity to leave a good impression by expanding on an answer you gave or a topic you discussed

• It allows you to boast about your accomplishments one last time

What do you need to subtract from a college’s cost of attendance in order to find the net price?

• Student Aid Index

• Application fees

• Personal expenses

• Your grants and scholarships

All of the following are characteristics of a secured credit card EXCEPT...

• Your credit limit is dependent on the amount of your security deposit

• They lower the risk of banks when issuing credit to users with no credit history

• They help you build a credit history and improve your credit score

• They don’t have a spending limit, so you have to be very mindful of how much you buy with them

Zoe buys three new lipsticks from a store at the mall. Which payment method would reduce the amount of money in her checking account?

• Pays with a prepaid card she loaded earlier in the month

• Uses her credit card and says, "Credit" when the cashier asks, "Credit or debit?"

• Uses her debit card and says, "Credit" when the cashier asks, "Credit or debit?"

• Pays with cash she had in her purse