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F. P. Exam practice

Total questions: 81

Worksheet time: 1hrs 24mins

Name
Class
Date
1.
The ability to project or anticipate changes that might affect your finances is not part of financial planning.
a)
True
b)
False
2.
Being a smart shopper will not help you cope with inflation.
a)
True
b)
False
3.
If you run into trouble managing your finances, help is available.
a)
True
b)
False
4.
Financial planning means developing a strategy to meet present financial needs.
a)
True
b)
False
5.

Which of the following statements about bonds and stocks is not correct?

a)

Bondholders have a risk of not being able to sell the bonds in the secondary market.

b)

Shareholders are actually owners of the company.

c)

Bondholders are the creditors of the firm.

d)

The shareholders have the priority to get back the capital when the

company is liquidated.

6.

Which of the following is not a right of a stockholder of a listed company

a)

Vote in the general meeting

b)

Sell his stock in the stock market

c)

Receive dividends

d)

Elect directors

7.

What is Mutual fund?

a)

An investment in which investors pool their money to buy stock.

b)

An investment that you put in your checking account

c)

Investment that you put in your swimming pool.

d)

Investment that you put in the ground.

8.

How do you invest in stocks.

a)

Buy it online.

b)

You have to have a stock broker.

c)

Buy it from someone.

d)

You have to buy more then 12 shares.

9.

What is Bull market?

a)

Buying a bull online

b)

When everything goes up and people are buying.

c)

When prices are going down and nobody is buying.

d)

When people are selling false information.

10.

What is a Bear market?

a)

When prices go up and everybody is buying.

b)

Selling a bear online.

c)

When prices go down and nobody is buying.

d)

Buying bears online.

11.

What is the differences between stocks and bonds?

a)

They are both investments.

b)

A stock is what corn grows on, and a bond gets you out of jail.

c)

Stock represents ownership, and bonds represents your word.

d)

A stock represents ownership, and bonds represents a loan.

12.

Dividends are_____?

a)

Money shareholders lose in stock.

b)

Money shareholders pay to buy stock.

c)

Stock that splits.

d)

Money shareholders received from stock profits.

13.

______________ insurance provides financial protection against overwhelming medical expenses

a)

Health

b)

Car

c)

Comprehensive

d)

Medical

14.

_____________ ___________ __________ is a prepaid health plan in which care providers contract with (or are) employees of the org. to provide you with services

a)

preferred provider organization

b)

health maintenance organization

c)

life insurance

d)

non-life insurance

15.

A(n) _________ is the amount of money you must pay each year before your insurance company starts paying

a)

life

b)

beneficiary

c)

deductible

d)

health

16.

A(n) ____________ is a predetermined flat fee you pay for health care services

a)

co-insurance

b)

whole life

c)

co-payment

d)

term

17.

__________ insurance is financial protection for a family in case the main source of income dies

a)

life

b)

term

c)

medical

d)

health

18.

_______ ________ insurance is for a specified term, such as 5 years, or to a specified age

a)

universal life

b)

term life

c)

cash value

d)

whole life

19.

The __________ is the person who receives money from a life insurance policy if the insured dies

a)

beneficiary

b)

life

c)

deductible

d)

health

20.
Of the four parts of auto insurance coverage, which part protects only the other person involved in an accident?
a)
Liability
b)
Comprehensive
c)
Collision
d)
Medical Payments/Bodily Injury
21.
Of the four parts of auto insurance coverage, which part protects your from acts of God?
a)
Comprehensive
b)
Liability
c)
Collision
d)
Medical Payments/Bodily Injury
22.
Of the four parts of auto insurance coverage, which part will pay for repairing your car?
a)
Liability
b)
Comprehensive
c)
Collision
d)
Medical Payments/Bodily Injury
23.
Of the four parts of auto insurance coverage, which part will pay for injuries to passengers or pedestrians and funeral expenses?
a)
Medical Payments/Bodily Injury
b)
Collision
c)
Comprehensive
d)
Liability
24.
Of the four parts of auto insurance coverage, which part will pay for injuries to passengers or pedestrians and funeral expenses?
a)
Medical Payments/Bodily Injury
b)
Collision
c)
Comprehensive
d)
Liability
25.
The amount you pay for an insurance policy.
a)
Rider
b)
Premium
c)
Deductible
d)
Co-Pay
26.
How you deal with the chance of potential personal or financial loss is called risk management or risk pooling.
a)
True
b)
False
27.
Which of the following would you choose if you want a variety of premium quotes?
a)
Insurance Agent
b)
Insurance Broker
c)
Insurance Actuary
d)
Insurance Claims Adjuster
28.

The federal agency that oversees insurance companies is

a)

The Federal Trade Commission

b)

The Department of Transportation

c)

The Consumers Union

d)

Insurance companies are regulated on a state-by-state basis

29.

What role does insurance play in financial planning?

a)

It guarantees that income and assets are protected

b)

It helps build and maintain one's credit score

c)

It helps cover day-to-day expenses

d)

It grows in value and appreciates over time

30.

The out of pocket cost to the insured when a loss occurs is called...

a)

Premium

b)

Deductible

31.

This professional analyzes statistics and uses them to calculate risks and premiums.

a)

Agent

b)

Actuary

c)

Claims Clerk

d)

Underwriter

32.

A stone hits your windshield. Which type of coverage would likely cover this expense?

a)

Collision

b)

Liability

c)

Comprehensive

d)

None

33.

Which of the following wouldn't save you money on your auto insurance premium?

a)

Decrease your deductible

b)

Reduce or eliminate optional insurance on an older vehicle

c)

Maintain a good credit history

d)

Bundle your insurance with other policies

34.

What does SMART stand for in smart goals?

a)

spend, manageable, analyze, reasonable, time

b)

specific, measurable, attainable, realistic and time-bound

c)

specific, manageable, analyze, responsible, tackful

35.

the insurer agrees to pay the insured an indentified sum of money

a)

asset

b)

account excutive

c)

annuity

36.

Someone who operates an establishment for the deposit of money

a)

loan officer

b)

banker

c)

financial planner

37.

A mathematician who calculates the likelihood of events and prices insurance

a)

Actuary

b)

Financial Planner

c)

Banker

38.

To leave or give property by will

a)

default

b)

bequeath

c)

benefits

39.

Non-wage related compensation

a)

bequeath

b)

asset

c)

benefits

40.

The stock ofan established and reliable company that has stable earnings

a)

blue chip stock

b)

municipal bond

c)

bond

41.

The most widely used type of credit score

a)

FICO SCORE

b)

FACO SCORE

c)

CFP

42.

An item that is substracted from gross income on a tax return

a)

deduction

b)

deductible

c)

exclusion

43.
A young married Dad is applying for life insurance.  Which of the following factors is not used to determine how much he'll pay for insurance?
a)
His level of physical fitness
b)
His age
c)
Where he lives
d)
His job
44.
The amount paid for insurance is the
a)
closing cost
b)
premium
c)
deductible
d)
assessed value
45.
Bodily injury covers your liability for injury to
a)
yourself
b)
property
c)
others
d)
other cars
46.
Insurance that protects your family against financial loss due to your death is
a)
coinsurance
b)
disability insurance
c)
life insurance
d)
comprehensive insurance
47.
The type of insurance that provides protection against financial loss from medical bills is called
a)
health insurance
b)
coinsurance
c)
life insurance
d)
premium
48.
The person named in a life insurance policy to receive the death benefit is called the
a)
policy holder
b)
beneficiary
c)
recipient
d)
insurance agent
49.
This type of insurance pays the fees of other doctors who see you in or out of the hospital.
a)
hospitalization insurance
b)
disability insurance
c)
medical insurance
d)
life insurance
50.

What does auto insurance pay for?

a)

Car

b)

Plane

c)

Horse

d)

Boat

51.

What does auto insurance pay for?

a)

Car

b)

Plane

c)

Horse

d)

Boat

52.

What is one way auto insurance can have cancellation

a)

You pay your premium

b)

You fail to pay the premium

c)

You get paint on your car

d)

Your car doesn't stop at a red light

53.

The three types of auto insurance are liability, collision, and comprehensive

a)

True

b)

False

54.

Charlie thinks he does not need auto insurance because he rides a motorcycle, is he right and why?

a)

Yes, because auto insurance only covers cars/trucks

b)

Yes, because any vehicle without enclosed driving space is not valid for auto insurance

c)

No, because everything from bicycles to semi trucks is valid for auto insurance

d)

No, because motor vehicles (including motorcycles) are valid for auto insurance

55.

Charlie thinks he does not need auto insurance because he rides a motorcycle, is he right and why?

a)

Yes, because auto insurance only covers cars/trucks

b)

Yes, because any vehicle without enclosed driving space is not valid for auto insurance

c)

No, because everything from bicycles to semi trucks is valid for auto insurance

d)

No, because motor vehicles (including motorcycles) are valid for auto insurance

56.

If you hit a pedestrian with your car what type of auto insurance is best?

a)

Liability

b)

Collision coverage

c)

Comprehensive coverage

d)

Personal injury coverage

57.

Which is a list of reasons for higher auto insurance cost?

a)

87 years old, inexpensive car, and good driving history

b)

56 years old, expensive car, and good driving history.

c)

20 years old, inexpensive car, and bad driving history.

d)

19 years old, expensive car, and bad driving history.

58.

What is the amount you have to pay before the insurance company pays anything called?

a)

Bob

b)

Firsthand payment

c)

Deductible

d)

Personal coverage payment

59.
What's property attached to land, such as a house, business, garage, or other building?
a)
Fake Property
b)
Property
c)
Real Property
d)
Non-property
60.
This consists of possessions that can be moved, such as furniture jewelry, electronic equipment
a)
Personal Property
b)
Personal Problems
c)
Property
d)
Problems
61.
This covers loss or damage to a renter's personal possessions
a)
Damage Insurance
b)
Home Insurance
c)
Possessions Insurance
d)
Renters Insurance
62.

The price paid for the use of another's money.

a)

Interest

b)

Future value

c)

Present value

d)

Liquidity

63.

A _______________ is an account that earns interest.

a)

Lending

b)

Profit

c)

Savings Account

d)

Allowance

64.

Money received as a result of working is ______________.

a)

Expense

b)

Allowance

c)

Savings

d)

Income

65.

Money spent for something is an _________________.

a)

Expense

b)

Allowance

c)

Income

d)

Lending

66.

A ___________________ has a set amount every month and makes planning a budget easier.

a)

Fixed Expense

b)

Variable Expense

c)

Allowance

d)

Income

67.

Taking a loan to use someone else's money is _______________.

a)

Profit

b)

Revenue

c)

Borrowing money

d)

Income

68.

______________ is revenue minus cost.

a)

Lendin

b)

Profit

c)

Borrowing money

d)

Expense

69.

To provide money temporarily that must be paid back is ______________.

a)

Lending

b)

Revenue

c)

Borrowing money

d)

Allowance

70.
Which of the following best describes a budget?
a)
A financial tool for consumers with little money
b)
A plan for saving and spending money
c)
A set of restrictions on how to spend money
d)
A statement of your assets and liabilities
71.
What is the purpose of a balance sheet?
a)
To determine your budget
b)
To determine your income
c)
To determine your credit card debt
d)
To determine your net worth
72.
Which of the following is known as something you own. 
a)
Liabilities
b)
Assets
c)
Net worth
d)
Gross income
73.
Which of the following is known as something you owe. 
a)
Assets
b)
Liabilities
c)
Identity theft
d)
Budgeting
74.

Which of the following statements about bonds and stocks is not correct?

a)

Bondholders have a risk of not being able to sell the bonds in the secondary market.

b)

Shareholders are actually owners of the company.

c)

Bondholders are the creditors of the firm.

d)

The shareholders have the priority to get back the capital when the

company is liquidated.

75.

Bonds are debt contracts which represent claims for repayment at the maturity date.

a)

True

b)

False

76.

A(n) _________ is the amount of money you must pay each year before your insurance company starts paying

a)

life

b)

beneficiary

c)

deductible

d)

health

77.

What is a Stock

a)

Car

b)

Animals

c)

the capital raised by a business or corporation through the issue and subscription of shares,

d)

Used in cooking

78.

What is Mutual fund?

a)

An investment in which investors pool their money to buy stock.

b)

An investment that you put in your checking account

c)

Investment that you put in your swimming pool.

d)

Investment that you put in the ground.

79.

What is net worth?

a)

The difference between a person’s total assets (what that person owns) and total liabilities (what that person owes). It is also called wealth.

b)

The debts of a person or company; loans or expenses that must be paid.

c)

A statement of actual income and spending for a certain time period, usually a year or month.

d)

A list of all of a person’s assets and liabilities

80.
CDs may be purchased for as little as ___.
a)
$1,000
b)
 $5,000
c)
$500
d)
$10,000
81.
CDs may be purchased for as little as ___.
a)
$1,000
b)
 $5,000
c)
$500
d)
$10,000

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