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APF Final Exam Review 1

Total questions: 25

Worksheet time: 13mins

Name
Class
Date
1.

Which of the following statements best defines Opportunity Cost?

a)

What you can obtain for an item at a later time

b)

How helpful an item is given the context of a current situation

c)

How well something satisfies a person's wants or needs

d)

What we lose by giving up the other provided choice

2.
A card that borrows money but it has to be paid back
a)
Debit Card 
b)
Credit Card 
c)
Baseball Card 
d)
Pokemon Card 
3.
A card that uses money directly from your bank account
a)
Debit Card 
b)
Credit Card 
c)
Pokemon Card 
d)
Baseball Card 
4.
The maximum amount the lender is willing to make available to the borrower.
a)
Credit Limit
b)
Credit History
c)
Creditor
d)
Debit Limit 
5.
An agreement between a borrower and a lender, where the borrower agrees to repay money with interest over time.
a)
Loan 
b)
Interest 
c)
Income 
d)
Deposit  
6.
A mortgage is used for ...
a)
Buying a new machine
b)
Buying a new vehicle
c)
Buying land or premises
d)
Paying staff wages
7.
Cost of credit expressed as a yearly percentage 
a)
Mortgage
b)
Principal
c)
APR
d)
Finance company
8.
The cost of borrowed money, usually expressed as a percentage.
a)
interest
b)
savings plan
c)
scarce
d)
purchase
9.
401(k), IRA, and Roth IRA are all examples of a __________ account.
a)
Retirement
b)
College Savings
c)
Low Interest
d)
Stock
10.
A mutual fund allows investments to be ___________.
a)
Secured
b)
Guaranteed
c)
Diversified
d)
Minimal
11.
This type of retirement account offered by employers to their employees allows them to set aside tax-deferred income.  Sometimes employers will even match the employee contribution up to a certain amount.
a)
mutual fund
b)
401(k)
c)
Roth IRA
d)
savings
12.
This term refers to the original amount of a loan OR the original amount of money invested. 
a)
Principal
b)
Interest
c)
Rebate
d)
Fixed Rate
13.
This is an obligation of repayment, usually including principal plus interest; any time you owe someone money.
a)
compound interest
b)
emergency fund
c)
APR
d)
debt
14.
The first step of financial freedom;
$500 for teens; $1,000 for adults
a)
mutual fund
b)
emergency fund
c)
sinking fund
15.
The availability of money; how quickly you can convert it into cash in your hand is its _______.
a)
diversity
b)
liquidity
c)
yield
d)
gratuity
16.

The more liquid an investment, the more likely it is to have a higher rate of return.

a)

True

b)

False

17.
Term that applies to the ability to buy something now and pay for it later over a period of time (usually with having to pay a finance charge and/or the addition of interest). 
a)
Savings
b)
Profit
c)
Budgeting
d)
Credit
18.

What is a budget?

a)

A plan for how money will not be used

b)

A plan for how money will be used

c)

The amount you spend

d)

The amount you save

19.
Khalaja is 18 years-old and has applied for credit for the first time.  Her credit application was declined because she has no credit history. What would you recommend Khalaja to do to begin to build a positive credit history?
a)
Khalaja should re-apply for the same credit but include a letter of recommendation from someone who knows her well and can vouch for her character
b)
Khalaja should apply for a different type of credit .  Since she was applying for a bank loan, she should apply for a credit card.
c)
Khalaja should obtain a secured credit card.
d)
Khalaja should acquire several credit cards to establish that she can manage them responsibly.
20.

A fee paid by a borrower to the lender for the use of borrowed money.

a)

bills

b)

interest

21.
Which is NOT a way to establish credit?
a)
Creating an account with a bank
b)
Obtaining a credit card
c)
Getting married, having a few kids, buying some stuff, retiring to Florida, and dying.
d)
Having a parent co-sign a card
22.

Collateral is:

a)

Something of value that secures a loan to protect the lender

b)

Department store charge cards.

c)

open-ended Credit

23.

What are the benefits of buying a house?

a)

you do not pay utilities

b)

no upkeep of the property

c)

it is a good investment

d)

no commitment

24.

With insurance, a higher deductible means a

a)

lower premium.

b)

higher premium.

c)

free healthcare.

d)

unlimited liability.

25.

A ___________ is like a loan to a corporation or the government and is a safer investment.

a)

401(k)

b)

bond

c)

stock

d)

share

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