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WorksheetsFinancial Algebra Final Exam
Total questions: 50
Worksheet time: 3610secs
This will result in which of the following fees?
Which type of savings account has the lowest liquidity?
regular savings account
money market account (MMA)
certificate of deposit (CD)
checking account
APY stands for:
Average Percentage Yield
Average Principal Yield
Annual Percentage Yield
Which type of account is similar to a regular savings account but may have a higher minimum balance to open and maintain the account?
certificate of deposit (CD)
money market account (MMA)
401(k)
checking account
The type of account where you agree to not withdraw your money for a certain amount of time.
CD
MMA
regular savings account
checking account
A number assigned to a person that indicates to lenders their capacity to repay a loan.
Credit score
Loan terms
Lender
Credit history
When borrowing money for an auto loan, it is better to have a (higher/lower) interest rate. The higher your credit score is, the (higher/lower) your APR, or interest rate.
Higher/higher
Higher/lower
Lower/lower
Lower/higher
A grant is based off of:
want
school
need
your job
State and community colleges are...
bad investments and should be avoided
are more expensive compared to private schools
are much cheaper than private schools
none of the above
In Month 1 of this loan it accounts for $1,041.50 of the payment. In Month 350, the debtor only need to pay 59.60 towards this amount. The cost of borrowing money is referred to as (a) .
The maximum amount you are allowed to carry as a balance on the card
interest
ARP
credit limit
all of these
Which one is considered a danger of using a credit card
no cash needed
leads to overspending
convenient
earns rewards
Your credit score is not configured off of which of the following:
Payment history
Amount owed
Where you live
Length of credit history
To build a good credit history, you should
open as much credit as possible quickly
use the maximum credit allowed on all your credit cards
pay on time and as much of your balance as possible
all of these
Match the following
the amount originally borrowed
principal
The amount you pay for borrowing money
interest
The failure to promptly pay when money is due; negatively affects your credit score!
default
companies that check your credit are.
credit report agencies
Any arrangement where you get "stuff" (money, goods, services), and agree to pay for it in the future
loan
Louis's dad pays a tax to the federal government each year based off the money he earns from his business. What type of tax is Louis' dad paying?
Payroll tax
Sales tax
Property tax
Income tax
Your parents pay $3500 in taxes each year based off of the value of your home. Which type of tax is this?
Payroll tax
Property tax
Sales tax
Income tax
These taxes come out of a person's paycheck and is meant to help people once they retire.
401k
Social security tax
Unemployment taxes
Payroll deductions
This is a form you fill out by April 15th to determine how much you either owe or will be refunded in taxes for the previous year.
W-4
W-2
1099
1040
Which of the following things is TRUE about the W-2 form EXCEPT...
You get 1 W-2 form every year, even if you had multiple jobs
It contains information you'll need to fill out a 1040
It lets you know how much you earned last year
It lets you know how much was withheld from your paychecks
If a teen files a tax return, can the parent still claim him/her as a dependent?
Yes. All teens are dependents until they are 18 years old
No. If a teen files a tax return, he/she cannot be claimed
Yes, as long as the teen meets the dependency requirements
Yes, but the parent has to add the teen's income to theirs
A key difference between saving and investing is
Saving is for everyone, investing is for the wealthy
Your money is insured when investing, it is not in savings
Investing has a guaranteed return, savings does not
Saving is for emergencies & goals, investing is for long-term wealth
Why is compound interest more beneficial than simple interest?
Your money grows faster when it is compounded
Your taxed on simple interest, but not compound interest
Fees for compound interest are greater than simple interest
Compound interest is hard to calculate, so fewer use it
Which would be considered the highest risk investment type?
Stock
Mutual Fund
Bond
Money Market Account
If Jonathan is earning 2% on an investment and inflation is increasing by 3%, what is happening to his purchasing power?
It's increasing
It's decreasing
It's not changing
Inflation and purchasing power are not related
How can you make money on stocks?
Buy them when the price is high and sell when the price is low
Interest
Dividends
Holding the stock at least 3 years
A _____ is a loan given to an organization while a _______ is partial ownership in the company.
bond, ETF
stock, bond
bond, stock
ETF, bond
Andy bought 5 shares of a company for $10. Later, he sold all 5 shares for $15. What was his profit/loss on the stock?
Profit of $5
Loss of $5
Profit of $25
Loss of $25
Label each part of the formula
Jacob borrows $500 from Abraham and agrees to have the loan compounded annually for 5 years with an interest rate of 2.5%. How much will the total amount be that Jacob owes?
$500
P
2.5%
r
5 years
t
Annually
n
Final Amount
A
Jacob borrows $500 from Abraham and agrees to have the loan compounded annually for 5 years with an interest rate of 2.5%. How much will the total amount be that Jacob owes?
$565.70
$262609.38
$65.70
$630.20
If your credit limit is $5,000 and your current balance is $3,423. What is your available credit?
$8,423.
$1,577
-$1,577
$577
The Lawrence's consider purchasing a new home for $224,000. A 10 percent down payment is required. What is the amount of the mortgage loan needed to finance the purchase?
$20,160.00
$22,400
$201,600
Which stem-n-leaf plot shows the same data as the histogram?
What is the outlier in this data set?
{23, 60, 30, 21, 25, 35, 29}
35
21
30
60
What is the IQR?
5.5
4
4.5
6
