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- 1. Multiple Choice
What is credit?
A long term savings account
A loan you agree to pay back at a later time with interest & fees
A short term savings account
A share in a company
- 2. Multiple Choice
What are the 3 Cs of Credit Worthiness?
character, cash, and checking
cash, consumer, and charge
choice, checking, and capacity
character, capacity, and collateral
- 3. Multiple Choice
Which of the following are illegal and deceptive practices?
employee discounts
deceptive advertising
credit offers
aggressive salesmanship
- 4. Multiple Choice
According to the Rule of 72, how long will it take for $250 to double in an account earning 9% interest?
$500
9 years
6 months
8 years
- 5. Multiple Choice
Which of the following NOT an advantage of having a savings account?
Savers can withdraw money as needed.
Savers can earn interest on their money.
Savers can maintain small balances
Savers can earn higher interest rates than other optiobns
- 6. Multiple Choice
What is a credit limit?
The minimum amount you can borrow
$500
The maximum amount you can borrow
How long it takes your investment to double
- 7. Multiple Choice
Bill get $50 for his birthday and deposits it into his checking account. What is the opportunity cost of depositing the money?
He will not be able track his money growth.
He will not be able to get his money when he needs it.
He will not be able to spend it immediately
He will not earn interest on his money
- 8. Multiple Choice
Tools, machines, and other devices that make work faster, easier, and more efficient are what type of resources?
Human resources
Natural Resources
Capital Resources
Productive Resources
- 9. Multiple Choice
Mutual Funds are what type of investments?
Short term
Long term
Medium term
- 10. Multiple Choice
What is the relationship between productivity and standard of living?
The higher the productivity, the higher the standard of living.
The higher the productivity, the lower the standard of living.
The lower the productivity, the higher the standard of living.
No relationship
- 11. Multiple Choice
What is the price of money that is saved or borrowed?
supply
demand
interest
credit
- 12. Multiple Choice
What is the purpose of the PACED model?
To determine when investments double
To identify long term and short terms goals
Help make financial decisions
Calculate funds
- 13. Multiple Choice
Which of the following is a fixed expense?
rent
eating out
water bill
electric bill
- 14. Multiple Choice
What happens to prices when the supply is high and the demand is low?
prices increase
prices decrease
prices remain the same
- 15. Multiple Choice
Which of the following is NOT a guaranteed investment?
savings accounts
savings bonds
Certificates of Deposits (CDs)
stocks
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