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Test your basic knowledge |
DSST Personal Finance 2
Start Test
Study First
Subjects
:
dsst
,
personal-finance
,
bvat
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. The possibility for loss on an investment
reasons to invest in stocks
mutual funds (MF)
diversification
risk
2. Account to help you save money and earn a small amount of interest at the same time
savings account
financing an item
Federal Reserve System (FED)
supply
3. Taking a certain amount of all money you receive and saving it to be used for spending on longer-term goals.
Pay Yourself First (PYF)
Securities and Exchange Commission (SEC)
compound interest
interest can be bad for you when....
4. A way to guarantee your financial protection against various risks
insurance
tips for using credit wisely
how insurance is related to risk management
inflation
5. Interest rates - length of time to borrow money
tips for using credit wisely
things that affect loans
CPI's relation to inflation
3 major credit bureaus
6. The price of an item will go down if there is little demand or low supply. The price of an item will go up if there is a lot of demand or high amounts of supply.
Law of Supply and Demand
interest can benefit you when...
Federal Open Market Committee (FOMC)
factors that affect your income
7. Allows pay back of debt with more time - court oversees repayment of plan
inflation
how insurance is related to risk management
financing an item
chapter 13
8. The total amount of an employee's earnings before deductions are taken out
collection agency or debt collector
gross pay
budget
credit record
9. The availability of a good or service
wants
collection agency or debt collector
savings account
supply
10. Investment that pools money from many investors to invest in stocks - bonds and other securities
mutual funds (MF)
electronic banking
liquidity
wants
11. Pursues payments on debts owed by individuals or businesses
collection agency or debt collector
long term goals
chapter 13
interest can benefit you when...
12. The total earnings paid to an employee after payroll taxes and other deductions
mutual funds (MF)
net pay
Annual percentage rate (APR)
insurance
13. The increase in price of goods and services
credit report
New York Stock Exchange (NYSE)
reasons to invest in stocks
inflation
14. Oldest and largest by volume traded and market cap (2800 companies) - issued at least 1 million shares worth $100 million - earned more than $10 million in last 3 years
New York Stock Exchange (NYSE)
Pay Yourself First (PYF)
discretionary income
bankruptcy
15. Interest paid on the principal alone (I=p x r x t)
Dow Jones
simple interest
things that affect loans
inflation
16. Income risk - personal risk - liquidity risk - interest rate risk
budget
variable expenses
chapter 7
types of risk
17. An indicator of stock market prices; based on the share values of 30 blue-chip stocks listed on the New York Stock Exchange
interest
Dow Jones
bankruptcy
Kelley Blue Book
18. Legal process in which some or all of the assets of a debtor are distributed among the creditors because the debtor is unable to pay his or her debts; the legal process of getting out of debt
compound interest
mutual funds (MF)
supply
bankruptcy
19. Spreading out investments to reduce risk
diversification
chapter 7
simple interest
National Association of Securities Dealers Automated Quotations (NASDAQ)
20. Responsible for their own personal belongings in the case of an event like fire - water damage
how insurance is related to risk management
Federal Reserve System (FED)
Tenant
mutual funds (MF)
21. High-priced common stocks that have been strong - profitable stocks for a long period of time.
Pay Yourself First (PYF)
National Association of Securities Dealers Automated Quotations (NASDAQ)
blue chip stocks
Law of Supply and Demand
22. A major stock exchange that handles trades through a computerized network - 2nd largest stock exchange
inflation
how insurance is related to risk management
National Association of Securities Dealers Automated Quotations (NASDAQ)
New York Stock Exchange (NYSE)
23. Expenses that change from month to month
variable expenses
gross pay
credit record
tips for using credit wisely
24. Consumer Price Index is the measure that examines the weighted average of prices of a basket of consumer goods and services - such as transporation - food and medical care.
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25. Debts due within the next year (ex: loans - credit cards)
short term debt
interest
types of risk
growth stocks
26. Risky
credit report
long term goals
budget
reasons not to invest in stocks
27. You are being paid for it (ex: investment)
tax deferred
risk
interest can benefit you when...
things that affect loans
28. A term that describes investments on which earnings are not taxed until retirement (ex: 401k - IRA)
Federal Reserve System (FED)
interest
insurance
tax deferred
29. Lenders must disclose all costs of credit
certificate of deposit or CD
Securities and Exchange Commission (SEC)
dividend
Truth in Lending Act
30. Equifax - Experian - TransUnion
3 major credit bureaus
reasons to invest in stocks
CPI's relation to inflation
Law of Supply and Demand
31. You owe money (ex: credit card - loan)
variable expenses
interest can be bad for you when....
Pay Yourself First (PYF)
factors that affect a mortgage
32. A plan for managing your money for a given period of time
Federal Reserve System (FED)
budget
demand
Truth in Lending Act
33. A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.
credit report
New York Stock Exchange (NYSE)
supply
tips for using credit wisely
34. Only responsible for the building and the property in the case of an event like fire - water damage
short term goals
needs
Landlord
net pay
35. Time - amount of money - rate of interest
dividend
collateral
things that affect loans
time value of money
36. The Federal Reserve committee responsible for open market operations and managing the money supply in the United States
Federal Open Market Committee (FOMC)
types of risk
opportunity cost
net pay
37. Salary - wages - interest - campital gains - commission
Dow Jones
Tenant
factors that affect your income
Landlord
38. Set costs that must be paid such as rent - insurance - and car payments
Landlord
growth stocks
fixed expenses
reasons to invest in stocks
39. Allows to erase debt - must be unemployed of low income - must seek counseling - keeps only exempt property
Federal Deposit Insurance Corporation (FDIC)
emergency fund
chapter 7
compound interest
40. Be careful using credit cards - understand how much debt you have - pay off debt ASAP - pay off in full and on time - consolidate credit cards to low interest rate card
co-signing a loan
collection agency or debt collector
tips for using credit wisely
short term debt
41. Insured interest earning savings account with restricted access to the fund; not as easy to get liquid as a savings account
certificate of deposit or CD
budget
tips for a successful budget
supply
42. A log of the financial habits of a person who buys on credit.
interest can be bad for you when....
credit record
Landlord
certificate of deposit or CD
43. Interest calculated on both the principal and the accrued interest (daily - monthly - quarterly - semi-annually - annually)
growth stocks
compound interest
dividend
co-signing a loan
44. Goal in which you plan to reach in the near future - one year or less
tax deferred
Pay Yourself First (PYF)
long term goals
short term goals
45. Disposable income available for spending and saving after an individual has purchased the basic necessities of food - clothing - and shelter
discretionary income
short term debt
blue chip stocks
factors that affect your income
46. Properties or assets that are offered to secure a loan or other credit; subject to seizure upon default
collateral
interest
Securities and Exchange Commission (SEC)
electronic banking
47. Money set aside for unforseen expenses in case of injury - loss of job or extra expenses
inflation
credit report
wants
emergency fund
48. Using computers to carry out transfers of money
diversification
electronic banking
disposable income
chapter 13
49. Can be profitable - liquid
Truth in Lending Act
New York Stock Exchange (NYSE)
reasons to invest in stocks
net pay
50. Enforces securities laws and regulates the securities industry
collection agency or debt collector
Tenant
National Association of Securities Dealers Automated Quotations (NASDAQ)
Securities and Exchange Commission (SEC)