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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. Salary - wages - interest - campital gains - commission
blue chip stocks
debit card
factors that affect your income
how insurance is related to risk management
2. Source of information in determining a fair price for a vehicle - new or used
chapter 7
net pay
tax deferred
Kelley Blue Book
3. A term that describes investments on which earnings are not taxed until retirement (ex: 401k - IRA)
blue chip stocks
credit record
return
tax deferred
4. The desire of a good or service
credit report
demand
Kelley Blue Book
reasons to invest in stocks
5. Interest paid on the principal alone (I=p x r x t)
collateral
simple interest
return
certificate of deposit or CD
6. Pursues payments on debts owed by individuals or businesses
factors that affect your income
return
collection agency or debt collector
collateral
7. You are being paid for it (ex: investment)
inflation
variable expenses
interest can benefit you when...
reasons to invest in stocks
8. The Federal Reserve committee responsible for open market operations and managing the money supply in the United States
Pay Yourself First (PYF)
Federal Open Market Committee (FOMC)
Truth in Lending Act
blue chip stocks
9. Econoomy - interest rates - supply and demand of housing market - treasury bond rates
long term goals
Securities and Exchange Commission (SEC)
tips for a successful budget
factors that affect a mortgage
10. Income risk - personal risk - liquidity risk - interest rate risk
factors that affect a mortgage
types of risk
tips for a successful budget
Law of Supply and Demand
11. Lenders must disclose all costs of credit
Rule of 72
reasons to invest in stocks
collection agency or debt collector
Truth in Lending Act
12. 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.
discretionary income
credit report
short term goals
Rule of 72
13. To borrow money from a bank to purchase an item and pay for it over time
financing an item
time value of money
emergency fund
factors that affect your income
14. Regulates banks - makes short term loans to banks - conducts monetary policy
inflation
Federal Reserve System (FED)
short term debt
blue chip stocks
15. High-priced common stocks that have been strong - profitable stocks for a long period of time.
blue chip stocks
New York Stock Exchange (NYSE)
risk
Truth in Lending Act
16. Agree to be responsible for loan payments if the other person can't make them
debit card
co-signing a loan
types of risk
reasons not to invest in stocks
17. Protects you from the probability that injury - damage or loss will occur
how insurance is related to risk management
reasons to invest in stocks
Tenant
collateral
18. The availability of a good or service
chapter 7
supply
how insurance is related to risk management
diversification
19. Interest calculated on both the principal and the accrued interest (daily - monthly - quarterly - semi-annually - annually)
dividend
compound interest
opportunity cost
bankruptcy
20. Spreading out investments to reduce risk
liquidity
debit card
diversification
certificate of deposit or CD
21. Only responsible for the building and the property in the case of an event like fire - water damage
credit report
factors that affect a mortgage
Landlord
collateral
22. Items for enjoyment ex: eating out - entertainment - luxury items
types of risk
diversification
wants
net pay
23. Equifax - Experian - TransUnion
3 major credit bureaus
tips for a successful budget
Law of Supply and Demand
tax deferred
24. Items you need to survive ex: food - water
credit report
fixed expenses
needs
factors that affect your income
25. Ability to convert to cash and maintain value
National Association of Securities Dealers Automated Quotations (NASDAQ)
Law of Supply and Demand
savings account
liquidity
26. Formula used to calculate how many years it would take to double an investment
Rule of 72
mutual funds (MF)
reasons to invest in stocks
how insurance is related to risk management
27. The value of buying one item over another
opportunity cost
National Association of Securities Dealers Automated Quotations (NASDAQ)
certificate of deposit or CD
reasons not to invest in stocks
28. Responsible for their own personal belongings in the case of an event like fire - water damage
Tenant
Federal Open Market Committee (FOMC)
liquidity
Rule of 72
29. Allows to erase debt - must be unemployed of low income - must seek counseling - keeps only exempt property
chapter 7
mutual funds (MF)
budget
interest can be bad for you when....
30. Disposable income available for spending and saving after an individual has purchased the basic necessities of food - clothing - and shelter
Dow Jones
how insurance is related to risk management
Federal Reserve System (FED)
discretionary income
31. Can be profitable - liquid
reasons to invest in stocks
simple interest
CPI's relation to inflation
discretionary income
32. Properties or assets that are offered to secure a loan or other credit; subject to seizure upon default
savings account
emergency fund
collateral
CPI's relation to inflation
33. A card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account
savings account
debit card
insurance
mutual funds (MF)
34. Money set aside for unforseen expenses in case of injury - loss of job or extra expenses
emergency fund
Pay Yourself First (PYF)
Federal Open Market Committee (FOMC)
Landlord
35. Protects depository institution accounts - incures commercial banks and savings and loan
things that affect loans
Federal Deposit Insurance Corporation (FDIC)
insurance
needs
36. A plan for managing your money for a given period of time
electronic banking
net pay
budget
Federal Reserve System (FED)
37. 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.
growth stocks
tips for using credit wisely
Law of Supply and Demand
factors that affect your income
38. The total earnings paid to an employee after payroll taxes and other deductions
supply
Federal Open Market Committee (FOMC)
net pay
Tenant
39. Taking a certain amount of all money you receive and saving it to be used for spending on longer-term goals.
variable expenses
Truth in Lending Act
long term goals
Pay Yourself First (PYF)
40. Investment that pools money from many investors to invest in stocks - bonds and other securities
fixed expenses
simple interest
mutual funds (MF)
blue chip stocks
41. Allows pay back of debt with more time - court oversees repayment of plan
diversification
chapter 13
short term goals
electronic banking
42. The possibility for loss on an investment
risk
credit record
reasons not to invest in stocks
gross pay
43. Expenses that change from month to month
Federal Open Market Committee (FOMC)
variable expenses
mutual funds (MF)
savings account
44. Insured interest earning savings account with restricted access to the fund; not as easy to get liquid as a savings account
Annual percentage rate (APR)
reasons not to invest in stocks
wants
certificate of deposit or CD
45. The money left to spend or save after taxes have been paid
electronic banking
factors that affect your income
disposable income
Securities and Exchange Commission (SEC)
46. Set costs that must be paid such as rent - insurance - and car payments
reasons to invest in stocks
long term goals
fixed expenses
gross pay
47. The total amount of an employee's earnings before deductions are taken out
opportunity cost
dividend
financing an item
gross pay
48. Stocks that pay low dividends - but are expected to grow
Pay Yourself First (PYF)
mutual funds (MF)
collateral
growth stocks
49. A major stock exchange that handles trades through a computerized network - 2nd largest stock exchange
Landlord
inflation
bankruptcy
National Association of Securities Dealers Automated Quotations (NASDAQ)
50. Risky
reasons not to invest in stocks
collateral
tips for a successful budget
fixed expenses
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