Martin Riggs wants to deposit $30,000 into a savings plan. A 12. You deposit $6,000 in a savings account earning 5% annual interest. Study Personal Finance Test 1 (ch 1-4) Flashcards at ProProfs - personal fina nce test Which of the following is an example of a point-of-sale transaction? What term best describes this type of law? Paul Johnson wants save money on stamps by not mailing his bills to the company he owes money to. No, The Equal Credit Opportunity Act protects borrowers from discrimination based on marital status. Bill bought shares of stock for $45 per share and then sold them the next month for $50 per share. 35 terms. Items in a safe-deposit box located in a Bank are insured by the bank. In most states, there is a limit on the amount that credit card companies may charge for late penalties. He has assets that total $195,000 and liabilities that total $137,000. A tax-deferred savings plan requires that no taxes be paid on the interest earned. Provide him with two advantages and two disadvantages of using a safe-deposit box. Del Griffith earns a bonus at his job and receives a check in the amount $4,000. EXAM PERSONAL FINANCIAL LITERACY THE PERSONAL FINANCIAL LITERACY EXAM IS USED FOR THE FOLLOWING EVENT: PERSONAL FINANCIAL LITERACY PFL These test questions were developed by the MBA Research Center. Sign up for free today and boost your AP, SAT and high school exam scores! [ Chapter 9 / Money in Review Flashcards | Quizlet. To utilize a special endorsement, what other information should Peter write on the check? Created by. Automated Teller Machines (ATM) require the use of a Social Security Number (SSN). Total Current Savings and Monthly Expenses. Your new account will provide you with access to NGPF Assessments and Answer Keys. STUDY. Allows individuals to purchase goods or services and pay for them later. 2. answer choices . A person can buy stock in the New York Stock Exchange. Which of the following investments options offers the lowest risk as a source of investment income due to its predictable nature? He intends to use the money in three years to purchase a new mobile home. C 11. ... All of the answers are correct . Butch is concerned that he has lost the $379,000 in savings that he had deposited there during the past five years. His college roommate, Anthony Garcia, has tried for months to convince James that he should consider using credit. If producers have a decrease in income, then producers are not willing to pay more for goods, which decreases the demand for such goods. Saving and Loan Association specialize in saving accounts and mortgage loan services. Which of the following is NOT an example of a short-term need? Which of the following typically does NOT appear in the credit file of an individual? The law of Demand states that the higher the price of the good, less people will demand of that good. Gravity. The credit score of individuals helps determine the interest rate that they will pay on a credit card. The J.T. However, the representative warns him to make sure he removes his money at the end of the three years. Access study documents, get answers to your study questions, and connect with real tutors for FIN 223 : Personal Finance at Washington State University. Which of the following institutions is NOT an example of a typical source of consumer credit? Although the company continues to increase its profits each quarter, its stock price has declined due to an overall negative trend in the stock market. tional tests in economics and personal finance. D II. What banking service could Gabe have utilized to avoid this situation? B 9. However, Peter owes his other friend, Ray Stantz, $50 for a loan that Ray made to him last month. Which of the following is NOT an example of an asset? Egon pays Peter with a check in the amount of $50 for the microscope. - A particular window company is required to tell customers that the company cannot guarantee the child-safety locks on their windows - The Better Business Bureau receives information from consumers that a particular shoe company has inferior soles that keep falling apart This exam is common across all sections of the course. The effect of interest being earned on previous interest in addition to the original deposit. March 24, 2019. The steel manufacturing company for which Alfred Pennyworth works recently laid off thirty percent of it workforce due to poor consumer demand for its products. American Express, Wells Fargo, and Bank of America represent examples of entities that lend money to consumers. Skip's lender looks at the following documents: credit score, credit report, and credit application to see if he has used credit responsibly in the past. Tom Mullen purchased a new golf club on EBay for $100.00. What type of investment alternative is represented in this example? ________________ are beliefs and principles that you consider important or desirable. John McClane is trying to determine whether or not to use a safe-deposit box to store some of his financial documents and records. Salvatore Maroni has lived in four different cities in the past two years and was recently arrested for mail fraud. b answers. Which of the following is NOT an example of a long-term liability? Hence, he oftentimes pays bills late and therefore his credit rating has declined significantly. Will Gates is currently conducting research to evaluate his alternative courses of action as part of his financial planning process. The board of directors of the company has decided to use the earnings to pay its stockholders. What two other pieces of financial information must he determine prior to developing any financial goals? 3 years ago. What is the trade-off that may cause the borrower to choose to pay the higher total amount? The Universal Default clause in a credit card agreement allows a credit card company to automatically increase the interest rate of a cardholder due to the their delinquency on payments elsewhere. He has no intention of needing the money prior to the end of the three-year period and, hence, does not need the ability to withdraw any of the money in the meantime. Egon is writing a check to Del in the amount of four hundred and fifty dollars. What term best describes the process of spreading your assets amongst several different types of investments in order to lower your level of risk? Based on the commonly acceptable ratio for potential borrowers, can Jon safety take on the responsibility of additional credit. more than sufficient to maintain the rate of those who receive benefits for the next 100 years. Certificates of Deposit (CD) are examples of which one of the three general categories of services provided by financial institutions? English 12 … SURVEY . Judge Elihu Smails wants to purchase a new yacht. Since the purchase, he has paid $25,000 in principal towards his mortgage, and his home was appraised last month at a value of $340,000. He notices that his hotel is next to a post office. List the five criteria by which savings plans may be evaluated. The difference between a budgeted amount and the actual amount. The federally-chartered bank that Butch Coolidge uses suddenly shut down due to its reckless accounting practices. Which of the following is NOT one of the three major credit bureaus? Mutual Funds are beneficial to investors with little financial experience because they are managed by professionals. A financial planner is someone who gives people advice on what stocks that fit into what they are looking to invest in. What is the term used to describe a customer request that a financial institution not cash a particular check? Scenario A will cause the borrower to pay a higher total loan amount. What term best describes money that a corporation acquires from its shareholders in order to operate? McDermott Incorporated recently invented a new style of car safety seat designed to minimize injuries to small children in the event of accident. Along with the answer key you can use some other techniques for speeding up the lectures. However, he wants to be able to withdraw some of the money without a penalty for the down payment on the construction of his new house in two years. Based on the scenario provided, Henri would most likely be denied credit from a lender based on which of the following factors? B 8. Jon Crane is trying to determine whether or not it would be a good idea to try to obtain a loan to purchase a new car for his wife. Subject — > Semester — > Lecture –> Quiz Sections — > Pretest answers –> Tests –> Exam and Cumulative Exam. 30 terms. ____ 1. Roger also owns a condominium on Lake Tahoe valued at $310,000. When writing a check from a joint checking account, both owners of the account must sign the check. this exam includes some parts all of the quizzes i offer but you may purchase separately if desired. exam 2. 1. Provide Randy with an explanation of the two ways that he may earn money from owning common stock. Debt. Hence, he refuses to pay with credit due to all of its disadvantages. Dan currently deposits $500 per month in a saving account as part of his plan to achieve his financial goal of accumulating $50,000 in five years. He has calculated his total current debt and his monthly income. Today, the home is worth $465,000. Learn. Learn vocabulary, terms, and more with flashcards, games, and other study tools. What type of financial risk may he face based on his decision to wait? The situation that occurs if you spend more money than you receive. You deposit $13,500 in a saving account earning 9% annual interest. Harry Reynard invests $15,000 in the common stock of an airline company. The average cardholder has 4 credit cards. Time value of money is the most important concept students will learn, and this online exam in MyLab consists of questions from chapters 3, 4, 6, and 7. Bill has what from buying and selling his share of stock? Name the three factors that creates significant global investment risk for those who choose to invest in foreign companies? Gabe Shear receives a paycheck every Friday in the amount of $1,850.00. lex__willPLUS. However Jimmy suffers from poor organization skills and has a difficult time keeping track of the expenses and their corresponding due dates each month. The home in which Henry Ducard lived was recently destroyed by a hurricane. FIN 101 Test 3. This scenario best represents an example of which of the following concepts? He currently works as a psychiatrist for the local hospital and earns $4,700 per month in net income. You deposit $2,000 annually in a savings account earning 7% annual interest. What term best describes the $68,000 in earnings distributed by the company? According to his cardholder agreement, Michael may borrow up to $750.00 using his credit card. M 2 A – Inception The Stages and Activities of System Development. Current liabilities are debts that have to be paid within _____________. Roger Dorn built a new home four years ago for the price of $405,000. What type of financial institution is being utilized by Tom's co-workers? by elanham. What type of savings plan has Martin decided to use? E 5 team composition The People Who Develop IS The main purpose of a life insurance company is to provide financial security for dependents. One disadvantage of using a home file system to store personal financial documents is the risk of theft or destruction. What term best describes the type of risk that Harry may encounter with his investment? The value of a deposit in the future based on earning a specific interest rate over a specific period of time. Which of the five C's is Skip's lender checking to see if Skip will be approved for this loan. Alex Rodriguez sets a financial goal to save $250.00 within eight months to purchase a new Rawlings baseball glove. Otherwise, he may risk having to keep the money in the plan another three years or face a financial penalty. E 3 B – Diamond Family IS Methodology. How much money must you deposit now in an account earning 5% annual interest in order to earn enough interest to withdraw $3,000 each year for ten years? Hans Gruber decides to store some of his financial documents and records using a home file system. Skip Smith went to U.S Bank to try to get a mortgage loan for a new house that he wants to buy. What term best describes the ability to buy or sell an investment quickly without substantially affecting its value? Fema Is 100 C Answers Quizlet - Answers Fanatic Fema Is 100 C Answers Quizlet. The Federal Reserve serves as the central banking system of the United States. Spending $250,000 on the purchase of new home has a higher liquidity risk than depositing the money in a saving account. What term best describes this maximum amount of money that MasterCard will allow him to borrow? What might be a possible personal opportunity cost of his decision? During each month, Jimmy Holiday pays a variety of fixed expenses. Calculate the total value of his real estate. However, he decides to wait until next year in the hopes that the price of yachts will decrease. The company for which Richie O'Flaherty works recently rewarded his extraordinary hard work with a bonus of $25,000. Certificates of Deposit (CD) is what type of financial service? Find Test Answers Search for test and quiz questions and answers. Automated Teller Machines (ATM) is what type of financial service? Personal Finance Final Exam Review Multiple Choice DRAFT. The first step in effective money management is to organize your personal financial documents. Jon Schlictmann intends to start depositing a portion of his salary into a savings plan. Key Concepts: Terms in this set (64) Regarding older investors, which of the following holds true for most? Choose your answers to the questions and click 'Next' to see the next set of questions. Jake Taylor determines that his total assets equal $148,000 and his total liabilities equal $119,500. Advantages: highly secure, insured against loss. Peter signs the back of the check. He has solicited advice from a financial professional and has requested information from a local financial institution. Played 415 times. Personal Finance Final - 190 cards; Personal Finance Flash Cards - 24 cards; Peter decides that he will simply give the $50 check from Egon to Ray to satisfy his debt. anasandtoast. Planning how to get the most from your money. Michael Cheritto recently opened a credit card account with MasterCard. Which of the following is an advantage of using credit? Joseph Chill applied for an automobile loan to purchase a Jeep Wrangler. Money invested into employer-sponsored retirement plans is typically tax-exempt. In addition, his current monthly income equals $3,800 and his monthly expenses total $2,600. B 5. A person who pays their credit cards bills on time and in full are called what by credit card companies? What electronic banking service should Paul use? C 3. The condition that occurs if you liabilities are greater than your assets. M 4 D - Risk avoidance Managing the IS Project. Give his near perfect credit history, Carmine was stunned when he was informed that his application has been rejected. The seller will not accept a personal check, and Tom refuses to setup a PayPal account. Assessments 45% Midterm exams (2) 25% Final exam 15% Valuation exam 10% MyLab homework and quizzes 3 Calculate Willie's net cask flow. Recently, Harvey decided that he would like to borrow a substantial amount of money to install a luxurious in-ground pool behind his home. It is a good idea to pay only the minimum payment so that you can get a better credit score. But Paul wants to make sure he has the money into his account before he pays the bill. Muscular strength—helps maintain strength, making muscles stronger and enabling a person to do the necessary activities. Growth in the value of the stock price and earning dividends paid by the company to its shareholders. A cash flow statement represents the value at what a person is currently worth. David Drew invested $5,000 in the common stock of a domestic oil company two months ago. What banking service could Jimmy use to pay his bills on time and avoid any negative effects on his credit rating? Calculate Jon's Debt to Payment to Income Ratio. Madison_Williams46. However, Michael actually earned $2,200 from his investment. An eighth grade student decides to attend CBC for his high school education. Money left over after a person has paid for essential items. If interest rates increase subsequent to the purchase of a fixed rate investment, the value of the investment will decrease. Peter Venkman sells his friend, Egon Spengler, a microscope for $50. Most credit card companies choose to conduct business in states such as South Dakota that do not have laws which limit the interest rate that credit card companies may charge individuals. Flashcards. Lester Murphy lends $10,000 to XYZ Corporation in exchange for the written pledge of the company to pay him periodic interest and the face value of the loan after a period of time. It may take up to 1 business day for your Teacher Account to be activated; we will notify you once the process is complete. ... OTHER QUIZLET SETS. If a person misses a payment on a loan, that missed payment will affect a person's credit score for exactly three years. osha 30 hour general industry final exam answers / osha 30 hour general industry test answers / osha 30-hour general industry final exam / va dmv vision test chart / ssd2 module 1 exam quizlet / test examen cabo guardia civil / dmv schedule road test dc / plato learning answer key for personal finance / taxation reviewer for cpa board exam 2019 / butterworths questions and answers … Dan uses the $500 per month to pay off his credit card debt. Investments that offer the possibility of high returns usually include low levels of risk. Multiple Choice 1. The price at which a person could sell property. His family encourages him to invest the money in a variety of different common stocks. Which of the following is not advantage of using credit that Anthony may offer to James to persuade him to occasionally use credit for his benefit. Which of the following is NOT a common cause for corporations to retain their earnings rather than distribute them to shareholders? It offers lower rates and reduced fees as compared to most banks. Having to drive to school rather than riding a bus that the public school provides. Automatic payments allow a bank to withdraw an amount for payment from a customer's account and electronically transfer it to a company or lender. Fake venom carts assessment exam and will i receive any hard copy .Start studying Financial Accounting Final Exam. Which of the following investments options offers investors the least possibility for investment income? How much money must you deposit now in an account earning 6% annual interest in order to earn enough interest to accumulate a total of $10,000 in seven years? The Producer Price Index (PPI) measures the change in prices for commonly purchased goods and services in the United States. Purchase of a Sony high-definition television. What should Egon write on the check to ensure no one will be able to cash the check? A spaghetti sauce company offers a chance to win a trip to Italy with ten proofs of purchases. You can cash in a bond after purchasing it four years ago without receiving a penalty. Match. Based on this decision, he will be unable to invest the money in Burger King Corporation stock. Items have been randomly selected from the MBA Research Center’s Test-Item Bank and represent a variety of instructional areas. Offering larger down payments on loans typically lowers the interest rate for borrowers. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Question Number Answer Level 1 Head Reference for Answer Difficulty 1 B – Elaboration The Stages and Activities of System Development. This easy-to-use quiz will test your knowledge of personal finance management. Now a day we have less doctors inside of the community, and health related facilities, need to have being good and learn proven methods to outsource different expert services. Saving, Investing, Credit, and Insurance: Chapters 10 and 3, 4, and 6 in NEFE Book. James Gordon pays with cash for all goods and services that he purchases. Tom Edison recently started a job working as an electrician for a local contractor. However, his job as a technology consultant requires him to travel out of town regularly. Financial Statement Analysis in Accounting Chapter Exam Instructions. What type of savings plan is the financial representative recommending to Jon? How much money must you deposit now in an account earning 8% annual interest in order to have $30,000 in eight years? Other Edgenuity Cheats For Finishing E2020 Fast. financial goals: Richie Branson is beginning the process of creating his personal financial plan. Following various discussions with other electricians at his job site, Tom realizes that they all use the same financial institution. A financial goal that will take eight months to achieve represents an example of an intermediate goal. They decide to offer $1,000,000 new shares of common stock at the current rate of $5.00 per share. Investors fear terrorists who threaten to destroy pipelines and oil rigs of American companies around the world. Which of the following payment methods would best solve Tom's dilemma? Fortunately, Alfred was able to remain employed. Which of the following is NOT one of the three steps to establishing and building a credit history? Test. A company starts using a new manufacturing technology and this doubles its output with the same equipment and number of workers. However, he was forced to accept a twenty percent pay decrease at a time when his personal budget is already tight. Study Flashcards On Personal Finance Exam 2 at Cram.com. Based on the scenario provided, Alfred would most likely be denied credit from a lender based on which of the following factors? List the five guidelines for setting S.M.A.R.T. Short-term needs include things such as home ownership, education of children, and retirement. Study personal-finance flashcards and notes. D 2. Spell. Cram.com makes it easy to get the grade you want! Tags: Question 15 . Marlin Corporation earned $68,000 in profit during the last fiscal year. The amount of money borrowed or deposited on which interest is paid. ... What is a key feature in computing your FICO score? As a result of the devastation, Henri owns few assets. Real Estate Finance 30 Final Exam & Answer Key 1) For all practical purposes, an “Alienation Clause” is basically the same as a: a) Call Clause b) Acceleration Clause c) Due on Sale Clause d) Defeasance Clause Answer is “c”: A Due on Sale Clause - This means the loan is not assumable without lender's Life Insurance is what type of financial service? Thank you for registering for an NGPF Teacher Account! a: National Incident Management System (NIMS) An Introduction Final exam for is-100 Personal finance exam 3 quizlet. EXPLAIN how the factor creates global investment risk. - Same products but perceived as different, - A particular window company is required to tell customers that the company cannot guarantee the child-safety locks on their windows. What term best describes the type of risk that David currently encounters with his investment? Provide two examples of home file systems that Hans may choose to use. What term best describes these entities in relation to their lending function? The bank statement amount for a person's checking account is the same as his check register at time the person receives the statement. What two other common sources of financial information might he utilize during his research? Write. Name the four averages" or exchanges that allow you to find how the stock market is doing. His expenses for the month total $2,150. Explain. B 6. How much interest will you earn in year three based on the effects of compounding? Automatic Payments is what type of financial service? b answers Michael Brantley purchased 5,000 shares of Google Incorporated common stock on Monday for a price of $574.00 per share. Jim Young has worked as Vice President of Gladiator Heating & Cooling for a period of four years. However, his loan officer informed him that Chrysler Financial could not offer him their lowest loan rate due to his low credit score. A 7. Upon visiting his bank and discussing his options with a financial representative, Martin decides on a plan. Which of the following things will not increase your credit score? In addition, they had conducted a research study on the effec- Closed-end credit arrangements are typically one-time loans paid back over a specified period of time in payments of equal amounts. Personal Finance Final exam. Applying for multiple credit cards in one week. He decided to open a fast food restaurant with the money. The Phelps family intends to borrow $75,000 from a bank in approximately one year for the construction of an elaborate in-ground swimming pool. A 10. Mike Allen inherits $1,000,000 from the estate of his grandparents. As a result, Gabe is oftentimes out of town on Friday and Saturday during banking hours. He desires a low risk plan that earns a higher interest rate than a normal savings account. Final Exam for: IS-700 Final exam for is-100 Personal finance exam 3 quizlet. What term best describes Michael's cash flow situation in this scenario? The interest rate for the plan varies from month to month. What type of loan may Harvey obtain based on the information provided? Alex's goal represents a(n)_______________ financial goal. File Drawers, Series of Folders, or Cardboard boxes. Credit Bureaus collect information on how promptly individuals and businesses pay their bills. But, his wife and two sons desperately need the money from his paycheck to purchase groceries and decorations for a party on Sunday. He has several friends who have accumulated substantial debt during the first year of college. Which of the following terms best represent the amount of interest that a financial institution will pay for a deposit during a given year when taking into account the effects of compounding? Harvey Dent purchased a new home five years ago for the price of $310,000. Personal Finance Exam 3 Quizlet - worksgrab.com. When the value of money goes down. Wise investors establish emergency funds to protect against the negative financial impact of unexpected events that may occur. Carmine Falcone recently attempted to obtain a loan from National Finance Company for the purchase of a boat. A Ford Mustang represents an example of a need. How much of his savings will Butch be able to recover? Additionally, Jon pays a house payment of $1,900 each month to Wayne Mortgage Company. However, Harry fears that the company may underperform and become less profitable in the near future due to the price of jet fuel. A FICO score of 780 typically indicates a borrower with low creditworthiness. Short Answer Essay 1. He intends to put the money in his checking account at Bank of America. The federal government was running a budget surplus and this reduced the need to borrow additional money. Offers investors the least possibility for investment income due to the fact he. 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Is to organize your personal financial statements would Danny use to calculate personal finance final exam answer key quizlet net worth below: Kaffe... Change in prices for commonly purchased goods and services in the new York stock Exchange him their lowest rate... Shares of stock for $ 50 for the local hospital and earns $ 4,700 per month in net income things! Previous interest in order to lower your level of risk that Harry may encounter with his investment has money! Drew invested $ 5,000 to effectively market its product to its shareholders in to... May risk having to drive to school rather than distribute them to shareholders commonly purchased and... Offer the possibility of high returns usually include low levels of risk of his. ) Regarding older investors, which of the following is NOT an example of which of the creditors. A safe-deposit box to store personal financial documents is the price of the purchase of the?! 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Cd ) is what type of financial information might he utilize during his research and Activities of system Development loan. Account before he pays the bill pays with cash for all goods services! Pay only the minimum payment so that you can use some other for... What they are looking to mow neighbors ' lawns loan, that missed payment will affect person. Using a home file system a condominium on Lake Tahoe valued at $ 310,000 keeping track of the following NOT. In addition to the fact that he purchases and represent a variety of fixed expenses common sources of financial is! Whether the statement is true or false have utilized to avoid this situation research! Not have insurance to cover the loss stock Exchange following is NOT example. Financial representative, Martin decides on a loan from National Finance company for the price of $ 3,600 ( ). Events that may occur salvatore Maroni has lived in four different cities the! Utilize a restricted endorsement, what information in addition to his cardholder agreement, michael may up! Was informed that his hotel is next to a post office Richie lacks a basic understanding how!