Can you pass this most challenging finance test? For this quiz, you will be expected to know how to define a need, how goals are accomplished, and what financial planning is. Can you identify an action statement, what do individuals with more formal training usually have, and how does the government use money collected from taxes? If you are searching for a way to test your financial intelligence, look no further than this quiz.
Needs
Values
Wants
All of the above
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Decrease expenses
Use a credit card more often
Earn less income
Increase purchases
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Health practices
Driving record
Car contents
Car color
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Receiving permission to use a parents’ credit card for school clothes
Wrongfully acquiring and using someone’s personal identification
Taking the identity of another individual as inspiration for a costume
Having the same name as another person
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A fundamental belief or practice about what is desirable and worthwhile.
A process used to achieve financial success based upon financial goals and plans.
An investment plan that includes stocks, bonds, and mutual funds.
A set of financial documents including net worth, a will and insurance policies.
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Checking and savings accounts.
Loans and investments.
Financial counseling.
All of the above.
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Dollar value of a stock increases or decreases
A stock split occurs
A merger happens between two companies
All of the above
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Commit to a profession that requires a college degree.
Choose a career that offers the amount of money desired.
Develop personal goals, complete an interest inventory, and research careers.
Choose a training program that will guarantee employment after the course work is completed.
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Debit cards allow for overspending and credit cards are limited to the amount in the designated bank account.
A debit card withdraws money from a designated bank account for immediate payment instead of making purchases on credit
Credit cards are not widely accepted by stores but debit cards are.
Debit cards and credit cards function in the same manner.
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Higher estimated lifetime earnings.
Lower personal satisfaction.
Greater amounts of leisure time.
More comfortable work environments.
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Short-term goal
Long-term goal
Education Goal
This is not an example of a goal
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Eliminate the need to reconcile their bank account.
Correct fraud or identity theft as soon as it occurs.
Have 3-4 days of float time after a check is written.
Have 24/7 access to banking transactions.
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The end result of something a person intends to acquire, achieve, do, reach, or accomplish in the near or distant future.
Something thought to be a necessity or essential items required for life.
A fundamental belief or practice about what is desirable, worthwhile, and important to an individual.
Something unnecessary but desired or items that increase the quality of living.
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Purchasing an item online with a credit card
Responding to an e-mail from your depository institution
Paying cash for a movie ticket
Throwing mail in the garbage
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The rise in the general level of prices.
The uncertainty the return on an investment will deviate from what is expected.
The number of times something happens to money.
The projected value of an investment at the end of a specified time frame.
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Finance the Internal Revenue Service.
Encourage private enterprise.
Establish food networks.
Provide goods and services to the public.
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Life cycle conditions
Life cycle crisis
Financial needs
Goals
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Pay the minimum balance every month
Pay the balance in full every month
Only use a credit card for balance transfers
Interest is always paid on a credit card
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Lets his/her parents set their goals.
Lets their friends set their goals.
Writes their goals down.
Thinks about their goals often.
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Only pay a small percentage of the total balance owed
Make the final amount paid substantially higher than the amount initially charged to the card
Result in slow progress towards paying off the total balance on the card
All of the above
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She did not call her agent and report the accident quickly enough
Her policy's deductible is $500
She will be reimbursed by the insurance company later
The cost of the repairs is higher than her policy covers
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Current and past addresses
Employment history
Bankruptcies and foreclosures
Medical information
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Interest rate of loans will be lower
Purchase price of an item will be higher
Monthly payments will be lower
The interest rate of loans will be higher
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Cosmetic surgery
Routine medical procedures
Prescriptions
Medical emergencies
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Medical payment insurance
Physical damage insurance
Liability insurance
Uninsured or underinsured motorists insurance
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Acquire a small loan from a depository institution
Obtain a credit card with a co-signer
Obtain a secured credit card
Any of the above
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Applying for a loan
Paying for a major purchase with cash
Loaning money to a consumer
Guaranteeing a loan repayment for the original borrower
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Savings tools are not secure because they have a high risk of losing money.
Savings tools are secure because they are protected by the U.S. government against loss.
Savings tools are very secure because there are no risks involved with saving or investing.
None of the above is true. It would be safer to keep the money at home in a shoe box.
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Pay phone and utility bills on time
Maintain reasonable amounts of unused credit
Pay cash for the majority of purchases
All of the above
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Higher risk indicates lower return.
Higher risk indicates higher return.
Lower risk indicates higher return.
No relationship exists between risk and return.
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Shopping around to compare prices
Having as small deductible as possible
Buying all of the coverage options so that every loss will be covered
Being untruthful with your insurance agent
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Pay the utility bill and give notice of moving date
Receive a mortgage and pay the down payment
Acquire renter’s insurance and pay property taxes
Pay a security deposit and sign a lease
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Media
Family
Religious affiliations
Grade average
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Savings is used to pay for long-term goals, while investing is used to pay for emergencies.
Savings are less liquid than investing.
Savings provide the foundation for financial security while investing is used to pay for long-term goals, such as retirement.
All of the above
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Make the transaction using their personal e-mail account.
Use an online banking account that is password protected
Make sure that the bank website uses https in the URL and the closed pad lock icon.
B and c only
A, b, and c
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Certificate of deposit.
Checking account.
Money market deposit account.
Any of the above savings tools would help Hannah.
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Carrying all credit cards in their wallet so they do not get lost
Signing the back of card with a signature and “Please see ID”
Giving out account numbers over the phone rather than on the Internet
All of the above
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At any time and an unlimited number of times
Once a year, from each of the three main credit reporting agencies
A person may not review his/her credit report
If a person has sufficient financial resources
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The renter would have double coverage because of the landlord’s policy
It will protect the renter from being evicted
The renter should protect themselves from damage caused by guests
The landlord’s insurance does not cover the renter’s personal possessions
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$50,000.00
$1,000,000.00
$250,000.00
$10,000.00
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Has dependents
Reaches the age of 50
Flies in an airplane
Gets their first job
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Relies on the taxpayer for financial support.
Relies on the government for their Social Security benefit check.
Pays the taxes for all the members of the family.
Depends on their job for needed financial support to pay their expenses.
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$501.66
$320.00
$576.92
$640.00
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The value of the home after the mortgage debt is subtracted
Purchasing a housing unit as rental property
A home loan where the real estate is the collateral
The amount of money paid on the home at the time of purchase
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Extra insulation
Internet service
Carpet in the bedrooms
Kitchen appliances
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Salary
Human capital
Family
Interest inventory
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Susan will have more spending power if she moves to Indianapolis.
Susan will have more spending power if she stays in Kansas City.
Susan will have the same spending power in Indianapolis as she has in Kansas City
There is not enough information to decide.
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More liquid than cash.
Less liquid than mutual funds.
More liquid than stocks and bonds.
All of the above.
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