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Personal finance Midterm Questions and Answers Rated A+
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Personal finance Midterm Questions and Answers Rated A+ Use the rule of 72 to calculate how long it will take for your money to double if it's earning 6% in interest: 12 years Which will most benefit you financially? a. A savings account that does not compound interest Selected: b. A sa...

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  • September 11, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • personal finance midterm questions and answers rat
  • use the rule of 72 to calculate how long it will t
  • which will most benefit you financially a a savi
  • check all that apply which of the following are

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Personal finance Midterm Questions and
Answers Rated A+


Use the rule of 72 to calculate how long it will take for your money to double if it's
earning 6% in interest: - answer12 years

Which will most benefit you financially?
a. A savings account that does not compound interest
Selected:
b. A savings account that compound interest yearly
This answer is incorrect.
c. A savings account that compound interest monthly
d. A savings account that compound interest daily - answerd. A savings account that
compound interest daily

(Check all that apply) Which of the following are examples of types of savings vehicles?
a. Savings Account
Selected:
b. Certificate of deposit (CD)
This answer is correct.
Selected:
c. Money market Account
This answer is correct.
Selected:
d. Checking Account - answerb. Certificate of deposit (CD)
This answer is correct.
Selected:
c. Money market Account
This answer is correct.
Selected:
d. Checking Account

Which type of bank account typically offers no interest? - answerChecking

Which of the following typically have the highest fees? - answerPayday Lender

Which of the following typically has the lowest fees or costs to use? - answerdebit card

The term referring to the rate of yearly interest for your credit card is commonly known
as: - answerAPR

, Your credit history is tracked by all of the following EXCEPT:
Selected:
a. Trans Union
This answer is incorrect.
b. Experian
c. Equifax
d. federal reserve - answerd. federal reserve

Check all that apply) Good credit is usually required for which of the following?
Selected:
a. buying a new car
This answer is correct.
Selected:
b. buying new furniture
This answer is incorrect.
Selected:
c. Getting a credit card
This answer is correct.
d. Adopting a pet
Selected:
e. Renting an apartment
This answer is correct.
Selected:
f. Purchasing a home - answera. buying a new car
b. buying new furniture
c. Getting a credit card
e. Renting an apartment
f. Purchasing a home

Which of the following could potentially damange your credit score?
Selected:
a. Ignoring a late payment notice
This answer is correct.
Selected:
b. Paying a credit card bill late
This answer is correct.
c. Opening a checking account
Selected:
d. Opening 3 credit cards at once
This answer is correct.
e. Paying a roommate back
f. Paying a speeding ticket - answera. Ignoring a late payment notice
b. Paying a credit card bill late
d. Opening 3 credit cards at once
]

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