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PERSONAL FINANCE FINAL EXAM QUESTIONS WITH CORRECT ANSWERS GRADED A+ $11.49
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PERSONAL FINANCE FINAL EXAM QUESTIONS WITH CORRECT ANSWERS GRADED A+
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Baby iSteps i- iCORRECT iANSWER-7 isteps ito ia ihealthy ifinancial iplan Compound iInterest i- iCORRECT iANSWER-Interest ipaid ion iinterest ipreviously iearned; icredited idaily, imonthly, iquarterly, isemi-annually ior iannually ion iboth iprincipal iand ipreviously icredited iinterest Eme...

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  • September 20, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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PERSONAL FINANCE FINAL EXAM
QUESTIONS WITH CORRECT ANSWERS
GRADED A+
Baby iSteps i- iCORRECT iANSWER-7 isteps ito ia ihealthy ifinancial iplan



Compound iInterest i- iCORRECT iANSWER-Interest ipaid ion iinterest ipreviously iearned; icredited idaily,
imonthly, iquarterly, isemi-annually ior iannually ion iboth iprincipal iand ipreviously icredited iinterest



Emergency iFund i- iCORRECT iANSWER-3-6 imonths iof iexpenses iin ireadily iavailable icash ito ibe
iused ionly iin ian iemergency



Interest iRate i- iCORRECT iANSWER-The ipercent ipaid ito ia ilender ifor ithe iuse iof iborrowed imoney



Money iMarket i- iCORRECT iANSWER-A imutual ifund ithat iseeks ito imaintain ia istable ishare iprice
iand ito iearn icurrent iincome iby iinvesting iin iinterest-bearing iinstruments iwith ishort-term i(usually
i90 idays ior iless) imaturities



Sinking iFund i- iCORRECT iANSWER-Saving imoney ifor ipurchases iand iletting iinterest iwork ifor, inot
iagainst iyou



Diversification i- iCORRECT iANSWER-To ispread iaround ione's iinvestment idollars iamong iseveral
idifferent iclasses iof ifinancial iassets iamong ithe isecurities iand imany iissuers iresults iin ilower irisks



Liquidity i- iCORRECT iANSWER-Quality iof ian iasset ithat ipermits iit ito ibe iconverted iquickly iinto
icash; iavailability iof imoney



Risk i- iCORRECT iANSWER-Degree iof iuncertainty iof ian iasset; iin ibusiness, ithe ilikelihood iof iloss ior
ireduced iprofit

, Risk iReturn iRatio i- iCORRECT iANSWER-Relationship iof isubstantial ireward iin icomparison ito ithe
iamount iof irisk itaken



Share i- iCORRECT iANSWER-A ipiece iof iownership iin iacompany ior imutual ifund



Annual iFee i- iCORRECT iANSWER-A ifee icharged iby ia icredit icard icompany ifor ithe iuse iof itheir
icredit icard



Annual iPercentage iRate i(APR) i- iCORRECT iANSWER-The icost iof iborrowing imoney ion ian iannual
ibasis. iTakes iinto iaccount ithe iinterest irate iand iother irelated ifees ion ia iloan



Credit i- iCORRECT iANSWER-Money iowned



Debt iSnowball i- iCORRECT iANSWER-The ipreferred imethod iof idebt irepayment. iIncludes ia ilist iof
iall idebts iorganized ifrom ismallest ito ilargest ibalance. iMinimum ipayments iare imade ito iall idebts
iexcept ifor ithe ismallest, iwhich iis iattacked iwith ithe ilargest ipossible ipayments



Depreciation i- iCORRECT iANSWER-A idecline iin ithe ivalue iof iproperty. iThe iopposite iof iappreciation



Tax iDeduction i- iCORRECT iANSWER-An iexpense ithat ia itaxpayer iis iallowed ito ideduct ifrom itaxable
iincome. iFor iexample, imoney ipaid ias ihome imortgage iinterest iand icharitable idonations ican ibe
ideducted ifrom iyour itotal iincome ibefore icalculating ihow imuch iincome itax iyou imust ipay ithe
igovernment



Buyer's iRemorse i- iCORRECT iANSWER-Regretting ia ipurchase isoon iafter imaking iit



Financing i- iCORRECT iANSWER-To ibuy ion itime iwith icredit; ipaying ifor iit iover itime



Finite i- iCORRECT iANSWER-Having ia ibeginning iand ian iend



Opportunity iCost i- iCORRECT iANSWER-The itrue icost iof isomething iin iterms iof iwhat iyou ihave ito
igive iup ito iget ithe iitem. iThe ibenefits iyou iwould ihave ireceived iby itaking ithe iother iaction.

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