AnswersFL-2102371-Personal Finance and Money ManagementCumulative Exam

Cumulative Exam — Cumulative exam Answers

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41
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When an economy suffers from low production, a country cannot

A
worry about unemployment.
B
change the tax rate.
C
provide adequate funding for public safety.
D
enjoy a steady rate of economic growth.
42
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The diagram shows the three-step process by which economic policy is created.

Question illustration
A
Discuss a plan.
B
Interview an interest group.
C
Identify a problem.
D
Gather data.
43

Drius Security stock has a yearly dividend of $12.11. If you own 132 shares of Drius Security, how much do you get paid in quarterly dividends?a.$133.21b.$1,598.52c.$366.96d.$399.63

A
A
B
B
C
C
D
D
44

Trent is 25 years old and works for a company that matches his 401(k) contribution up to 5%. The interest rate for his 401(k) is 7.3%. If he puts away 10% of his $32,000 salary every year, what would the total of his 401(k) be in 10 years? Round your answer to the nearest cent. a. $67,266.16 b. $72,176.59 c. $33,250.60 d. $35,677.89 Please select the best answer from the choices provided

A
A
B
B
C
C
D
D
45

What might convince an investor to buy stock or mutual funds?

A
belief that a company has just reached its peak popularity
B
news that a stock's price has recently increased significantly
C
belief that a small number of investors have bought the stock so far
D
news that a company is about to release a promising product
46

If the purchase price for a house is $218,500, what is the monthly payment if you put 3.5% down for a 30 year loan with a fixed rate of 6.5%? a. $1,332.73 b. $1,378.19 c. $1,247.54 d. $646.40 Please select the best answer from the choices provided

A
A
B
B
C
C
D
D
47

Ana is retiring next year from the school that she has taught at for the last 25 years. Her pension pays a monthly salary of $1,562.32. She also receives a monthly income from an IRA that she has made regular monthly payments, in the amount of $230.32, for the last 15 years. If Ana plans on using her pension and the funds from her IRA as her primary source of income for the next 10 years, determine Ana’s monthly income given that her IRA compounds interest at 2.3% monthly. Round to the nearest cent.a.$2,024.02b.$1,887.42c.$461.70d.$325.10

A
A
B
B
C
C
D
D
48

Most often, an insurance deductible must be fulfilled

A
when sharing the cost of a payout.
B
before insurance payouts begin.
C
when signing up for an insurance plan.
D
after a company has paid a claim.
49

Which questions about risk should someone ask before making a big purchase? Check all that apply. What problems are most likely to happen?What can be done to avoid liability?What could go wrong?What problems could be most damaging?What option has no risk?

A
What problems are most likely to happen?
B
What can be done to avoid liability?
C
What could go wrong?
D
What problems could be most damaging?
E
What option has no risk?
50

Marnie makes regular annual payments of $5,000 to her Individual Retirement Account (IRA). If the amount of interest she earns is 5.6% per year, determine the future value of the account after 35 years. Round to the nearest cent.a.$540,581.69b.$511,914.48c.$190,508.32d.$189,623.41

A
A
B
B
C
C
D
D

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