AnswersDRHS GA-GSE Personal Financial LiteracyCumulative Exam

Cumulative Exam — Cumulative exam Answers

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21
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An interest in supervising other workers would be useful for someone who wanted to become

A
an office manager or warehouse manager.
B
a freelance writer or graphic designer.
C
a grocery clerk or supermarket cashier.
D
a letter carrier or delivery person.
22
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Which is a desirable characteristic when choosing a line of credit?

A
rewards program
B
annual fee
C
amount of down payment
D
amount of collateral
23

The US Department of Education reaches its goals by

A
delegating responsibility to state and local leaders.
B
depending on other organizations to create new policy.
C
supporting the efforts of state and local leaders.
D
overseeing individual districts and schools directly.
24

Which statement best explains a scholarship?

A
A scholarship is federal money awarded to a student.
B
A scholarship is aid given to a student by an institution.
C
A scholarship is money borrowed to pay for an education.
D
A scholarship is the price of attending classes at a school.
25

One common advantage of a long-term investment is

A
higher return.
B
no risk.
C
higher liquidity.
D
no liquidity.
26

Which is the best definition of hyperinflation?

A
a gradual decrease in the price of goods and services
B
a gradual increase in the price of goods and services
C
an exponential decrease in the price of goods and services
D
an exponential increase in the price of goods and services
27

What is a way victims of identity theft in Florida can track activity on their credit report?

A
by giving lenders permission to access credit history
B
by canceling all of their credit and bank cards
C
by contacting their lenders on a daily basis
D
by placing a security freeze on their reports
28

President Roosevelt’s New Deal created programs that were

A
administered by the federal government.
B
based on the principles of the Great Society.
C
considered constitutional in their purpose.
D
solely funded by individual state governments.
29

Which example best describes avoiding risky behavior?

A
getting car insurance
B
deciding not to buy a car
C
only driving during the day
D
driving a car at high speeds
30

Anthony likes hands-on learning so he is looking for a career with post-secondary training that is more hands on and less classroom based. Based only on this criteria, which career should Anthony choose last?

A
auto technician
B
HVAC (heating, ventilation, air-conditioning) technician
C
marine biologist
D
building construction
31

What budget allocation can be changed if you alter your daily spending habits?

A
rent
B
savings
C
insurance
D
car payment
32

The Fed may respond to a recession by

A
discouraging consumer borrowing.
B
decreasing interest rates.
C
decreasing government spending.
D
decreasing available credit.
33

The chart shows pricing and payment options for two large items.

Question illustration
A
to pay the lowest possible price
B
to take advantage of low interest
C
to spread payments out over time
D
to avoid saving for a down payment
34

Giselle used the table to predict the cost of one year of college. CategoryEstimated Cost 2017–2018tuition$12,450room and board$10,125transportation$2,600books and fees$2,250other$1,250Giselle predicts that she will receive a grant for $4,000. If she has 4 years in which to save, what is the minimum monthly amount she should deposit in an interest bearing savings account to be able to pay her contribution for one year of college?

A
$400
B
$500
C
$600
D
$700
35

What role do special government agencies play in protecting buyers? Check all that apply.They create regulations to ensure safe products.They promote certain products for companies.They dictate marketing strategies to companies.They help consumers determine marginal cost.They provide information about products.They collect customer fraud complaints.

A
They create regulations to ensure safe products.
B
They promote certain products for companies.
C
They dictate marketing strategies to companies.
D
They help consumers determine marginal cost.
E
They provide information about products.
F
They collect customer fraud complaints.
36

indexesquotesfuturestrades

A
indexes
B
quotes
C
futures
D
trades
37

What is an advantage of an adjustable-rate mortgage?

A
A borrower always knows how much to pay the bank each month.
B
A borrower can purchase a home with little financial risk.
C
A drop in interest rates may result in lower monthly payments.
D
A rise in interest rates may result in lower monthly payments.
38

A low-risk investment might have a high price if

A
it is in great demand.
B
it belongs to a new company.
C
it protects the initial investment.
D
it guarantees profits.
39

Shawna wants to ensure that she has a good income throughout her retirement. Which method could she employ?

A
She could work fewer hours each week so she will stay strong and retire later.
B
She could start a 401K account and choose a position with matching deposits by the employer.
C
She could save money by not attending post-secondary school or vocational training.
D
She could ensure that she doesn’t get sick by taking her vitamins each day.
40

A regulatory agency that attempts to limit risk in the banking system is

A
the FDA.
B
the EPA.
C
the OCC.
D
the HHS.

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