AnswersDX Personal Finance ACumulative Exam

Cumulative Exam — Cumulative exam Answers

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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
42
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Public property is land or goods

A
owned by an individual.
B
owned by the government.
C
used for private businesses.
D
used to gain personal wealth.
43

Skye listed her assets and liabilities on a personal balance sheet. Skye’s Balance Sheet (April 2013)AssetsLiabilitiescash$1,000credit card$4,000investments$1,000student loan$1,000house$200,000mortgage$100,000car$8,000car loan$5,000Total???Total???Net Worth: ???What is Skye’s net worth?

A
$100,000
B
$110,000
C
$210,000
D
$320,000
44

The Wong family bought a $190,000 home in 2001. They obtained a mortgage loan for 30 years. The monthly payment, not including property taxes and insurance, is $995. How much total principal and interest will they pay for the house after 30 years?

A
$168,200
B
$190,000
C
$358,200
D
$548,200
45

In which situation would a savings account be the best investment to earn interest?

A
when you need to make frequent payments for bills
B
when you have to pay monthly installments for a loan
C
when you need immediate access to cash
D
when you want to buy a new car in 3 years
46

Davis is planning to buy a bike. He has the full amount in his bank account. He does not want to pay any interest on his purchase. Which option(s) can Davis use when making the purchase?

A
Use a debit card only.
B
Use a credit card only.
C
Use a debit card, or use a credit card and pay the balance in full when the bill arrives.
D
Use a debit card, or use a credit card and make payments over the next few months.
47

Naomi is planning to get a job after graduating from college. Which explains why she should establish a positive credit history?

A
She will appear more responsible to future employers.
B
She will be able to do the job better.
C
She will be able to complete her job search application better.
D
She will get an increase in the interest rate on her student loans.
48

Fiona is pricing two bicycles. One is $175 with 10% off, and the other is $225 with 35% off. Which bicycle can she afford if she has $150 to spend?

A
Fiona can afford the $175 bicycle. It will cost $146.25.
B
Fiona can afford the $175 bicycle. It will cost $96.25.
C
Fiona can afford the $225 bicycle. It will cost $146.25.
D
Fiona can afford the $225 bicycle. It will cost $96.25.
49

The graph shows the market for graphic T-shirts.

Question illustration
A
As the amount of a product goes up, the price goes up.
B
As the amount of a product goes down, the price goes up.
C
As the interest in a product goes up, the price goes up.
D
As the interest in a product goes down, the price goes up.
50

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

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