AnswersDRHS GA-GSE Personal Financial LiteracyUnit Test

Unit Test — Cumulative exam Answers

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What happens when a bank is required to hold more money in reserve?

A
It has less money for loans.
B
It has less money for operations.
C
It has less money for interest payments.
D
It has less money for withdrawals.
22
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grossdiscretionarynet

A
gross
B
discretionary
C
net
23

Why is compound interest preferable to simple interest when investing?

A
Compound interest pays at least double the interest on the principal during each month.
B
Compound interest is paid by the week or by the month, not only once during a year.
C
Compound interest is based on the entire principal, not just a percentage of the principal.
D
Compound interest pays interest both on the principal and the interest earned in each period.
24

The EPA tries to balance protecting business interests with protecting

f
food.
a
air.
c
consumer products.
m
medical devices.
25

Which living expense needs to be included in the budget of someone renting an apartment?

A
property taxes
B
insurance
C
down payment
D
maintenance

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