AnswersTX-Personal Financial LiteracyUnit Test

Unit Test — Cumulative exam Answers

25 verified answers
21
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This table can be used to organize Gigi’s credit card balances and payments over 6 months. The annual percentage rate on the credit card is 14%.Gigi’s Credit Card PaymentsMonthBalancePaymentInterest RateInterest Charged1$650$3000.01167$4.082$354.08$500.01167 3$307.63$500.01167 4$260.64$500.01167 5$213.10$500.01167 6$165$500.01167 What is the amount of interest charged for the first 6 months?$

A
16.34
B
17.34
C
18.34
D
19.34
22
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A down payment is usually what percentage of the asking price of a home?

0
0–5 percent
5
5–20 percent
2
20–50 percent
5
50–75 percent
23

Which is an example of a financial change that would require budgetary consideration?

A
paying monthly rent
B
purchasing furniture
C
saving a certain amount
D
buying a monthly bus pass
24

Money for a personal loan is usually issued to the borrower

a
as needed over time.
i
in small sums.
i
in one lump sum.
w
without collateral.
25

One advantage to buying a CD is that it

A
can be purchased for different amounts.
B
is high risk but comes with great rewards.
C
can be used for long-term retirement.
D
is high risk but backed by the government.

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