Practice Exam Answers

Part A: What determines coverage needs?

Part B: What improves protection?

Which information can be found on a person’s credit report? Choose four correct answers.

Part A: You notice unauthorized transactions. What is the first step?

Part B: What is the next best action?

Part A: Which platform requires more decision-making?

Part B: What is a key challenge of this platform?

You have a gross income of $117,151 and are filing your tax return singly. You claim one exemption and can take a deduction of $2,713 for interest on your mortgage, an adjustment of $2,791 for business losses, an adjustment of $1,346 for alimony, a deduction of $2,086 for property taxes, a deduction of $2,376 for contributions to charity, and an adjustment of $1,091 for contributions to your retirement fund. The standard deduction for a single filer is $5,700, and exemptions are each worth $3,650. What is the difference between your adjusted gross income and your taxable income?

Part A: Which message is most likely a scam?

Part B: What makes it unreliable?

Part A: A person reduces expenses while income stays the same. What happens?

Part B: Why?

Emma has decided that she needs to assess the risk and return of buying an extended warranty for her new laptop for school. Which of these practical questions should she ask herself to assess the risk? Choose three correct answers.

At what point should consumers stop researching a product?

Aliyah made a payment in the amount of 47 point 9 3 dollars She’ll use the check register to record her transaction. What will be her new balance? Open image in full-screen view

Part A: A student wants long-term growth with moderate risk. Which option is best?

Part B: Why is this option appropriate?

Which of these qualify as variable expenses? Choose three correct answers.

The chart describes four people’s credit histories. Creditworthy Criteria Name Description of Credit History Ellie Has more debt than earnings Collin Pays only some of his bills every month Jacob Has made three late payments in the past year Eesha Pays more than the minimum payment each month Which person is creditworthy?

Taylor follows a trend without research. What bias is shown?