Topic Test Answers

Explain why it is wise to memorize your social security number.

A three-character password is to be created by choosing characters from the digits 0 through 5 inclusive, vowels (a, e, i, o, u), or 5 special keyboard characters. If only one character category can be used at a time, rank the following from smallest to largest based on the number of possibilities for a password. 1. digit, digit, vowel 2. vowel, special character, vowel 3. special character, vowel, digit

Manny wants to find ways to reduce his current debt. The table below shows Manny’s monthly income, expenses and net income. Monthly BudgetAmountIncomeWages$3,000.00ExpensesRent$1,200.00 Utilities$269.34 Entertainment$220.00 Food/Clothes$368.00 Cell Phone$89.42 Credit Card #1$94.62 Credit Card #2$36.18 Car Insurance$80.00 Car Payment$300.00 Gym Membership$25.00Net Income $317.44 After evaluating Manny’s monthly budget, which of the following would be the best option to reduce his debt?

Tyrek wants to lower his credit card debt and has been tracking his expenses for the past month. He found his variable expenses in relation to his fixed expenses. How much of Tyrek's monthly income is left once he pays off his fixed expenses?

Use the following table to help answer the question below.StateSingle-Earner2-Person3-Person4-PersonFlorida$41,226$52,259$58,574$69,009Georgia$40,691$55,258$61,104$68,502Missouri$39,645$51,568$60,371$71,059Texas$38,940$55,859$59,222$66,381Virginia$48,362$65,122$74,151$85,939A couple has two children. They live in Missouri and have a combined annual income of $96,730. The couple has a mortgage, a car loan, student loans, and credit card debt. When one of them loses employment, their monthly income is reduced by $2,100. If they felt the need to file for bankruptcy, which of the following statements is true?

In general, reducing the interest rate (i) of a credit card but keeping the present value (PV) and number of periods (n) the same will __________.

If an individual suspects their identity has been stolen they should report their concerns to the Federal Trade Commission. Please select the best answer from the choices provided

Billy has a credit card with a current balance of $3,500 and a 16% APR. With his current monthly payment, he will be able to pay off this debt in 15 months. But Billy just learned that he is getting a raise at work. If he puts all of the extra income from his raise into his monthly credit card payment, how much additional monthly income would he require from his raise to pay off the credit card in 12 months?

Zoe filed for bankruptcy several years ago and now wants to take out a loan for $15,200. Since Zoe has a past bankruptcy, she will end up paying a higher interest rate. The loan term is four years, and her payments are $819.20 per month. With a better credit rating, her payments could have been $440.82 per month. How much more in interest will Zoe end up paying for her loan because of her bankruptcy?

Shakira has a balance of $202.86 in her checking account on Saturday morning. She uses her debit card to pay her cell phone bill of $80.73 over the phone. She then picks up her dry cleaning, dog food at the pet store and groceries for debits of $16.89, $35.24, and $113.92. Shakira’s bank uses a balance system of deducting highest transactions first. The bank will not return amounts up to a total of $50 in overdrafts, but they do charge a fee for each overdraft. How many overdraft fees will Shakira incur?

How many different 4-digit personal identification numbers are possible if no digit can be used twice?

A password is 4 characters long and must consist of 3 letters and one number. If letters cannot be repeated and the password must end with a number, how many possibilities are there?

An identity thief watches someone enter a four-digit PIN and manages to see that the first digit is 3. They also know that the second digit is either 4 or 7. If the thief tries guessing the PIN, how many possiblities would there be?

Tyrell has a bankruptcy on his credit report and therefore pays higher interest rates on his current loans. He calculates that the extra money he pays in additional interest each year, if invested at the rate of 2.5% for one year, could earn him simple interest totaling $300. How much does Tyrell pay in additional interest each month?

Based on a $400 loan amount, rank the following companies from the lowest to highest annual percentage rate (APR).CompanyFees ChargedTerm of LoanA$405 daysB$5012 daysC$8015 daysD$10020 days