AnswersDRHS GA-GSE Personal Finance and EconomicsUnit Test

Unit Test — Cumulative exam Answers

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Which of these are ways that identity theft can happen? Check all that apply.by forgeryby phishingby fraudby financial engineeringby social engineering

A
by forgery
B
by phishing
C
by fraud
D
by financial engineering
E
by social engineering
2
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Which financing option has the highest overall costs?

A
rent to own
B
credit card
C
installment
D
cash
3

marginalcomparisonemotionalresearch

A
marginal
B
comparison
C
emotional
D
research
4

Rosetta listed her assets and liabilities on a personal balance sheet. Rosetta’s Balance Sheet (April 2013)AssetsLiabilitiescash$900credit card$4,000investments$1,100student loan$2,000 house$150,000mortgage$100,000car$8,000car loan$5,000Total Total If Rosetta sells her house and pays off the mortgage, how much should she receive (assuming there are no other costs associated with selling the house)?

A
$42,000
B
$50,000
C
$52,000
D
$60,000
5

Patrick has assets that total $9,500. His liabilities total $1,900. Which expression will find Patrick’s net worth?

A
9,500 dollars divided by 1,900 dollars
Option A
B
1,900 dollars minus 9,500 dollars
Option B
C
1,900 dollars minus 9,500 dollars
Option C
D
9,500 dollars minus 1,900 dollars
Option D
6

Which action is the most important for managing credit effectively?

A
Minimize your debt by paying off what you owe as soon as possible.
B
Open several credit cards to increase your borrowing limit.
C
Make only the minimum payment each month to avoid late fees.
D
Avoid checking your credit report to prevent score changes.
7

The Hendersons are hosting a barbecue for five people and want to purchase enough chicken for everyone to have two pieces. Which option makes the most financial sense?

A
10 individual chicken breasts at $3 each
B
5 two-packs of chicken breasts at $5 each
C
a 12-pack bag of chicken at $20
D
a 20-pack bag of chicken at $35
8

Which statement best describes the role of a credit agency?

A
It tracks the use of credit for lenders.
B
It predicts future earning potential for lenders.
C
It teaches how to make smart financial decisions.
D
It shows how saving money makes financial sense.
9

Martin receives an e-mail about a money-making opportunity from a sender who asks for his bank account number. The best way to avoid having his identity stolen is to

A
contact the government and report the e-mail.
B
delete the e-mail and mark it as spam.
C
open the e-mail and follow the steps outlined.
D
contact the police and file a phishing report.
10

The advertisement demonstrates a popular way companies try to sell a product.

Question illustration
A
It includes shipping and handling costs.
B
It takes into account maintenance costs.
C
It explains why this price is a good deal.
D
It makes the full cost appears lower than it is.
11

Aisha’s income statement for the month of June is shown. Which expression will find Aisha’s net income for June?

Question illustration
A
2,700 dollars divided by 1,300 dollars
Option A
B
1,300 dollars minus 2,700 dollars
Option B
C
1,300 dollars + 2,700 dollars
Option C
D
2,700 dollars minus 1,300 dollars
Option D
12

Dante listed his assets and liabilities on a personal balance sheet. Dante’s Balance Sheet (August 2013)AssetsLiabilitiescash$900credit card$4,000investments$1,100student loan$1,000house$150,000mortgage$100,000car$8,000car loan$5,000Total Total Which statement is true about the value of Dante’s assets and liabilities?

A
He has $50,000 more in assets than in liabilities.
B
He has $50,000 more in liabilities than in assets.
C
He has $110,000 more in liabilities than in assets.
D
He has $160,000 more in assets than in liabilities.
13

How is a student loan different from a scholarship?

A
A student loan must be paid back, but a scholarship is not paid back.
B
A scholarship must be paid back, but a student loan is not paid back.
C
A student loan is a form of financial aid, but a scholarship is not.
D
A scholarship is a form of financial aid, but a student loan is not.
14

Which of these investments may be long term? Choose four answers.savings accountsmutual fundsbondsretirement fundscommodities

A
savings accounts
B
mutual funds
C
bonds
D
retirement funds
E
commodities
15

Before Robert buys a new car, which questions should he ask himself? Check all that apply.Is this something I need?Will my friends like this?Is advertising influencing me?Will this help others in my family?Will I impress my coworkers?Am I considering my future needs?

A
Is this something I need?
B
Will my friends like this?
C
Is advertising influencing me?
D
Will this help others in my family?
E
Will I impress my coworkers?
F
Am I considering my future needs?
16

Work-study is a program that includes

A
working at an outside job to help pay for school.
B
taking a school job to help pay for an education.
C
agreeing to serve in the military for financial aid.
D
participating in a service program to receive aid.
17

Which describes a type of tax that funds city programs?

A
progressive tax
B
federal income tax
C
local income tax
D
medicare tax
18

Which information is included on a person’s credit report? Check all that apply.money owed to a relativecurrent credit cards and loanstotal amount of money owedwhether bills are paid on timehow much money lenders will loaninterest rates for different loans

A
money owed to a relative
B
current credit cards and loans
C
total amount of money owed
D
whether bills are paid on time
E
how much money lenders will loan
F
interest rates for different loans
19

Question text not available

Question illustration
A
She pays her bills on time and has a higher amount of debt.
B
She has a lot of debt with a history of making late payments.
C
She pays her bills on time and has a lower amount of debt.
D
She has a lot of money and tends to pay her bills on time.
20

Besides the cost of tuition, what additional educational expenses must students pay? Check all that apply.housingmealssuppliestextbooksclasses

h
housing
m
meals
s
supplies
t
textbooks
c
classes

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