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Financial Algebra Semester 2 final partial review Flashcards | StudBud
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Financial Algebra Semester 2 final partial review
Financial Algebra Semester 2 final partial review
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1
2. All of the following are true about robo-advisors, EXCEPT…
Robo-advisors have lower fees than a traditional financial advisor
Robo-advisors have a higher account minimum than a financial advisor
2
6. All of the following statements about predatory lending are TRUE EXCEPT…
They can come in many forms like high interest rates and excessive fees
They disproportionately affect communities of color
They have a federally-mandated maximum APR of 25%
3
A town has 22,640 people in 2010. If the population of the town grows by 3% every year, what is the population in 2025?
35200
35272
35700
4
10. What is the highest FICO credit score you can obtain?
100
1000
850
650
5
15. Antonio completed his med school training 10 years ago and is a surgeon at a hospital. What type of account?
Social Security, because she will pay into it throughout her career
A traditional 401(k), because it will reduce her taxable income now
6
5. Dez started investing in a TDF with a planned retirement date of 38 years in the future. How is portfolio paid
Majority stocks and a small percentage of bonds
Half stocks and half bonds
Majority bonds and a small percentage of stocks
7
What's the minimum
592
141
455
756
8
What is the name of Lilo's main rival?
Millie Edmonds
Merton Edmonds
Mirtie Edmonds
Mertle Edmonds
9
What's the maximum
1013
141
592
756
10
6. Which fund will most working American citizens have access to at retirement?
A pension plan
Social Security
A traditional IRA
11
7. Why is it important to check your credit report regularly?
To identify potential errors or fraudulent activity
To monitor the transactions on your credit card
To improve your credit score through frequent hard inquiries
12
Who is considered an "Earth expert"?
Pleakley
Captain Gantu
David
Jumba
13
What book does Stitch read?
The Ugly Duckling
Humpty Dumpty
Hansel and Gretel
Goodnight Moon
14
Thor decided to invest his retirement money into a mutual fund filled with mid-sized US companies. The fund manager is
The person who selects which stocks to include in the fund
A CEO at one of those midsize companies
15
What kind of dog is Stitch thought to be?
Poodle
Jack Russel
Collie
Shih Tzu
16
13. Which of the following is an example of the bias of Chasing Trends?
Buying crypto bc you saw a headline about reaching its highest price ever
Buying a stock when it has hit its lowest price of the year
17
4. All of the following are factors to consider when opening a brokerage account EXCEPT
Who will manage the account
Your investing goals
The location of the brokerage company
18
14. Each of the following factors impacts how much money you will have available at retirement EXCEPT…
How often you log into your online brokerage account
How old you are when you start investing
19
8. How is a secured credit card different from the far more typical unsecured credit card?
A secured credit card is the same as a debit card
A secured credit card requires the borrower make deposit to create a limit
A secured credit card has interest rates lower thana typical credit card
20
Which day of the week is sandwich day for Pudge?
Thursday
Wednesday
Monday
Friday
21
Who coined the family motto (about "Ohana")?
Lilo and Nani's grandmother
Nani
Lilo and Nani's mother
Lilo and Nani's father
22
Meghan asks 4 friends for advice on how to raise her credit score, is at 650. Which is the strongest piece of advice?
Open up a savings account
Pay your credit card bill on time each month
Close as many credit card accounts as you can
23
7. If you invest money into an index fund that tracks the Dow Jones Industrial Average, you would expect…
Your returns to track the performance of 30 large US companies
outperform most other investors because of the elite status of this index
A lot of high fees, because there are only 30 companies in that index
24
What's the range for this set of data? (HINT: Subtract max from min)
$872
$257
$592
$301
25
12. Devon remembers learning about both 401(k)s and IRAs in high school. He’s can only fund one account $100 a month...
A 401(k) because his employer is offering a match, up to 3% of his salary
traditional IRA, because it will offer him, by far, the best tax advantages
26
11. Jillian has $5,000 to invest. She decides that she wants to create a low-risk, low-volatility portfolio.
Dollar-Cost Averaging
Lump Sum Investing
27
What's the Median
455
592
141
1013
28
3. Which of the following actions would be included in your credit report?
You made your student loan payment on time
You bought a $300 prepaid card
You checked your credit score on your bank’s mobile app
29
Who likes Nani?
David
Dexter
Daniel
Davy
30
11. What is the purpose of a credit report?
To help lenders determine if you are a qualified candidate for credit
To compare the cost of different lines of credit
To provide a free tool for you to track your finances and budget
31
13. If a potential lender checks your credit score and finds out it is above 750, which is the most likely outcome?
You will be denied the loan
You will receive a loan with a low interest rate
32
What is the name of Lilo's social worker?
Cody Bubbles
Cobra Bubbles
Cody Brobbles
Cobra Bobbles
33
Who created Stitch in his lab?
Pleakley
Grand Councilwoman
Jumba
Cobra Bubbles
34
Who does Lilo try to train Stitch to act like?
Her Father
Loretta Lynn
Elvis Presley
Johnny Depp
35
A person has a credit utilization ratio of 25% and they open a new credit card w/o changing habits. Which is correct?
Utilization will go down because they are increasing their credit limit
Utilization will go up because they are increasing their number of cards
Utilization will go up because they are increasing their credit limit
36
9. Theo reviews his credit report and decides to put a “red flag” on it. What does that mean?
New lenders will double-check Theo’s identity before approving a credit app
Theo will not be able to open new lines of credit for at least 1 year
The credit bureau has 30 days to resolve any errors in Theo’s credit report
37
The histogram shows data on rent prices for a sample of 500 US renters, based on the 2020 Census. Which isn't true?
The median rent price is between $1000 and $1500 per month
The mean rent price is higher than the median rent price
The distribution of US rent prices is skewed to the right
10 people reported a rent price of $2750
38
In 2022 Gracee starts investing in a TDF at Alpine brokerage. She is 24 years old, working for 5 years, retiring at 67
Alpine Target Retirement 2060 Fund
Alpine Target Retirement 2065 Fund
Alpine Target Retirement 2070 Fund
39
9. Which type of fund is usually passively managed, can be traded throughout the day, and is boughtfrom other investors?
Exchange-traded fund
Robo-advisor
Mutual fund
40
4. Struggling to pay off excess debt can lead to all of these consequences, EXCEPT...
Being fired from your job if your employer finds out you have too much debt
Developing health problems from the stress of carrying debt
Having your wages reduced by collectors on unpaid debts
41
What's the Q2
592
455
756
1013
42
15. Which of these parties is least interested in checking your credit score?
An apartment leasing office
A college admissions office
A future employer
A car dealership
43
What's the Q1
592
455
1013
141
44
Who is Lilo's legal guardian?
David
Cobra Bubbles
Mother
Sister
45
1. All of these are true about late credit card payments, EXCEPT...
They can stay on your credit report for up to 7 years
They are an extremely rare occurrence among American credit cardholders
They can drop your credit score by as much as 100 points
46
1. The S&P 500 is…
a diverse collection of stocks and bonds
An index of the 500 largest publicly-traded companies in the US
An activitly managed mutual fund
47
8. Which statement about the investment fees associated with mutual funds is true?
Fees are set at 10 to 15%, annually, of the amount you have invested
Fees, compounded over the life of your investment, candecrease your returns
You pay a 1x fee when you start investment portfolio with a mutual fund
48
All of the following statements are true, EXCEPT…
The interquartile range is $301
75% of respondents pay less than $756
The median is $592
50% of respondents pay between $756 and $1013
49
A data set with low standard deviation has…
A skewed distribution
Data points spread out far away from the mean
Data points clustered close to the mean
A large interquartile range
50
14. Which of the following statements about wages and household American debt is true?
Wages have increased more than prices, and debt has decreased
Wages have increased proportional to prices, and debt has remained the same
Wages have increased less than prices, and debt has increased
