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EPF Review for Final Exam (35Q) Flashcards | StudBud
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EPF Review for Final Exam (35Q)
EPF Review for Final Exam (35Q)
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1
To remember your pin number, keep it
in your wallet
in a secure place at home
in your checkbook
on your ATM card
2
After owning a Roth IRA for 5 years, you can withdraw money from it
& have penalities deferred until age 70
& have penalties deferred until age 65
& have penalities deferred until age 62
tax and penalty free
3
Debit card purchases are usually
deducted from your credit card balance
added your credit card balance
puit on your credit card bill as a cash advance
deducted from you checking account
4
The Rule of 72 is an easy way to
compute the tax you owe
double your savings in a year
compute your credit card balance
how fast your savings will double at a given interest rate
5
You building has t3 apartments. Its profits will be lower than expected if the
taxes on it are lowered
the apartmentgs are not rengted
if the mortgage is paid off
6
To determine the tme value of money in a saving account, you need to know the interest rate and
the rate of inflation
your total income
your age
your tax rate
7
To get an FHA loan you must
fulfill income guidelines
have a high school diploma
have a25% down payment
get 2 cosigners for the loan
8
The benefit of holding an investment over a year is
lower capital gain taxes
profits are taxed at 50%
it is tax free
higher capital gains taxes
9
The largest stock market in the world is the
NASDAQ
American Stock Exchange
New York Stock Exchange
China Stock Exchange
10
A person's debt ratio show the relationship between debt and net worth. The lower the ratio
the worse off you are
the better off you are
11
If you think you are being charged too high an interest rate, you should
notify the lender about state urury laws
report it to the Internal Revenue Service
notify the Better Business Bureau
12
Which federal law requires disclosure of credit cost to consumers?
Truth in Lending Act
Fair Credit Act
Equal Credit Act
Fair Debt Act
13
Cigarettes and cigars are expensive because
has an excise tax
it is taxed by the Food and Drug Adfministration
of Federal Trade Commission regulations
it is imported and has customs taxes
14
A certificate of deposit is
a deposit for a specific with penalty for early withdrawal
a deposit you can withdraw anything without penalty
a deposit with tax free interest
deposit with double interest
15
Your insurance company pay you $1500 on a $2000 loss. The $500 it did not pay is a result of
the deductible
the premium
the hazard clause
16
You have a big credit card bill that you cannot pay. You should
file for bankruptcy
negotiate a new payment plan with the credit card companies
tell a credit reporting agency
17
Upon retirement, a worker with a defined contribution pension plan receives
the total amount of money contributed + investment earnings
10% for each year worked
half of his last year's salary
18
A pharmacy is to drugs as the American Stock Exchange is to
securities
stock advisors
mutual funds
interest
19
Which of the following is open-ended credit?
a mortgage
department store credit card
installment loan
a car loan
20
Your stock pays a $2 a stock dividend. If you reinvest the dividend it will
preferred stock in the same company
buy more of the same stock
similar stocks
bonds in the same company
21
You need to make a long distance phone call by have no cash. You can make the call by
cash card
id card
traveler's check
credit card
22
A t-bill bill is
an investment that matures only after 30 years
a high yield corporate bond.
a high risk investment
a secure, low risk investment
23
Who benefits most from inflation?
persons on fixed incomes
long-term fixed rate borrowers
the government
24
A woman with a homeowner's policy buy expensive jewelry. How should she protect it?
doubloe her homeowner's insurabnce
het a personal property floater
get renter's insurance
25
Which can you buy for $25 that is safe and will be worth $50 at a future date?
Apple stock
certificate of deposit
series EE saving bond
corporate bonds
26
Which of the following will not provide protection during your vacation?
take his passport
buying medical insurance that covers travel
buyhing baggage claim insurance
buying flight insurance
27
If you deposit $10,000 or more in a bank account, the bank must notify:
the Federal Reserve Bank
the IRS
the US Treasury Department
28
When you pawn an item for cash, the transmission is considered
an unsecured loan
a sales agreement
a custodial paymnet
a collateralized loan
29
Which is the best way to reduce ATM fees?
use any ATM instead of a branch of the ATM issuing bank
onlly use ATMs on weekends
add $50 cash back to store purchases with a debit card
only use ATMs atnight
30
What is an uncollateralized loan?
a loan taken on a life insurance policy
a lona without assets to cover the loan
a home equity loan
a loan not backed by a cosigner
31
You spent $150 last month for clothes while budgeting $200 for clothes. This called a
a budget deficit
a budget variance
a budget shortfall
32
Why should you get a personal property floater when you buy an expensive TV?
to reduce your homeowner's policy premium
to reduce your life insurance premium
to cover replacement cost if the TV is damaged
33
Which of the following does the Federal Reserve use to regulate the nation's money supply
monetary policy
regulations
legislation
fiscal policy
34
If you surrender your a $20,000whole life policy with cash value, you get
the premium paid plus interest on that money
$20,000
$20,000 minus the premiums
$20,000 plus premiums
35
Where should you store a valuable coin collection?
put the coins in a drawer at home
store it under your mattress
rent a safety deposit box
