Final Exam

Satisfactory Essays
University of Phoenix
Final Exam
Directions: Based on your readings and discussions in class, select the best answer. Utilize the Text Highlight feature or Bold your response.

1. Which of the following types of insurance protects you if you are sued for accidentally damaging someone's property or hurting another person?
a. Term life insurance
b. Accidental death insurance
c. Universal life insurance
d. Personal liability insurance or an umbrella policy

2. To calculate accurately the size of your future retirement nest egg, you should
a. assume that your money will grow at the rate that stocks have averaged over that past 40 years
b. assume that you will not do better than the average investor, and make up for that by investing more money
c. base your calculations on a rate of return of 6% or more
d. base your calculations on a conservative rate of return of 6% or less a year

3. Which of the following best describes dollar-cost averaging?
a. The process of investing an average of a dollar a day in a stock mutual fund
b. Investing an increasing dollar amount each month of the year
c. Timing the market so that you buy more when share prices drop
d. Investing a set dollar amount at regular intervals throughout the year

4. A brand-new car depreciates by what percentage of its purchase price as soon as you drive it off the lot?
a. 5-9%
b. 10-14%
c. 15-19%
d. 20–30%

5. According to Suze, what should you be sure to have in place before buying a home?
a. A 10% down payment, an emergency fund, and an adjustable rate mortgage
b. A 20% down payment, an emergency fund, and a 15- or 30-year, fixed-rate mortgage, and a secure job
c. 20% down payment
d. 3% down

6. Equity investments, or equity you purchase in a company, is also known as
a. mutual funds
b. stocks
c. bonds
d. IRAs

7. A retirement plan that allows you to withdraw your contributions at any time regardless of age without incurring taxes or a tax penalty is
a. A 401(k) plan
b. A Roth IRA
c. A 403(b)

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