Econ 1503 Final Exam Review

Econ 1503 Final Exam Review

University

45 Qs

quiz-placeholder

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Econ 1503 Final Exam Review

Econ 1503 Final Exam Review

Assessment

Quiz

Life Skills

University

Hard

Created by

Tricia Sinclair

Used 3+ times

FREE Resource

45 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Steve Wilson wants to deposit $150 per month into an account earning 4 percent for the next 3 years, so he can purchase a used car at that time. What type of computation would he use to determine the amount he will have for his purchase?

Present value of a single amount

Future value of a single amount

Future value of an annuity

Present value of an annuity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Rhonda Miller wants to take out a 4 year loan to purchase a car. What type of computation would she use to calculate her monthly payments?

Present value of a single amount

Future value of a single amount

Present value of an annuity

Future value of an annuity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tim Taylor received a $500 gift from his grandparents. He wants to invest this money for the down payment of a house that he plans to purchase in 3 years. What type of computation should he use to determine how much he will have?

Present value of a single amount

Future value of a single amount

Present value of an annuity

Future value of an annuity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If inflation is expected to be 8 percent, how long will it take for prices to double? Use the rule of 72

9 years

6 years

7 years

12 years

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a $10,000 investment earns interest of $500 in one year, what is its rate of return?

5 percent

10 percent

50 percent

100 percent

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How long should you keep documents relating to investments?

Ten years.

As long as you have these items.

Seven years.

Permanently.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The number of personal financial records a household has to organize may seem overwhelming. How long should you keep documents relating to the purchase and sale of real estate?

Seven years

Until the mortgage is paid off

Three years

Indefinitely

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