Question

1. _____ is a financial term that denotes when an asset increases in value. (1 point)
a.) Appreciate
***b.) Growth
c.) Increase
d.) Depreciate

2. The correct order for savings is _____. (1 point)
a.) emergency fund, pay off credit card, and retirement fund
b.) pay off credit card, retirement fund, and emergency fund
***c.) pay off credit card, emergency fund, and retirement fund
d.) retirement fund, emergency fund, and pay off credit card

3. Which item is NOT a savings instrument? (1 point)
***a.) checking account
b.) savings account
c.) CD
d.) Treasury bond

Answer 1

1.a
2.c
3.a

Answer 2

hmm so i got 2 right :)

Answer 3

could you help me with more?

Answer 4

yes

Answer 5

1. _____ is a financial term that denotes when an asset increases in value. (1 point)
a.) Appreciate
***b.) Growth
c.) Increase
d.) Depreciate

2. The correct order for savings is _____. (1 point)
a.) emergency fund, pay off credit card, and retirement fund
b.) pay off credit card, retirement fund, and emergency fund
***c.) pay off credit card, emergency fund, and retirement fund
d.) retirement fund, emergency fund, and pay off credit card

3. Which item is NOT a savings instrument? (1 point)
***a.) checking account
b.) savings account
c.) CD
d.) Treasury bond

4. A _____ is the amount you pay for the purchase of a house that decreases the amount of the loan. (1 point)
a.) closing payment
b.) closing cost
c.) origination payment
***d.) down payment

5. A tendency to avoid putting money into high-risk investments is known as being _____. (1 point)
a.) saver
***b.) risk-adverse
c.) investment-adverse
d.) conscientious saver

6. Which item is the U.S. Treasury most known for issuing? (1 point)
a.) CDs
b.) savings notes
***c.) bonds
d.) investment notes

7. Your ability to borrow money at lower rates improves as _____. (1 point)
a.) you save more
b.) you earn more
c.) your debt ratio increases
***d.) your credit score increases

8. _____ improves as degree of educational attainment increases. (1 point)
***a.) Median income
b.) Borrowing rate
c.) Interest rate
d.) Savings ability

9. When paying off credit card debt, it is best to pay off what cards first.
a.) high balance, low interest
b.) low balance, low interest
c.) high balance, high interest
***d.) low balance, high interest

10. Which type of debt is often unsecured
***a.) mortgage
b.) auto loan
c.) boat loan
d.) credit card

11. income and expenses are found on a ___
a.) budget
***b.) income statement
c.) expense statement
d.) income flow statement

12. When your income is more than your expenses you have a ___
a.) a deficit
***b.) excess income
c.) a surplus
d.) appreciation

13. If you are given a 4% raise and inflation is 1% you are ___
a.) making 4% more
***b.) making 3% more
c.) making 3% less
d.) making 4% less

14. Which is not a part of your budget?
a.) fixed expenses
b.) gross pay
***c.) discretionary expenses
d.) realized income

15. To put money into a savings account, CDs, and stocks is to ______.
a.) be risk-adverse
***b.) invent
c.) secure assets
d.) diversify

16. You are paid $10.65/hr. Your deductions are FICA (7.65%), federal tax withholding (9.9%), and state tax withholding (7.35%). Your housing and fixed expenses are $493.68/month. How many hours per month must you work to be sure those expenses are paid? (Type as a whole number with no decimal places.)
65 hrs/month


17. You are paid $15.60/hr. Your deductions are FICA (7.65%), federal tax withholding (11.15%), and state tax withholding (6.5%). You work 15 hr/wk and save 10% each week. How much do you save each month? (1 point)
$69.92 /month

18. You work a part-time job earning $6.80/hr with tips that average $2.30/hr. You work 20 hr/wk and your deductions are FICA (7.65%), federal tax withholding (8.95%), and state tax withholding (6.1%). How much are you allowed in housing expenses per month? (1 point)
$562.74 /month

19. Your housing and fixed expenses are $685.70/month. If they are 33% of your realized income, how much is your realized income per month? (1 point)
$459.42 /month

20. You owe $2,875.59 on a credit card at a 13.7% APR. If you pay $400.00/month, what is the difference in the amount of interest accrued by the end of the month if you pay at the beginning of the month versus the end of the month? (1 point)
$2,537.50

21. You save $3,260.00 in a savings account earning a 3.55% APR compounded monthly. How much is the total interest earned by the end of the third month?
$29.01

22. Your realized income is $36,864.00/yr. Your fixed and housing expenses are 32% and your savings are 15% of your realized income per month. How much discretionary money do you have, excluding savings, per month?
$1,628.16

23. You earn $8.60/hr. You work 32 hr/wk and your deductions are FICA (7.65%), federal tax withholding (10.6%), and state tax withholding (8.25%). How much do you have direct-deposited bi-weekly? (1 point)
$202.27 every two weeks

24. You are purchasing a house 12 years from now. The estimated purchase price is $171,600.00. You want to make a 20% down payment. How much do you need to save per month to reach your goal? (1 point)
$ 238.33/month

25. Using the information from Problem 24, if closing costs are 8.7%, how much additional money do you need to save per month to cover the additional expense? (1 point)
$103.68/month

26. You owe $2,264.96 on a credit card at a 14.7% APR. You pay $500.00/month. How many months does it take to pay off your balance? (You do not have to use the decimal places for this answer.) (1 point)
7 months

27. You owe $1,455.69 on a credit card at a 12.8% APR. You pay 15 days after the due date and the late fee is $35.00, making it 45 days of accrued interest. You pay $250.00. How much is your balance after the payment?
$438.25

Graph for 28 and 29
https://lh3.googleusercontent.com/-qbacfxyW7fA/VRrqS8hUeaI/AAAAAAAAFjg/_vSJfu-8tUk/w942-h373-no/Untitled.png

28. What is your current debt ratio as a percentage to the nearest hundredth?
.01

29. Which balance accrues the most interest in a month?
$2,249.80

For 30 and 31: You save $8,500.00. You place 40% in a savings account earning a 4.2% APR compounded annually and the rest in a stock plan. The stock plan decreases 3% in the first year and increases 7.5% in the second year.

30. What is the total gain at the end of the second year for both accounts combined?
$509.09

31. If you had invested 60% in the savings account and the rest in the stock plan, what is the difference in the total gain compared to the original plan?
$482.75

34. You earn $13.70/hr and work 40 hr/wk. Your deductions are FICA (7.65%), federal tax withholding (11.55%), and state tax withholding (8.35%). Your housing and fixed expenses are 30% of your realized income per month and you want to save 6 months' worth in an emergency fund. How much do you need to save?
$952.86

35. You have a realized income of $3,264.71/month. Your housing and fixed expenses are 36% of your monthly realized income. You want to save 4 months of an emergency fund within 9 months. How much must you save each month?
$208.94

36. Your friend wants to pay off his credit card with a balance of $880.00 and an interest rate of 16.65% APR by getting a loan from you. You agree to the loan, but insist your friend pay you interest of 3.25% APR. Your friend agrees. How much interest does your friend save at the end of the first month by paying you instead of the credit card?
$9.83

Answer 6

may take a while however this is gonna tell me if i either fail the class or pass so i need to know what all i did wrong.

Answer 7

helppppp?

Answer 8

yes those are right