1. If a person deposited $150 a month for 5 years earning 6 percent, this would involve what type of computation if you were trying to determine the value of the account at the end of the 5 years?
A.Future value of a series of deposits
B. Future value of a single amount
C. Present value of a series of deposits
D. Present value of a single amount
2. If you put $2,620 in a savings account and make no further deposits, what type of calculation would provide you with the value of the account in 28 years?
A. Simple interest
B. Present value of a single amount
C. Future value of a single amount
D. Future value of a series of deposits
3. If inflation is expected to be 9.4 percent, how long will it take for prices to double?
A. 5.66 years
B. 6.66 years
C. 7.66 years
D. 11.66 years
4. If a $10,000 investment increases to $10,075 in one year, what is its rate of return?
A. 0.75 percent
B. 1.0075 percent
C. 7.5 percent
D. 75.00 percent
5. If a $10,000 investment earns a 3.7% annual return, what should its value be after one year?
A. $3,700
B. $3,800
C. $10,000
D. $10,370
6. During the past month, Jennifer Johnson had income of $3,790 but had to use some of her liquid savings to cover her monthly expenses. This resulted in a decrease in net worth of $470. This means Jennifer's monthly expenses for the month were:
A. $3,790.
B. $4,730.
C. $3,320.
D. $4,260.
7. The monthly budget showed that a family planned to spend $640 for food during March but only spent $480. This difference would be referred to as a:
A. Deficit.
B. Contribution to Net worth.
C. Budgeted Production.
D. Budget variance.
8. Darlene Wilson has the following financial amounts: checking account balance $1,120, savings account $4,250, credit card balance $1,830, jewelry $1,930, current market value of home $111,000, a mortgage on the home of $83,250. What is the total value of Darlene's assets?
A. 118,300
B. 120,130
C. 118,200
D. 101,870