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1. Most of the bonds that are bought and sold are not transacted on the organized exchanges. They bought and sold through bond dealers who do not sell many ________ bonds but do trade many ________ bonds in the secondary market. A. Corporate; government B. Government; corporate C. Government; low par value D. Corporate; low par value 2. Which of the following financial documents would you use to create a financial plan? A. Balance sheet B. Income statement C. Budget D. Cash budget E. All of the above 3. What are the ways investors can make money investing in common stocks? A. They can potentially receive a stock split on their shares B. They can potentially earn capital gain C. They can potentially receive dividends on their shares D. All of the above is correct E. Both b and c are correct 4. Kendra always thought the grace period feature of her credit card was such a wonderful idea. Why, in essence she is getting her purchases interest free during this time. After taking Dr. Art Keown’s personal finance course she learned a starting truth about grace periods. A. Grace periods are actually beneficial to the credit card company B. There are higher fees associated with grace periods C. Most banks eliminate their grace period on new purchases if you don’t pay your balance in full D. All credit cards carry a grace period E. None of the above 5. What are good ways to keep the cost of Homeowners insurance down? A. Pay your premiums once per year B. Be self insured for the smaller losses C. Maintain a good credit score D. All of the above are correct E. All but c are correct 6. The first step in evaluating your financial health consists of A. Preparing a personal balance sheet B. Determining what your worth C. Preparing a personal income statement D. Determining where your money comes from and where it goes E. All of the above 7. What is the main difference between replacement cost coverage and actual cash value coverage? A. Replacement cost coverage does not consider depreciation B. Actual cash value is based on the cost to replace lost or damaged items C. Replacement cost coverage requires an endorsement to your policy D. All of the above are correct E. Both a and c are correct 8. Why might someone choose to use itemized deductions instead of taking the standard deduction offered by the IRS? A. It is easier to calculate your itemized deductions versus the standard deductions B. You may have to lower tax liability if you itemized instead of using the standard deductions C. Married taxpayers must use the itemized deductions only D. Most computer tax software automatically itemizes deductions E. Both b and c are correct 9. Which questions do financial ratios help you answer? A. Do I have adequate liquidity to meet emergencies B. Do I have the ability to meet debt obligations C. Am I saving as much as I think I am? D. All of the above E. Both a and b above 10. What do traditional IRA, the Roth IRA, and the Coverdell Education Savings Accounts all have in common? A. Income limits determine the tax averages B. Friends and family members can make contributions to them for us C. They give us more choices in our retirement years D. All of the above are correct E. Both a and c are correct 11. When comparing which mutual fund to invest in, which of the following would be important to consider? A. Load B. Net asset value C. Expense ratio D. All of the above are correct E. Both a and c are correct 12. You are nearing “golden” years and have insured yourself well. You are happy to discover that the proceeds of the life insurance policies that you own, but for which you have designated beneficiaries, do not _________. A. Go through probate B. Come under the control of your executor C. Get taxed as the same rate as your real property D. Go to the heirs without being probated E. A and B above 13. Money market mutual funds provide attractive competition

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