1) If you wanted to have $10950 saved up by the end of the year, what amount would you need to save on a daily basis? Consider 365 days a year

a) $30.42

b) $ 60.84

c) $30

d) $60

2)What is the net cash flow if total income last month was $3,650, but expenses totaled $4,040, and the shortage was covered on a credit card?

a) $4040

b) -$390

c) 390

d)-$7690

3) Which financial institution would be the best fit for a college-aged student who needs a checking account?

a) Commercial bank

b) Credit Union

c) Savings institution

d) All of the options are correct

4) With most auto-loans, what is used as collateral?

a) Certificate of deposit

b) Stock

c) The purchased auto

d) No collateral is needed because of your outstanding credit

5) With a reverse mortgage, upon the death of the last surviving homeowner, if there is negative equity in the home, the survivors will owe money to the bank.

a) True

b) False