Question
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
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
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