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Test Bank for Focus on Personal Finance, 7th Edition by Jack R. Kapoor
Test Bank for Focus on Personal Finance, 7th Edition by Jack R. Kapoor
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Version 1 1 Test Bank for Focus on Personal Finance, 7th Edition Chapter 1-14 Answers are at the end of Each chapter Chapter 1 Student name:__________ 1) If inflation is expected to be 9.50 percent, how long will it take for prices to double? A) 5.58 years B) 6.58 years C) 17.58 years D) 11.58 years E) 7.58 years Question Details Bloom's : Apply Difficulty : 3 Hard Learning Objective : 01 -01 Identify social and economic influences on financial literacy and personal Topic : Financial Planning Topic : Finance and Economics Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Gradable : automatic 2) If a $12,000 investment earns interest of $1,560 in 1 year, what is its rate of return? 2) ______ A) 100 percent B) 79 percent C) 26 percent Version 1 2 D) 58 percent E) 13 percent Question Details Bloom's : Apply Difficulty : 3 Hard Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Gradable : automat ic Learning Objective : 01 -03 Calculate time value of money situations to analyze personal financial dec Topic : Time Value of Money 3) If a $10,000 investment earns a 3.8 percent annual return, what should its value be after 1 year? 3) ______ A) $10,000 B) $3,900 C) $10,380 D) $10,038 E) $3,800 Question Details Bloom's : Apply Difficulty : 3 Hard Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Gradable : automatic Learning Objective : 0 1-03 Calculate time value of money situations to analyze personal financial dec Topic : Time Value of Money 4) If a $10,000 investment earns a 7 percent annual return, what should its value be after 4 years? Use Exhibit 1 -A. 4) ______ Version 1 3 A) $13,110 B) $12,800 C) $10,700 D) $10,035 E) $14,700 Question Details Bloom's : Apply Difficulty : 3 Hard Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Gradable : automatic Learning Objective : 01 -03 C alculate time value of money situations to analyze personal financial dec Topic : Time Value of Money 5) If Melinda Miller estimates that her $350 weekly grocery bill will increase at an annual inflation rate of 3 percent, what should her we ekly grocery bill be in 2 years? Use Exhibit 1 -A. 5) ______ A) $70.00 B) $105.00 C) $371.35 D) $473.35 E) $380.45 Question Details Bloom's : Apply Difficulty : 3 Hard Accessibility : Keyboard Navigation Accessibility : Screen Rea der Compatible Gradable : automatic Learning Objective : 01 -03 Calculate time value of money situations to analyze personal financial dec Topic : Time Value of Money Version 1 4 6) If you deposit $500 into a certificate of deposit earning 3.8 percent, w hat would be your earnings after 12 months? 6) ______ A) $538.00 B) $500.00 C) $16.50 D) $21.50 E) $19.00 Question Details Bloom's : Apply Difficulty : 3 Hard Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Gradable : automatic Learning Objective : 01 -03 Calculate time value of money situations to analyze personal financial dec Topic : Time Value of Money 7) Randy Hill wants to retire in 25 years with $1,500,000. If he can earn 10 pe rcent per year on his investments, how much does he need to deposit each year to reach his goal? Use Exhibit 1-B. (Round your answer to the nearest dollar.) 7) ______ A) $15,252 B) $30,000 C) $60,000 D) $14,752 E) None of these choices a re correct.The benefits of buying summaries with Stuvia:
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