Test Bank for Focus on Personal Finance, 7th Edition by Jack Kapoor.pdf

TEST BANK FOR
m m




Focus on Personal Finance, 7th Edition
m m m m m




Chapter 1-14 Answers are at the end of Each chapter
m m m m m m m m m




Chapter 1 m




Student name: m




1) If minflationmismexpected mtombem9.50mpercent,mhowmlongmwillmit mtakemformpricesmtomdouble?

A) 5.58myears
B) 6.58myears
C) 17.58myears
D) 11.58myears
E) 7.58myears



QuestionmDetailsmBloo
m'sm: mApply mDifficulty m:m
3 mHard
LearningmObjectivem:m01-
01 mIdentify msocialmand meconomicminfluencesmonmfinancialmliteracy mand mpersonalmTopicm: mFinancialmPlann
ing
Topicm:mFinancemand mEconomicsmAccessib
ility m: mKeyboard mNavigation mAccessibility
m: mScreen mReadermCompatible mGradable m: m

automatic




2) If mam$12,000minvestment mearnsminterest mof m$1,560minm1myear,mwhat mismitsmratemof mreturn?
2) m



A) 100mpercent
B) 79mpercent
C) 26mpercent

Versionm1 1

, D) 58mpercent
E) 13mpercent



QuestionmDetailsmBloo
m'sm: mApply mDifficulty m:m
3 mHard
Accessibility m:mKeyboard mNavigation mAcc
essibility m: mScreen mReadermCompatible mGr
adablem:mautomatic
LearningmObjectivem:m01-
03 mCalculatemtimemvaluemofmmoney msituationsmto manalyzempersonalmfinancialmdecmTopicm:mTimemValuemof
mMoney




3) If mam$10,000minvestment mearnsmam3.8mpercent mannualmreturn,mwhat mshould mitsmvaluembemafte
rm1myear?
3) m


A) $10,000
B) $3,900
C) $10,380
D) $10,038
E) $3,800



QuestionmDetailsmBloo
m'sm: mApply mDifficulty m:m
3 mHard
Accessibility m:mKeyboard mNavigation mAcc
essibility m: mScreen mReadermCompatible mGr
adablem:mautomatic
LearningmObjectivem:m01-
03 mCalculatemtimemvaluemofmmoney msituationsmto manalyzempersonalmfinancialmdecmTopicm:mTimemValuemof
mMoney




4) If mam$10,000minvestment mearnsmam7mpercent mannualmreturn,mwhat mshould mitsmvaluembemafte
rm4myears?mUsemExhibit m1-A.
4) m


Versionm1 2

, A) $13,110
B) $12,800
C) $10,700
D) $10,035
E) $14,700



QuestionmDetailsmBloo
m'sm: mApply mDifficulty m:m
3 mHard
Accessibility m:mKeyboard mNavigation mAcc
essibility m: mScreen mReadermCompatible mGr
adablem:mautomatic
LearningmObjectivem:m01-
03 mCalculatemtimemvaluemofmmoney msituationsmto manalyzempersonalmfinancialmdecmTopicm:mTimemValuemof
mMoney




5) If mMelindamMillermestimatesmthat mherm$350mweeklymgrocerymbillmwillmincreasemat manmann
ualminflationmratemof m3mpercent,mwhat mshould mhermweeklymgrocerymbillmbeminm2myears?mUsemExhib
it m1-A.
5) m


A) $70.00
B) $105.00
C) $371.35
D) $473.35
E) $380.45



QuestionmDetailsmBloo
m'sm: mApply mDifficulty m:m
3 mHard
Accessibility m:mKeyboard mNavigation mAcc
essibility m: mScreen mReadermCompatible mGr
adablem:mautomatic
LearningmObjectivem:m01-
03 mCalculatemtimemvaluemofmmoney msituationsmto manalyzempersonalmfinancialmdecmTopicm:mTimemValuemof
mMoney




Versionm1 3

, 6) If myoumdeposit m$500mintomamcertificatemof mdeposit mearningm3.8mpercent,mwhat mwould mbemy
ourmearningsmafterm12mmonths?
6) m


A) $538.00
B) $500.00
C) $16.50
D) $21.50
E) $19.00



QuestionmDetailsmBloo
m'sm: mApply mDifficulty m:m
3 mHard
Accessibility m:mKeyboard mNavigation mAcc
essibility m: mScreen mReadermCompatible mGr
adablem:mautomatic
LearningmObjectivem:m01-
03 mCalculatemtimemvaluemofmmoney msituationsmto manalyzempersonalmfinancialmdecmTopicm:mTimemValuemof
mMoney




7) RandymHillmwantsmtomretireminm25myearsmwithm$1,500,000.mIf mhemcanmearnm10mpercent mpermy
earmonmhisminvestments,mhow mmuchmdoesmhemneed mtomdeposit meachmyearmtomreachmhismgoal?mUsemE
xhibit m1-B.m(Roundmyourmanswermtomthemnearestmdollar.)
7) m


A) $15,252
B) $30,000
C) $60,000
D) $14,752
E) Nonemof mthesemchoicesmaremcorrect.




Versionm1 4