FIN 300 Midterm Examination with
Guaranteed Pass Solutions With 100%
Solved Solutions 2025-2026 Updated.
Which of the following is NOT one of the three major credit bureaus?
-Experian
-Equifax
-Trans Union
-FICO - Answer FICO
An example of a fixed expense is?
-Medical expenses
-Gifts
-Utilities
-Home rental payment
-Recreation - Answer Home Rental Payment
Karen wanted a certificate of deposit that would definitely be available the entire length of time
until maturity. She would NOT want to consider a
-Bump-up CD
-Callable CD
-Portfolio CD
-Promotional CD
-Indexed CD - Answer Callable CD
Which of the following is an example of a financial opportunity cost?
-Renting an apartment near school
,Frank and Diane want to buy a house. Which of the following do they need before they
purchase a house?
-Down payment
-Renter's insurance
-Mortgage interest
-Mortgage principal
-Handyman - Answer Down payment
Using the services of financial institutions or financial specialists (such as insurance agents,
certified financial planners or investment advisers) to seek relevant information is done in which
step in the financial planning process?
-Develop your financial goals
-Review and revise your financial plan
-Determine your current financial situation
-Evaluate your alternatives
-Create your financial plan of action - Answer Evaluate your alternatives
An example of a personal opportunity cost would be
-Interest lost by using savings to make a purchase
-Higher earnings on savings that must be kept on deposit a minimum of six months
-Lost wages due to continuing as a full-time student
-Time comparing several brands of personal computers
-Having to pay a tax penalty due to not having enough withheld from your monthly salary -
Answer Time comparing several brands of personal computers
If you are denied credit, you can contact the credit bureau and ask for a copy of your credit
report. The bureau cannot charge a fee for this service as long as you ask to see your files within
of notification that your credit application has been denied.
,-90 days - Answer -60 days
Which of the following is a disadvantage of renting?
-Renters have fewer responsibilities than home owners
-Tenants cannot take tax deductions for mortgage interest and property taxes
-Renters usually do not have to be concerned with maintenance and repairs
-Taking possession of a rental unit is less expensive than buying a home
-Renting can be more convenient for those who move frequently - Answer Tenants cannot
take tax deductions for mortgage interest and property taxes
Wanda bought a certificate of deposit and automatically received a free bike. She purchased a
-Bump-up CD
-Callable CD
-Portfolio CD
-Promotional CD
-Indexed CD - Answer Promotional CD
The number of personal financial records a household has to organize may seem overwhelming.
How long should you keep documents relating to the purchase and sale of real estate?
-Until the mortgage is paid off
-Until you move out of the house
-Three years
-Seven years
-Indefinitely - Answer Indefinitely
Pauline just submitted an offer on her dream home. As evidence of good faith, she also included
a(n)
-Appraisal
, The question "What are your assets and net worth?" relates to
-Character
-Capacity
-Capital
-Collateral
-Conditions - Answer Capital
An IRS agent visited Henry's home to verify some information on his tax return. This visit was
called a(n)
-Correspondance audit
-Office audit
-Home audit
-Field audit
-Detailed audit - Answer Field audit
As a result of being an armed services veteran, Dan should be eligible for a(n)
-ARM
-FHA loan
-Negative amortization
-Payment cap
-VA loan - Answer VA loan
Which of the following is a liquid asset?
-Savings/money market accounts
-Cash surrender value of life insurance
-Checking account balance
Guaranteed Pass Solutions With 100%
Solved Solutions 2025-2026 Updated.
Which of the following is NOT one of the three major credit bureaus?
-Experian
-Equifax
-Trans Union
-FICO - Answer FICO
An example of a fixed expense is?
-Medical expenses
-Gifts
-Utilities
-Home rental payment
-Recreation - Answer Home Rental Payment
Karen wanted a certificate of deposit that would definitely be available the entire length of time
until maturity. She would NOT want to consider a
-Bump-up CD
-Callable CD
-Portfolio CD
-Promotional CD
-Indexed CD - Answer Callable CD
Which of the following is an example of a financial opportunity cost?
-Renting an apartment near school
,Frank and Diane want to buy a house. Which of the following do they need before they
purchase a house?
-Down payment
-Renter's insurance
-Mortgage interest
-Mortgage principal
-Handyman - Answer Down payment
Using the services of financial institutions or financial specialists (such as insurance agents,
certified financial planners or investment advisers) to seek relevant information is done in which
step in the financial planning process?
-Develop your financial goals
-Review and revise your financial plan
-Determine your current financial situation
-Evaluate your alternatives
-Create your financial plan of action - Answer Evaluate your alternatives
An example of a personal opportunity cost would be
-Interest lost by using savings to make a purchase
-Higher earnings on savings that must be kept on deposit a minimum of six months
-Lost wages due to continuing as a full-time student
-Time comparing several brands of personal computers
-Having to pay a tax penalty due to not having enough withheld from your monthly salary -
Answer Time comparing several brands of personal computers
If you are denied credit, you can contact the credit bureau and ask for a copy of your credit
report. The bureau cannot charge a fee for this service as long as you ask to see your files within
of notification that your credit application has been denied.
,-90 days - Answer -60 days
Which of the following is a disadvantage of renting?
-Renters have fewer responsibilities than home owners
-Tenants cannot take tax deductions for mortgage interest and property taxes
-Renters usually do not have to be concerned with maintenance and repairs
-Taking possession of a rental unit is less expensive than buying a home
-Renting can be more convenient for those who move frequently - Answer Tenants cannot
take tax deductions for mortgage interest and property taxes
Wanda bought a certificate of deposit and automatically received a free bike. She purchased a
-Bump-up CD
-Callable CD
-Portfolio CD
-Promotional CD
-Indexed CD - Answer Promotional CD
The number of personal financial records a household has to organize may seem overwhelming.
How long should you keep documents relating to the purchase and sale of real estate?
-Until the mortgage is paid off
-Until you move out of the house
-Three years
-Seven years
-Indefinitely - Answer Indefinitely
Pauline just submitted an offer on her dream home. As evidence of good faith, she also included
a(n)
-Appraisal
, The question "What are your assets and net worth?" relates to
-Character
-Capacity
-Capital
-Collateral
-Conditions - Answer Capital
An IRS agent visited Henry's home to verify some information on his tax return. This visit was
called a(n)
-Correspondance audit
-Office audit
-Home audit
-Field audit
-Detailed audit - Answer Field audit
As a result of being an armed services veteran, Dan should be eligible for a(n)
-ARM
-FHA loan
-Negative amortization
-Payment cap
-VA loan - Answer VA loan
Which of the following is a liquid asset?
-Savings/money market accounts
-Cash surrender value of life insurance
-Checking account balance
