FACS TEST Questions With Accurate Answers
When it comes to personal savings, what does the acronym PYF stand for? - Accurate answers Pay
Yourself First
List three things you learned about saving and investing - Accurate answers The degree of risk
How easy it is to get your money
The rate of return
List two short-term and two long-term savings options - Accurate answers Short term-savings
accounts, and money market accounts.
Long term-stocks, and bonds
A saver who wants her savings insured by the FDIC (Federal Deposit Insurance Corporation) wants to use
this savings option. - Accurate answers Savings account
This type of investment is essentially an IOU with a set rate of return. The issuer promises to pay the
buyer a certain sum of money at the end of a stated period plus interest payments at specific intervals.
This type of investing doesn't represent ownership in the corporation, government agency, or utility
borrowing the money - Accurate answers bond
A long-term investment usually means an investment period of one to three months. - Accurate
answers False
Stocks are insured against loss by most banks and credit unions. - Accurate answers False
By automatically reinvesting dividends, you are buying additional shares and increasing your investment.
- Accurate answers true
Interest is the fee received for the use of money. - Accurate answers true
The higher the probability that some event will happen, the more expensive the insurance premium to
protect against that event will be. - Accurate answers true
Protection against risk is the primary reason people purchase this type of policy - Accurate answers
all of the above
List the pros and cons of owning a health insurance policy - Accurate answers Pros:
-Health insurance allows you to get regular medical health care and medicine when you need it
-If you become seriously ill or injured, hospitlization and surgery bills may be covered. Cons:
-Health care insurance is expensive.
-You may be denied coverage or have limitations on office visits and specialists you
can see.
Chris is off to college this fall, but he has discovered that under his parents' health policy, he
is only covered for emergency medical care while at school. Should Chris consider purchasing
When it comes to personal savings, what does the acronym PYF stand for? - Accurate answers Pay
Yourself First
List three things you learned about saving and investing - Accurate answers The degree of risk
How easy it is to get your money
The rate of return
List two short-term and two long-term savings options - Accurate answers Short term-savings
accounts, and money market accounts.
Long term-stocks, and bonds
A saver who wants her savings insured by the FDIC (Federal Deposit Insurance Corporation) wants to use
this savings option. - Accurate answers Savings account
This type of investment is essentially an IOU with a set rate of return. The issuer promises to pay the
buyer a certain sum of money at the end of a stated period plus interest payments at specific intervals.
This type of investing doesn't represent ownership in the corporation, government agency, or utility
borrowing the money - Accurate answers bond
A long-term investment usually means an investment period of one to three months. - Accurate
answers False
Stocks are insured against loss by most banks and credit unions. - Accurate answers False
By automatically reinvesting dividends, you are buying additional shares and increasing your investment.
- Accurate answers true
Interest is the fee received for the use of money. - Accurate answers true
The higher the probability that some event will happen, the more expensive the insurance premium to
protect against that event will be. - Accurate answers true
Protection against risk is the primary reason people purchase this type of policy - Accurate answers
all of the above
List the pros and cons of owning a health insurance policy - Accurate answers Pros:
-Health insurance allows you to get regular medical health care and medicine when you need it
-If you become seriously ill or injured, hospitlization and surgery bills may be covered. Cons:
-Health care insurance is expensive.
-You may be denied coverage or have limitations on office visits and specialists you
can see.
Chris is off to college this fall, but he has discovered that under his parents' health policy, he
is only covered for emergency medical care while at school. Should Chris consider purchasing
