FINA 2330 Test 2 Questions with Correct Answers Latest Update 2025/2026

FINA 2330 Test 2 Questions with Correct Answers Latest Update 2025/2026 If you have to use credit, what is the max amount you should use - Answers 50% Which of the following is NOT listed on your credit report? - Answers Gender Which of these is recommended to keep around for help in Financial Planning? - Answers Employment Records Insurance records All of the above Tax records what is the first step in setting up a budget? - Answers Gather all financial records together Per the book, how many is the max amount of credit cards you should have to help build credit? - Answers 3 Which of the following is not a credit a bureau - Answers Equitrans Change in personal net worth should do what from year to year? - Answers Increase Well planned budgets are all of the following except: - Answers Dependent on how much you pray What does the FCRA stand for? - Answers Fair Credit Reporting Act A credit report is - Answers a financial report card Change in liabilities should do what from year to year? - Answers Decrease Which is better for your solvency ratio? - Answers A high number A credit summary provides which of the following - Answers Both Number of accounts Outstanding balance If you have to be late on your monthly payments, which is the best option? - Answers 30 days Which of the following needs explicit permission for a full credit report - Answers Banks Landlords Insurance companies All of the above Which of the following is a forward looking document? - Answers Family Budget Which of the following public records is NOT listed on your credit report? - Answers Criminal Records The solvency ratio is calculated as: - Answers Net Worth / Assets The Liquidity ratio is calculated as: - Answers Current Assets / Current Liabilities Net worth equals: - Answers Assets - Liabilities You have an investment that pays the following payments: $100 a year for three years, $200 at year 4, $3000 in year 5, and $500 in year 6. Assuming 8% return on investment, what is the total future value of the payouts? - Answers $4,382.23 You have two investment choices: $1500 at 2.5% with daily compounding for one year, or $1500 at 3.0% compounded semi-annually for one year. Which is better? - Answers 3.0% semi-annually Which account pays better on a deposit of $1,000? An account paying a 5% rate with annual compounding or an account paying 4.9% with daily compounding? - Answers Daily