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Banking and Finance Quiz 2

Ques 1: What is the approximate average return on stocks over the last century?

(a) 6%

(b) 3%

(c) 11%

(d) 16%

Answer: Option(C): 11%

Ques 2: What is the term for a single unit of stock?

(a) percent

(b) share

(c) portion

(d) part

Answer: Option(B): share

Feedback

A single unit of stock is called a share.

Ques 3: What does HSA stand for?


(a) health savings account

(b) health savings annuity

(c) health standard annuity

(d) health standard account
Answer: Option(A): health savings account
Ques 4: What factor would likely lead to a lower premium on a home insurance policy?
(a) higher deductible

(b) shorter time to maturity

(c) lower deductible

(d) higher covered amount

Answer: Option(A): higher deductible

Ques 5: What type of life insurance has a fixed premium throughout the beneficiary's life?

(a) none of these answers

(b) universal life

(c) variable life

(d) whole life

Answer: Option(D): whole life

Feedback

Whole life policies generally have fixed premiums.

Ques 6: Which term refers to the money an insurance company pays to policyholders relative to the premiums it receives?

(a) combined ratio


(b) expense ratio

(c) premium ratio

(d) loss ratio
Answer: Option(D): loss ratio

Feedback

The loss ratio is payouts to policyholders/premiums received.

Ques 7: What is the approximate contribution limit on an IRA as of 2019 for a person who is 40 years old?


(a) $19,000

(b) $56,000

(c) $26,000

(d) $5,500
Answer: Option(D): $5,500
Ques 8: What is the approximate contribution limit on a 401K as of 2019 for a person who is 40 years old?
(a) $26,000

(b) $56,000

(c) $5,500

(d) $19,000

Answer: Option(D): $19,000

Ques 9: The 4% rule applies to people entering what stage of life?

(a) their working career

(b) retirement

(c) college

(d) saving for kids college

Answer: Option(B): retirement

Ques 10: What is one type of deferred tax investment account?

(a) 401B

(b) 401K

(c) Roth 401B

(d) 403Kqa

Answer: Option(B): 401K
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