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Thank You for Completing the Michigan Schools and Government Credit Union Survey

Thank You for Completing the Michigan Schools and Government Credit Union Survey

Thank you for participating in our research.  Below you will find the answers to some of the personal financial knowledge quiz questions your answered in the survey.  For any additional questions, please contact the Walsh College Finance & Economics department at FinEconDept@walshcollege.edu


1. Suppose you have $100 in a savings account earning 2 percent interest a year. After five years, would you have more than $102, exactly $102 or less than $102?

Choose...More than $102  / Exactly $102  / Less than $102  / Don't know

 

2. Imagine that the interest rate on your savings account is 1 percent a year and inflation is 2 percent a year. After one year, would the money in the account buy more than it does today, exactly the same or less than today?

Choose...More than it does today / Exactly the same / Less than today / Don't know

 

3. If interest rates rise, what will typically happen to bond prices? Rise, fall, stay the same, or is there no relationship?

Choose...Rise / Fall / Stay the same / No relationship / Don't know

 

4. True or false: A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less.

Choose...True / False / Don't know

 

5. True or false: Buying a single company's stock usually provides a safer return than a stock mutual fund.

Choose...True / False / Don't know

 

6. Joe wins $100,000 in a contest. Two years later his friend Bob also wins $100,000 in a contest. Who is potentially wealthier as a result of their winnings?

Choose…Joe  / Bob  / They are equally wealthy / Don't know

 

7. If you work for a company with publicly traded stock, it is a good idea to have a large portion of your retirement savings invested in that company's stock.

Choose…True / False / Don't know

 

8. You have $100,000 to invest, with two investment options: 5% interest compounded annually or 5% interest compounded monthly. Assuming you make no withdrawals, which choice will result in the highest balance at the end of 5 years?

Choose…5% interest compounded annually  / 5% interest compounded monthly  / Both will yield the same balance  / Don’t know


9. If someone is on a limited budget and needs life insurance, what is likely the best option?

Choose…Permanent life insurance  / Term life insurance / Whole life insurance / Don't know (4)

 

10. In general, withdrawals during retirement are tax-free for the following accounts:

Choose…Traditional IRA / Roth IRA / Both / Neither / Don’t know 

 

Walsh College is accredited by The Higher Learning Commission of the North Central Association of Colleges and Schools (www.ncahlc.org; phone: 312-263-0456). Specific degree programs are accredited by the Accreditation Council for Business Schools and Programs (ACBSP, www.acbsp.org) and the International Assembly for Collegiate Business Education (IACBE, www.iacbe.org).

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