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Biz 8 Intro To Biz Personal Finance II
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) Leasing a vehicle means
A
you can drive it forever
B
you rent the vehicle
C
you own the vehicle
D
you build equity on the vehicle
2) T/F Since you don't own the vehicle when you lease; that means you can drive it in extreme locations like mountains and woods.
A
True
B
False
3) T/F Owning a vehicle means you will have lower monthly payments.
A
True
B
False
4) If you have young kids what would be a wiser decision
A
buying
B
leasing
5) Which is most accurate when describing U.S. saving habits.
A
as a whole country, we are very poor at it, but are making improvements
B
no one saves
C
only old people do it
D
we rock, everyone does it
6) What is the biggest reason to save and buy something with cash rather than borrowing money to buy it?
A
small interest fees
B
builds credit
C
no interest fees
D
you'll get it quicker
7) What does open-end credit mean?
A
Once you pay part of your expense you can borrow more
B
Anyone can borrow
C
This term doesn't exist
D
You have no limits on borrowing
8) The benefits of credit cards include
A
can build credit
B
not waiting to buy something
C
all of the above
D
offers additional perks
9) T/F Having a strong credit rating will cost you more in the long run.
A
True
B
False
10) The best way to build credit is to:
A
start young
B
max out your cards
C
none of the above
D
only borrow what you can't afford
*select an answer for all questions
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