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MMM Study Guide Part 2
Test Description: Q 21-40
Instructions: Answer all questions to get your test result.
1) Why should you save money
A
all of these
B
for purchases
C
for an emergency fund
D
to build wealth
2) A measure of someone's credit risk that is found using a standardized formula is a
A
annual score
B
credit score
C
report card
3) What is a program that allows students to work part time while continuing their studies?
A
work study
B
grant
C
scholarship
4) A high school emergency fund should be
A
$500
B
$1000
C
$50
5) When a lender takes back something because you didn't make a payment on it they
A
refinance it
B
destroy it
C
repossess it
6) Our culture thinks that student loan debt is ____ and the only acceptable way to pay for college.
A
necessary
B
normal
C
unusual
7) What is reason you should know how to take care of your money?
A
so someone else can take care of your money
B
to prevent future mistakes and increase your benefits
C
so you can owe people lots of money
8) Delinquency is when
A
a borrower is behind on their payments
B
a borrower is ahead on their payments
C
a borrower makes the minimum payments each month
9) You should ___ wait overnight to make a major purchase so you have time to think about it
A
always
B
sometimes
C
never
10) When it comes to managing money
A
it is 50% knowledge/50% behavior (what you do and what you know are the same)
B
it is 80% knowledge/20% behavior (what you know is more important than what you do)
C
it is 20% knowledge/80% behavior (what you do is more important than what you know)
11) Money disagreements and stress are the
A
it has no effect on relationships at all
B
leading cause of a short, unhappy marriage leading to divorce
C
main cause of long happy marriage with no problems
12) Being able to recognize a brand by its logo, song, or characteristic is known as
A
buyer recognition
B
popularity recognition
C
brand recognition
13) When you set aside money for an emergency fund you should set aside
A
3 to 6 months worth of your salary
B
1-2 weeks worth of your salary
C
1 years worth of your salary
14) What is a type of card issued by a bank that allows users to finance a purchase?
A
debit card
B
credit card
C
rewards card
15) The total estimated student loan debt unpaid is over
A
7 trillion
B
1 billion
C
1 trillion
16) How do people get into debt?
A
by putting money aside for emergencies
B
by spending more than they have
C
by saving a percentage of what they make
17) Making a budget will account for every dollar that you earn AND
A
make you buy nice expensive things
B
make your money go further
C
make you more likely to overdraft
18) What is an undergraduate academic degree awarded by colleges upon completion of 2 years of studying?
A
associates degree
B
trade school degree
C
bachelors degree
19) Debt is when you
A
make more money than you did before
B
owe money and don't have enough to pay it off
C
leave your money to someone else when you die
20) Before you can make a personal finance plan, you
A
need to get a credit card
B
need to look at how much money you have now
C
need to make a lot of money
*select an answer for all questions
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