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MM Mid-Term MC Part 1
Test Description: 1-20
Instructions: Answer all questions to get your test result.
1) Which of the following is not a factor in becoming money smart
A
have knowledge of basic math
B
learn how to read your credit card statement
C
manage your behavior with money
D
learn the language of money
2) Which of the following is not recommended in the debt snowball method of getting out of debt
A
every time you pay off a debt, you add its old minimum payment to your next debt
B
attack your debt with intensity
C
list your debts in order from smallest to largest balance and focus on paying the smallest debt off first
D
every extra dollar you get should be thrown at the largest debt first
3) Which of the following statements is false?
A
you can go to college without debt
B
a student loan is good debt
C
our culture accepts student loan debt as normal
D
you don't have to pay on your student loan while you are going to college
4) The following are types of product positioning except
A
price
B
shelf positioning
C
color
D
shelf packaging
5) Which of the following is a consequence of overdrawing your checking account
A
bounced check fee from the store
B
stress from money mismanagement
C
all the answers
D
overdraft fee from the bank
6) What factors affect a credit score
A
duration of debt
B
new debt
C
type of debt
D
all of these
7) The average repayment period for a student loan is
A
10 years
B
20 years
C
15 years
D
5 years
8) Personal financial success is primarily the result of
A
generous welfare and unemployment programs
B
managing your money behavior
C
inheriting money from your parents
D
winning the lottery
9) Individual account information is removed from your credit report seven years after the last activity on the account, except for Chapter 7 bankruptcy, which stays on your credit report for
A
30 years
B
5 years
C
1 year
D
10 years
10) Which of the following best explains why students should learn about personal finance?
A
personal finance skills are better learned through trial and error
B
learning to manage money at this stage can eliminate financial mistakes and promote huge financial benefits for the future
C
personal finance skills are highly complex and require a great deal of time to learn
D
learning to manage money will help you achieve a profitable career
11) Which of the following is not a good option when it comes to paying for your education
A
ask your parents to take out a loan
B
fill our the FAFSA application
C
plan ahead
D
get a part time job
12) Which of the following is not a factor in determining a FICO score
A
taking out a mortgage on a house
B
paying cash for all purchases
C
getting a personal loan from a bank
D
using credit cards
13) Which of the following is not a recommended step in the Drive Free method of purchasing a car
A
place your savings in a mutual fund so that your money can make more money
B
start with an inexpensive car and gradually move up in car value as your savings increase
C
explore new car dealerships for the best interest rate
D
plan your purchase in advance using the sinking fund method of saving
14) Four common marketing tactics are
A
personal selling, financing, repetition, product positioning
B
competition, financing, opportunity cost, personal selling
C
repetition, buyer's remorse, product positioning, significant purchase
D
branding, personal selling, opportunity cost, financing
15) At your age, a fully funded emergency should be
A
$5000
B
$500
C
$1000
D
$100
16) Identify which method companies are using to compete for your money by using a car salesperson
A
financing
B
personal selling
C
product positioning
D
repetition
17) What concept is best explained by the statement money spent here cannot be spent there
A
delayed gratification
B
significant purchase
C
law of diminishing return
D
opportunity cost
18) Which is true regarding FAFSA
A
FAFSA needs to be completed only once
B
FAFSA offers college loans with no interest
C
you don't have to use your family's tax information on the FAFSA
D
Not everyone is approved for financial aid after applying for FAFSA for a loan
19) Which of the following is not a reason credit is marketed heavily to consumers in the US
A
since 1920 credit laws in the US have been relaxed in an attempt to create mainstream alternative to loan sharks
B
credit industry has become extremely profitable
C
use of credit is not socially accepted in the US
D
there is a strong consumer demand for big ticket items
20) A good used car salesperson will respond to a question about a car color with
A
let me check with the manager
B
no, we don't have it in that color but we can order it
C
yes, are you looking at 48 or 60 month financing?
D
yes we have it in any color
*select an answer for all questions
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