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MM Chapter 1 And 2 MC Part 1
Test Description: MC 24-36
Instructions: Answer all questions to get your test result.
1) Which of the following is NOT a reason credit is marketed heavily to consumers in the US
A
There is a strong consumer demand for big ticket items
B
credit industry has become extremely profitable
C
Since 1920 credit laws in the US have been relaxed in an attempt to mainstream alternative to loan sharks for the working cla
D
use of credit is not socially accepted in the U.S.
2) During the Great Depression, New Deal policy makers came up with mortgage (home loans) and consumer lending policies that convinced banks that
A
consumer credit could be profitable
B
consumer credit was not a profitable industry
C
consumers would not be willing to use credit since borrowing money for large purchases had not previously been an option
D
they would not be able to compare with loan sharks in the industry of consumer credit
3) When it comes to managing money, success is about __% knowledge and __% behavior
A
50, 50
B
80, 50
C
60, 40
D
20, 80
4) Which of the following best explains why students should learn about personal finance?
A
learning to manage money will help you achieve a profitable career
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
personal finance skills are better learned through trial and error
5) Key components of financial planning include all of the following except
A
write out a detailed plan for accomplishing your goals
B
replace money myths with money truths
C
allow your financial planner to make all of your major money decisions
D
regularly monitor and reassess your financial plan
6) Personal financial success if primarily the result of
A
managing your money behavior
B
generous welfare and unemployment programs
C
inheriting money from your parents
D
winning the lottery
7) Which of the following is NOT a true statement?
A
As banks made higher profits, they were willing to lend more money to consumers
B
After 1970 consumer debt skyrocketed
C
Americans learned to borrow amidst post- WWII prosperity
D
The credit industry has not changed much since 1917
8) Why was the use of credit uncommon prior to 1917
A
lending money to others was not profitable
B
all of these
C
borrowing money was generally not socially acceptable
D
laws prevented lenders from charging high interest rates
9) When it comes to personal finance, it is challenging to manage your
A
friends
B
behavior
C
bank account
D
income
10) Which of the following is not a factor in becoming money smart?
A
learn the language of money
B
learn how to read your credit card statement
C
have knowledge of basic math
D
manage your behavior with money
11) Which of the following is not a benefit of understanding your own money personality?
A
none of these
B
once you know your money personality you can develop a financial plan that works for you
C
recognizing who you are allows you the opportunity to grow and learn
D
knowing your money personality allows you to excuse excessive spending because it is a part of your nature
12) The widespread financial insecurity of Americans is primarily because
A
government programs are unavailable to help people when they are disable or experience unemployment
B
the saving rate of Americans is low and many borrow in order to spend more than they earn
C
most americans save a high proportion of their income
D
income of Americans is low
*select an answer for all questions
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