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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
use of credit is not socially accepted in the U.S.
B
Since 1920 credit laws in the US have been relaxed in an attempt to mainstream alternative to loan sharks for the working cla
C
There is a strong consumer demand for big ticket items
D
credit industry has become extremely profitable
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 was not a profitable industry
B
consumers would not be willing to use credit since borrowing money for large purchases had not previously been an option
C
they would not be able to compare with loan sharks in the industry of consumer credit
D
consumer credit could be profitable
3) When it comes to managing money, success is about __% knowledge and __% behavior
A
80, 50
B
60, 40
C
20, 80
D
50, 50
4) Which of the following best explains why students should learn about personal finance?
A
personal finance skills are highly complex and require a great deal of time to learn
B
learning to manage money will help you achieve a profitable career
C
learning to manage money at this stage can eliminate financial mistakes and promote huge financial benefits for the future
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
allow your financial planner to make all of your major money decisions
C
replace money myths with money truths
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
winning the lottery
D
inheriting money from your parents
7) Which of the following is NOT a true statement?
A
After 1970 consumer debt skyrocketed
B
As banks made higher profits, they were willing to lend more money to consumers
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
laws prevented lenders from charging high interest rates
B
lending money to others was not profitable
C
all of these
D
borrowing money was generally not socially acceptable
9) When it comes to personal finance, it is challenging to manage your
A
income
B
bank account
C
friends
D
behavior
10) Which of the following is not a factor in becoming money smart?
A
learn how to read your credit card statement
B
have knowledge of basic math
C
manage your behavior with money
D
learn the language of money
11) Which of the following is not a benefit of understanding your own money personality?
A
none of these
B
recognizing who you are allows you the opportunity to grow and learn
C
knowing your money personality allows you to excuse excessive spending because it is a part of your nature
D
once you know your money personality you can develop a financial plan that works for you
12) The widespread financial insecurity of Americans is primarily because
A
income of Americans is low
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
government programs are unavailable to help people when they are disable or experience unemployment
*select an answer for all questions
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