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