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Money Matters 3 And 4 Modified Study Review
Test Description: Modified Study Review
Instructions: Answer all questions to get your test result.
1) What is the amount of time you have to pay off your loan or to change the payment plan called?
A
to infinity and beyond
B
short term
C
loan term
2) Writing and following a zero-baed budget will
A
is not necessary because I do not spend money
B
cause you to overspend and go broke
C
help you not to overspend or make impulse purchases
3) What percent of Americans live paycheck to paycheck?
A
25%
B
70%
C
5%
4) Co-signing a loan with a friend or family member will
A
really, really help them out
B
ensure they will pay the loan on time each month
C
damage your credit when they do not pay the loan
5) Making a budget will account for every dollar that you earn AND
A
make you more likely to overdraft
B
make your money go further
C
make you buy nice expensive things
6) What is a type of card issued by a bank that allows users to finance a purchase?
A
rewards card
B
credit card
C
debit card
7) Which of the following will NOT help you get out of debt?
A
working overtime for extra money
B
selling some of your belongings to make more money
C
borrowing more money
8) A variable expense is one that
A
changes every month
B
changes every year
C
always stays the same
9) What is a series of envelopes that you put a set amount of cash in each month for expenses like food, gas, movie night and so on?
A
organization system
B
envelope system
C
money system
10) What is a copy of each check that you write
A
a bank statement
B
a carbon copy
C
a checking account
11) A typical millionaire would,
A
gain a lot of debt
B
spend less money that what he makes
C
buy a shiny new car with their credit card
12) A measure of someone's credit risk that is found using a standardized formula is a
A
annual score
B
report card
C
credit score
13) Which is a good way to drive free when purchasing a car
A
buy a used, reliable car with cash to start with and put money in savings to build up for a new car
B
take out a loan with the best interest rates
C
buy the most expensive car and put it on your credit card
14) Paying off your debt using the snowball method methods means,
A
you put the same amount of money towards each of your debts
B
you pay off the biggest debt first with the smallest payments
C
You pay off the smallest debt first with the largest payments
15) When a lender takes back something because you didn't make a payment on it they,
A
refinance it
B
repossess it
C
destroy it
16) What allows a lender to take money from a borrower's paycheck?
A
garnishment
B
foreclosure
C
bankruptcy
17) Delinquency is when,
A
a borrower makes the minimum payments each month
B
a borrower is ahead on their payments
C
a borrower is behind on their payments
18) An expense that remains the same each month is known as
A
a monthly expense
B
a fixed expense
C
a flexible expense
19) Money disagreements and stress are the
A
main cause of a short, unhappy marriage leading to divorce
B
it has no effect on relationships at all
C
main cause of long, happy marriage with no problems
20) What is an ATM card?
A
a credit card that you can lease items on
B
a card that you can use to take or put money into your account
C
a card that you can use to pay bills with automatically
*select an answer for all questions
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