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MM 3 And 4 T/F Review
Test Description: T/F for Chapter 3 and 4 Test
Instructions: Answer all questions to get your test result.
1) You must establish credit in order to buy a house
A
True
B
False
2) If you're a victim of identity theft, you're only responsible for paying back half the debt
A
False
B
True
3) You can and should obtain a free copy of your credit report annually in order to check for any suspicious activity
A
False
B
True
4) You need a credit card to rent a car or check into a hotel
A
True
B
False
5) Dave says its okay to use a credit card if you pay it off every month
A
True
B
False
6) Teens are a huge target of credit card companies today
A
False
B
True
7) Co-signing a loan is a good way to help out a friend or relative
A
True
B
False
8) Your FICO score is only affected by your debt
A
False
B
True
9) One way to get out of debt is to sell something you have
A
True
B
False
10) A payment for a 30 year mortgage is twice as much as a payment for a 15 year mortgage payment
A
False
B
True
11) When you use your debit card, the amount is automatically withdrawn from your checking account
A
False
B
True
12) The bank will charge a fee for overdrafts on your account
A
True
B
False
13) The number one cause of divorce in America is stress and disagreements over money
A
True
B
False
14) If you write a zero-based budget every month, its not necessary to reconcile your account
A
True
B
False
15) Writing and following a zero-based budget will help you avoid overspending and impulse purchases
A
True
B
False
16) Budgeting is crucial to your financial success
A
True
B
False
17) Pay yourself first, means you should assign a portion of your income to saving and investing every month
A
True
B
False
18) Online bill allows you to make payments to whomever you wish without having to write a check and send it in the mail
A
False
B
True
19) Having more than one than one bank account is never a good idea since it can complicate money management
A
True
B
False
20) Setting up automatic account transfers is the easiest way to build your savings for your emergency fund or large purchases
A
True
B
False
*select an answer for all questions
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