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MM Mid-Term MC Part 1
Test Description: 1-20
Instructions: Answer all questions to get your test result.
1) Which of the following is not a factor in becoming money smart
A
learn the language of money
B
manage your behavior with money
C
have knowledge of basic math
D
learn how to read your credit card statement
2) Which of the following is not recommended in the debt snowball method of getting out of debt
A
every extra dollar you get should be thrown at the largest debt first
B
attack your debt with intensity
C
list your debts in order from smallest to largest balance and focus on paying the smallest debt off first
D
every time you pay off a debt, you add its old minimum payment to your next debt
3) Which of the following statements is false?
A
you don't have to pay on your student loan while you are going to college
B
our culture accepts student loan debt as normal
C
you can go to college without debt
D
a student loan is good debt
4) The following are types of product positioning except
A
color
B
shelf packaging
C
price
D
shelf positioning
5) Which of the following is a consequence of overdrawing your checking account
A
stress from money mismanagement
B
all the answers
C
bounced check fee from the store
D
overdraft fee from the bank
6) What factors affect a credit score
A
duration of debt
B
new debt
C
all of these
D
type of debt
7) The average repayment period for a student loan is
A
15 years
B
5 years
C
20 years
D
10 years
8) Personal financial success is primarily the result of
A
managing your money behavior
B
winning the lottery
C
generous welfare and unemployment programs
D
inheriting money from your parents
9) Individual account information is removed from your credit report seven years after the last activity on the account, except for Chapter 7 bankruptcy, which stays on your credit report for
A
30 years
B
1 year
C
5 years
D
10 years
10) 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
personal finance skills are highly complex and require a great deal of time to learn
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
11) Which of the following is not a good option when it comes to paying for your education
A
get a part time job
B
ask your parents to take out a loan
C
fill our the FAFSA application
D
plan ahead
12) Which of the following is not a factor in determining a FICO score
A
taking out a mortgage on a house
B
getting a personal loan from a bank
C
using credit cards
D
paying cash for all purchases
13) Which of the following is not a recommended step in the Drive Free method of purchasing a car
A
explore new car dealerships for the best interest rate
B
plan your purchase in advance using the sinking fund method of saving
C
start with an inexpensive car and gradually move up in car value as your savings increase
D
place your savings in a mutual fund so that your money can make more money
14) Four common marketing tactics are
A
competition, financing, opportunity cost, personal selling
B
repetition, buyer's remorse, product positioning, significant purchase
C
personal selling, financing, repetition, product positioning
D
branding, personal selling, opportunity cost, financing
15) At your age, a fully funded emergency should be
A
$1000
B
$5000
C
$100
D
$500
16) Identify which method companies are using to compete for your money by using a car salesperson
A
repetition
B
financing
C
personal selling
D
product positioning
17) What concept is best explained by the statement money spent here cannot be spent there
A
significant purchase
B
law of diminishing return
C
opportunity cost
D
delayed gratification
18) Which is true regarding FAFSA
A
Not everyone is approved for financial aid after applying for FAFSA for a loan
B
you don't have to use your family's tax information on the FAFSA
C
FAFSA needs to be completed only once
D
FAFSA offers college loans with no interest
19) Which of the following is not a reason credit is marketed heavily to consumers in the US
A
credit industry has become extremely profitable
B
since 1920 credit laws in the US have been relaxed in an attempt to create mainstream alternative to loan sharks
C
use of credit is not socially accepted in the US
D
there is a strong consumer demand for big ticket items
20) A good used car salesperson will respond to a question about a car color with
A
no, we don't have it in that color but we can order it
B
let me check with the manager
C
yes, are you looking at 48 or 60 month financing?
D
yes we have it in any color
*select an answer for all questions
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