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Personal Finance Review 2
Test Description: Review 2
Instructions: Answer all questions to get your test result.
1) To avoid an interest charge on a credit card. the cardholder must:
A
Pay the minimum due each month
B
Pay less than the minimum due each month
C
Pay the full amount each month
2) Which is considered an excellent credit score:
A
350
B
1,000
C
2,500
D
850
3) A debit card takes money directly out of your checking account
A
False
B
True
4) Not every credit card has an annual fee
A
False
B
True
5) The confidence in a borrower's ability and intention to repay
A
Budgeting
B
Debit
C
Credit
D
Savings
6) When a person has a rewards card, an example of a type of reward is:
A
Entertainment points
B
Frequent flier miles
C
All of the above
D
Cash back
7) What is an advantage of renting over buying?
A
Tax deductions
B
Privacy
C
appreciation
D
mobility
8) The difference between the value of your home and how much you still owe on your mortgage is known as:
A
Leverage
B
Appreciation
C
Earnest money
D
Equity
9) A major disadvantage of renting rather than buying is
A
Cheaper
B
You don't make the rules
C
Difficult to relocate
10) APR stands for
A
annual percentage rate
B
adjusted penalty rate
C
always practice reading
*select an answer for all questions
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