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Unit 5 Lesson 3 Review
Test Description: Unit 5 Lesson 3 Personal Finance Review
Instructions: Answer all questions to get your test result.
1) A net worth statement is a list of what an individual ______, minus what they _______.
A
likes, dislike
B
has, give away
C
owns, owe
D
spends, make
2) Before completing your net worth statement, you will need to determine the current ____________ of the items you own.
A
total
B
value
C
ebay price
D
look
3) After completing an income statement, if the number is __________, then you are spending more than you earn.
A
negative
B
positive
C
small
D
big
4) The easiest way to pay down debt is to cut back on what?
A
fixed expenses
B
monthly payments
C
interest rates
D
other expenses
5) Decreasing your credit card balance automatically decreases what else?
A
income
B
interest rate
C
net worth
D
monthly expenses
6) A credit report will not include your what?
A
Employers
B
Credit score
C
Age
D
Financial history
7) Which of the following is not one of the three Cs of credit reporting?
A
Clear
B
Collateral
C
Capacity
D
Character
8) Credit reporting agencies can even do calculations to see what?
A
how much family you have
B
what your age is
C
how much you spend on clothes
D
what your gender is
9) Which of the following could NOT be offered up as collateral?
A
Car
B
House
C
Antique vase
D
Income
10) What does DTI stand for?
A
don't take interest
B
don't trace interest
C
debt trials instead
D
debt to income ratio
*select an answer for all questions
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