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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
has, give away
B
likes, dislike
C
spends, make
D
owns, owe
2) Before completing your net worth statement, you will need to determine the current ____________ of the items you own.
A
ebay price
B
look
C
total
D
value
3) After completing an income statement, if the number is __________, then you are spending more than you earn.
A
big
B
small
C
negative
D
positive
4) The easiest way to pay down debt is to cut back on what?
A
monthly payments
B
other expenses
C
interest rates
D
fixed expenses
5) Decreasing your credit card balance automatically decreases what else?
A
net worth
B
income
C
interest rate
D
monthly expenses
6) A credit report will not include your what?
A
Financial history
B
Employers
C
Credit score
D
Age
7) Which of the following is not one of the three Cs of credit reporting?
A
Clear
B
Capacity
C
Collateral
D
Character
8) Credit reporting agencies can even do calculations to see what?
A
what your gender is
B
how much family you have
C
what your age is
D
how much you spend on clothes
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
debt to income ratio
B
don't trace interest
C
debt trials instead
D
don't take interest
*select an answer for all questions
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