MMM Study Guide Part 1: Question Preview (ID: 21505)

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What is the amount of money you spend that causes some pain to part with, usually about $300
a) significant purchase
b) easy purchase
c) necessary purchase

What is a copy of each check that you write?
a) carbon copy
b) a bank statement
c) a checking account

Which is a type of product positioning?
a) customer reviews
b) price
c) packaging

A specific amount of money you borrow plus the interest rate that you must pay by a certain date is
a) loan
b) interest
c) personal finance

What is a series of envelopes that you put a set amount of cash in each month for expenses like food, gas, movie night, and so on
a) envelope system
b) money system
c) organization system

The amount of money you owe in addition to what you borrow is called
a) interest
b) emergency fund
c) inflation

When you buy an item with credit and pay for it over time you
a) finance it
b) pay cash for it

co-signing a loan with a friend or family member will
a) damage your credit when they do not pay the loan
b) really, really help them out
c) ensure they will pay the loan on time each month

Caveat Emptor is Latin for
a) buyer beware
b) buyer's remorse
c) buyer's happiness

A system by which goods and services are made and given out is called
a) interest rate
b) economy
c) market

What percent of Americans live paycheck to paycheck ?
a) 25%
b) 70%
c) 5%

The steady rise of the cost of goods and services is called
a) economy
b) deflation
c) inflation

When you feel regret or concern after making a large purchase you have
a) buyers remorse
b) buyers happiness
c) no feelings

writing and following a zero based budget will
a) help you not to overspend or make impulse purchases
b) is not necessary because I do not spend money
c) cause to to overspend and go break

Earning interest on interest you have already earned is called
a) compound interest
b) wealth building
c) interest rate

When you promote a product or service by identifying it with a distinct characteristic you are ____ it.
a) branding
b) changing
c) moving

What is the amount of time you have to pay off your loan or to change the payment plan called?
a) to infinity and beyond
b) short term
c) loan term

How you and your family decided to spend and save money is called
a) personal finance
b) loan
c) economy

A typical millioniare would
a) spend less money than what he makes
b) gain a lot of debt
c) buy a shiny new car with their credit card

What is a form that is completed annually by current and prospective college students to determine their eligibility for financial aid?
b) grant
c) work study

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