MMM Study Guide Part 2 Question Preview (ID: 21506)

Q 21-40.

What is an undergraduate academic degree awarded by colleges upon completion of 2 years of studying?
a) associates degree
b) bachelors degree
c) trade school degree

Making a budget will account for every dollar that you earn AND
a) make your money go further
b) make you more likely to overdraft
c) make you buy nice expensive things

How do people get into debt?
a) by spending more than they have
b) by saving a percentage of what they make
c) by putting money aside for emergencies

The total estimated student loan debt unpaid is over
a) 1 trillion
b) 7 trillion
c) 1 billion

What is a type of card issued by a bank that allows users to finance a purchase?
a) credit card
b) rewards card
c) debit card

When you set aside money for an emergency fund you should set aside
a) 1 years worth of your salary
b) 3 to 6 months worth of your salary
c) 1-2 weeks worth of your salary

Being able to recognize a brand by its logo, song, or characteristic is known as
a) brand recognition
b) buyer recognition
c) popularity recognition

Money disagreements and stress are the
a) leading cause of a short, unhappy marriage leading to divorce
b) it has no effect on relationships at all
c) main cause of long happy marriage with no problems

When it comes to managing money
a) it is 20% knowledge/80% behavior (what you do is more important than what you know)
b) it is 50% knowledge/50% behavior (what you do and what you know are the same)
c) it is 80% knowledge/20% behavior (what you know is more important than what you do)

You should ___ wait overnight to make a major purchase so you have time to think about it
a) always
b) never
c) sometimes

Delinquency is when
a) a borrower is behind on their payments
b) a borrower makes the minimum payments each month
c) a borrower is ahead on their payments

What is reason you should know how to take care of your money?
a) to prevent future mistakes and increase your benefits
b) so someone else can take care of your money
c) so you can owe people lots of money

Our culture thinks that student loan debt is ____ and the only acceptable way to pay for college.
a) unusual
b) normal
c) necessary

When a lender takes back something because you didn't make a payment on it they
a) refinance it
b) repossess it
c) destroy it

A high school emergency fund should be
a) $500
b) $50
c) $1000

What is a program that allows students to work part time while continuing their studies?
a) work study
b) grant
c) scholarship

Why should you save money
a) to build wealth
b) for an emergency fund
c) for purchases
d) all of these

A measure of someone's credit risk that is found using a standardized formula is a
a) credit score
b) report card
c) annual score

Debt is when you
a) owe money and don't have enough to pay it off
b) make more money than you did before
c) leave your money to someone else when you die

Before you can make a personal finance plan, you
a) need to look at how much money you have now
b) need to get a credit card
c) need to make a lot of money

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