MM Chapter 1 And 2 MC Part 1 Question Preview (ID: 23429)
MC 24-36.
TEACHERS: click here for quick copy question ID numbers.
Which of the following is NOT a reason credit is marketed heavily to consumers in the US
a) use of credit is not socially accepted in the U.S.
b) credit industry has become extremely profitable
c) Since 1920 credit laws in the US have been relaxed in an attempt to mainstream alternative to loan sharks for the working cla
d) There is a strong consumer demand for big ticket items
During the Great Depression, New Deal policy makers came up with mortgage (home loans) and consumer lending policies that convinced banks that
a) consumer credit could be profitable
b) consumers would not be willing to use credit since borrowing money for large purchases had not previously been an option
c) consumer credit was not a profitable industry
d) they would not be able to compare with loan sharks in the industry of consumer credit
When it comes to managing money, success is about __% knowledge and __% behavior
a) 20, 80
b) 60, 40
c) 50, 50
d) 80, 50
Which of the following best explains why students should learn about personal finance?
a) learning to manage money at this stage can eliminate financial mistakes and promote huge financial benefits for the future
b) personal finance skills are better learned through trial and error
c) personal finance skills are highly complex and require a great deal of time to learn
d) learning to manage money will help you achieve a profitable career
Key components of financial planning include all of the following except
a) allow your financial planner to make all of your major money decisions
b) regularly monitor and reassess your financial plan
c) replace money myths with money truths
d) write out a detailed plan for accomplishing your goals
Personal financial success if primarily the result of
a) managing your money behavior
b) generous welfare and unemployment programs
c) winning the lottery
d) inheriting money from your parents
Which of the following is NOT a true statement?
a) The credit industry has not changed much since 1917
b) As banks made higher profits, they were willing to lend more money to consumers
c) After 1970 consumer debt skyrocketed
d) Americans learned to borrow amidst post- WWII prosperity
Why was the use of credit uncommon prior to 1917
a) all of these
b) lending money to others was not profitable
c) borrowing money was generally not socially acceptable
d) laws prevented lenders from charging high interest rates
When it comes to personal finance, it is challenging to manage your
a) behavior
b) bank account
c) friends
d) income
Which of the following is not a factor in becoming money smart?
a) learn how to read your credit card statement
b) manage your behavior with money
c) have knowledge of basic math
d) learn the language of money
Which of the following is not a benefit of understanding your own money personality?
a) knowing your money personality allows you to excuse excessive spending because it is a part of your nature
b) recognizing who you are allows you the opportunity to grow and learn
c) once you know your money personality you can develop a financial plan that works for you
d) none of these
The widespread financial insecurity of Americans is primarily because
a) the saving rate of Americans is low and many borrow in order to spend more than they earn
b) income of Americans is low
c) most americans save a high proportion of their income
d) government programs are unavailable to help people when they are disable or experience unemployment
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