Money Matters 3 And 4 Modified Study Review: Question Preview (ID: 23843)

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

Writing and following a zero-baed budget will
a) help you not to overspend or make impulse purchases
b) is not necessary because I do not spend money
c) cause you to overspend and go broke

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

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

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

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

Which of the following will NOT help you get out of debt?
a) borrowing more money
b) selling some of your belongings to make more money
c) working overtime for extra money

A variable expense is one that
a) changes every month
b) changes every year
c) always stays the same

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

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

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

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

Which is a good way to drive free when purchasing a car
a) buy a used, reliable car with cash to start with and put money in savings to build up for a new car
b) buy the most expensive car and put it on your credit card
c) take out a loan with the best interest rates

Paying off your debt using the snowball method methods means,
a) You pay off the smallest debt first with the largest payments
b) you pay off the biggest debt first with the smallest payments
c) you put the same amount of money towards each of your debts

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

What allows a lender to take money from a borrower's paycheck?
a) garnishment
b) bankruptcy
c) foreclosure

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

An expense that remains the same each month is known as
a) a fixed expense
b) a monthly expense
c) a flexible expense

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

What is an ATM card?
a) a card that you can use to take or put money into your account
b) a credit card that you can lease items on
c) a card that you can use to pay bills with automatically

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