MM Mid-Term MC Part 1 Question Preview (ID: 24436)
1-20.
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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) learn the language of money
d) have knowledge of basic math
Which of the following is not recommended in the debt snowball method of getting out of debt
a) every extra dollar you get should be thrown at the largest debt first
b) attack your debt with intensity
c) every time you pay off a debt, you add its old minimum payment to your next debt
d) list your debts in order from smallest to largest balance and focus on paying the smallest debt off first
Which of the following statements is false?
a) a student loan is good debt
b) you can go to college without debt
c) our culture accepts student loan debt as normal
d) you don't have to pay on your student loan while you are going to college
The following are types of product positioning except
a) price
b) color
c) shelf packaging
d) shelf positioning
Which of the following is a consequence of overdrawing your checking account
a) all the answers
b) overdraft fee from the bank
c) stress from money mismanagement
d) bounced check fee from the store
What factors affect a credit score
a) all of these
b) type of debt
c) new debt
d) duration of debt
The average repayment period for a student loan is
a) 10 years
b) 5 years
c) 15 years
d) 20 years
Personal financial success is primarily the result of
a) managing your money behavior
b) winning the lottery
c) inheriting money from your parents
d) generous welfare and unemployment programs
Individual account information is removed from your credit report seven years after the last activity on the account, except for Chapter 7 bankruptcy, which stays on your credit report for
a) 10 years
b) 30 years
c) 1 year
d) 5 years
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) learning to manage money will help you achieve a profitable career
c) personal finance skills are better learned through trial and error
d) personal finance skills are highly complex and require a great deal of time to learn
Which of the following is not a good option when it comes to paying for your education
a) ask your parents to take out a loan
b) get a part time job
c) plan ahead
d) fill our the FAFSA application
Which of the following is not a factor in determining a FICO score
a) paying cash for all purchases
b) taking out a mortgage on a house
c) getting a personal loan from a bank
d) using credit cards
Which of the following is not a recommended step in the Drive Free method of purchasing a car
a) explore new car dealerships for the best interest rate
b) plan your purchase in advance using the sinking fund method of saving
c) start with an inexpensive car and gradually move up in car value as your savings increase
d) place your savings in a mutual fund so that your money can make more money
Four common marketing tactics are
a) personal selling, financing, repetition, product positioning
b) branding, personal selling, opportunity cost, financing
c) competition, financing, opportunity cost, personal selling
d) repetition, buyer's remorse, product positioning, significant purchase
At your age, a fully funded emergency should be
a) $500
b) $5000
c) $100
d) $1000
Identify which method companies are using to compete for your money by using a car salesperson
a) personal selling
b) financing
c) repetition
d) product positioning
What concept is best explained by the statement money spent here cannot be spent there
a) opportunity cost
b) significant purchase
c) law of diminishing return
d) delayed gratification
Which is true regarding FAFSA
a) Not everyone is approved for financial aid after applying for FAFSA for a loan
b) FAFSA offers college loans with no interest
c) FAFSA needs to be completed only once
d) you don't have to use your family's tax information on the FAFSA
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 US
b) credit industry has become extremely profitable
c) there is a strong consumer demand for big ticket items
d) since 1920 credit laws in the US have been relaxed in an attempt to create mainstream alternative to loan sharks
A good used car salesperson will respond to a question about a car color with
a) yes, are you looking at 48 or 60 month financing?
b) no, we don't have it in that color but we can order it
c) let me check with the manager
d) yes we have it in any color
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