Personal Finance Review 2 Question Preview (ID: 25815)

Review 2. TEACHERS: click here for quick copy question ID numbers.

To avoid an interest charge on a credit card. the cardholder must:
a) Pay less than the minimum due each month
b) Pay the minimum due each month
c) Pay the full amount each month

Which is considered an excellent credit score:
a) 350
b) 850
c) 1,000
d) 2,500

A debit card takes money directly out of your checking account
a) True
b) False

Not every credit card has an annual fee
a) True
b) False

The confidence in a borrower's ability and intention to repay
a) Debit
b) Savings
c) Budgeting
d) Credit

When a person has a rewards card, an example of a type of reward is:
a) Entertainment points
b) Cash back
c) Frequent flier miles
d) All of the above

What is an advantage of renting over buying?
a) Privacy
b) Tax deductions
c) mobility
d) appreciation

The difference between the value of your home and how much you still owe on your mortgage is known as:
a) Earnest money
b) Equity
c) Appreciation
d) Leverage

A major disadvantage of renting rather than buying is
a) Difficult to relocate
b) Cheaper
c) You don't make the rules

APR stands for
a) always practice reading
b) annual percentage rate
c) adjusted penalty rate

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