JTC Post Test Part 3 Question Preview (ID: 30279)
Q - 32 - 51.
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True of False - One late payment can lower your credit score.
a) TRUE
b) FALSE
c)
d)
True of False - Lets say your roommate forgot to pay a cable bill. It was entirely his fault, but your name was on the bill. This will not lower your credit score.
a) TRUE
b) FALSE
c)
d)
True or False - If an item appreciates, it decreases in price ( loses value)
a) TRUE
b) FALSE
c)
d)
True or False - You do not pay for insurance on a leased car.
a) TRUE
b) FALSE
c)
d)
True of False - All homeowner's insurance policies have the same coverage.
a) TRUE
b) FALSE
c)
d)
Dealers set mileage limits on leased vehicles.
a) TRUE
b) FALSE
c)
d)
True or False - Some American citizens never pay any form of taxes.
a) TRUE
b) FALSE
c)
d)
True or False - The amount of income you make affects the amount of federal taxes you will owe.
a) TRUE
b) FALSE
c)
d)
What type of bank account offers the easiest access to your money?
a) mutual fund
b) exchanged trades fund
c) checking
d)
How long will it take you to double $2,000 at 6% interest rate, compounded annually?
a) 2 years
b) 26 years
c) 12 years
d)
The Rule of 72 is....
a) A method of figuring out how long it will take you to double your money
b) The method banks use to determine interest rates
c) The Ruling Committee of 72 banks
d)
What is a mortgage?
a) A type of rent used to pay for housing
b) A type of loan used to buy property
c) A type of financial statistic
d)
What is a down payment?
a) A sum of money you pay on a mortgage (or other loan) up front
b) A payment that goes down, down, down
c) A payment that gains value over time as the stock market rises
d)
If you plan on moving after a year, your best option would probably be to ...
a) Buy a home
b) Rent a home
c) Lease a car
d)
What's the difference between renting and leasing?
a) Renting is paying a fee to the owner of a property; leasing is paying a fee to the holder of a laon
b) Renting gives you total control over the property rented; leasing does not
c) Nothing; they mean basically the same thing
d)
When referring to student loans, what is a grace period?
a) The time period that your library late fees affect your credit score.
b) The time period after graduating high school and before starting college
c) The time period after graduating or leaving school before you must begin paying back student loans
d)
True or False - There is such a thing as good debt.
a) TRUE
b) FALSE
c)
d)
True of False - Renting and buying mean the same thing.
a) TRUE
b) FALSE
c)
d)
True or False - Debit cards are connected to funds in your bank account.
a) TRUE
b) FALSE
c)
d)
True of False - A plan of how you will spend the money you make or receive is called a budget.
a) TRUE
b) FALSE
c)
d)
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