Final Review Part 1 Question Preview (ID: 31409)
Final Review Part 1.
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You signed an auto loan for $350, this is an example of:
a) Installment Credit
b) Revolving Credit
c) Open Credit
d) Secured Credit
You failed to pay your mortgage for 6 months and the bank foreclosed on your home. This is an example of:
a) Installment Credit
b) Revolving Credit
c) Open Credit
d) Secured Credit
What can you conclude about credit?
a) Having a good credit rating is not necessary.
b) You will not be penalized if you don't pay bills on time.
c) Having a good credit rating is very important.
d) There are no risks in obtaining credit.
Income includes all of the following EXCEPT:
a) Salary
b) A bonus
c) Gift from relative
d) Savings
Which is NOT a variable expense?
a) Doctor bills
b) Clothes
c) Mortgage
d) Entertainment
If gasoline prices doubled, what is the best way to adjust your budget?
a) Sell your car
b) Pay less important bills
c) Take out a loan
d) Cut back on your variable expenses
To help you set priorities for your needs, wants, and financial goals, which would be the most helpful?
a) Obtain much credit
b) Own many insurance policies
c) Create a list of stocks you want to buy
d) Create and maintain a budget
An example of a fixed expense is:
a) Entertainment
b) Mortgage on a home
c) Groceries
d) Household items
Which would earn the most from your deposit?
a) Savings Account
b) Checking Account
c) Money Market Account
d) Certificate of Deposit Account
You are a working high school senior and need to pay money for your expenses, which is the best method?
a) Open a Checking Account
b) Having a Money Market Account
c) Having a Savings Account
d) Put your money in a Certificate of Deposit (CD)
If you are looking to make a profit with the HIGHEST yield, what would you invest in?
a) A Retirement Fund
b) Stocks
c) U.S. Treasury Bonds
d) Corporate Bonds
Which of the following investment poses no risk to the consumer?
a) U.S. Treasury Bonds
b) Municipal Bonds
c) Mutual Funds
d) Uninsured Savings Accounts
Why is it important to have a good credit rating?
a) You will get a lower interest rate when getting a loan.
b) It will be easier to get credit.
c) It will make it easier to pay back the loan.
d) All of the above.
If you had a balance in your Checking Account of $150.00 and a check for $60.00 had not cleared, what is your true balance?
a) $110.00
b) $150.00
c) $90.00
d) $210.00
The difference between a Debit card and a Credit card is:
a) A Debit card, you promise to pay later. Using a Credit card, you promise to pay now.
b) When purchasing something using a Debit card, money is taken directly out of your account.
c) When you use a Debit card, you pay for your purchases through monthly payments.
d) When you use a Credit card, the money is taken directly out of your account.
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