Personal Finance - Unit 6 (Part 3) Question Preview (ID: 42195)


Part 3. TEACHERS: click here for quick copy question ID numbers.

Becky no longer wants to use her Clothes-R-Us store credit card. What is the best thing she could do with the credit card?
a) Let a family member take over the credit account so her credit score will not be affected.
b) Close the account by phone and in writing, then destroy the card.
c) Keep the credit card in her wallet in case she needs proof of identification.
d) File the credit card away for use at a later time.

Perry would like to purchase a new car. What should he consider first in the planned buying process?
a) Research different sellers to determine where to purchase the car from
b) Rank product features in order of importance
c) Calculate the cost of ownership
d) Evaluate the opportunity cost and trade-offs to purchasing the car

Melissa needs a vehicle and is considering leasing one. This means:
a) she would be renting the vehicle by making payments over time, although the vehicle title would remain with the lease grantor
b) her depreciation costs will likely be higher.
c) she will need to pay a larger down payment to offset the lease agreement fees.
d) she would be purchasing the vehicle by making payments over time.

Sally is researching a new tablet and conducting research using a variety of sources. What is an example of an unbiased source?
a) Product review from a seller
b) A product review from an independent company
c) Product review from an individual making money from the sale
d) A product review that is five years old

Paying the minimum payment on a credit card every month will:
a) help the cardholder create a plan for paying off a credit card in a decent amount of time.
b) pay a large percentage of the total balance owed every month.
c) allow the cardholder to avoid paying any interest charges.
d) make the final amount paid substantially higher than the amount initially charged to the card.

When making food decisions, which is likely to be the least expensive?
a) Ready-to-eat foods
b) Fast food restaurants
c) Full-service restaurants
d) Convenience foods

A rental agreement is often referred to as:
a) a lease.
b) renters insurance.
c) a mortgage.
d) an amenity.

Megan’s credit card statement indicates that she is now paying a penalty APR. Which scenario best describes why?
a) Megan’s credit card payment has been paid in full each of the last 6 months.
b) She missed two credit card payments while she was studying abroad; her friend forgot to pay them even though she agreed to.
c) Her card had a lower introductory interest rate for the first year; now the interest rate increased, as stated on contract
d) The computer she bought made account go over the credit limit for 1 week, until the credit company processed her statement.

James received his first medical bill of the year. It was a total of $1,000. His health insurance policy has a $500 deductible and a 20% co‐insurance. How much of the medical bill will James be responsible to pay?
a) $700
b) $600
c) $0, insurance will cover the entire medical bill
d) $500

Chad has decided to rent an apartment. His landlord explained to him that he would need to pay a refundable fee to cover any potential damages that might occur while Chad is living in the apartment. This fee is called the:
a) amenities.
b) security deposit.
c) rental agreement.
d) down payment.

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