Personal Finance Review 4: Question Preview (ID: 9980)

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Why is getting a cash advance on your credit card more costly than charging merchandise?
a) A higher interest rate is charged on a cash advance.
b) There is no grace period.
c) Purchases must be paid off before your payments will count towards the cash advance.
d) all of the above

Which of the following might be the least expensive source for getting a loan?
a) a local bank
b) credit union that you are a member of
c) a local savings and loan
d) a consumer finance company

Which of the following would be the best choice to get a loan and start building a good credit history?
a) borrowing from a consumer finance company
b) taking out a payday loan
c) taking your valuable ring to the pawnshop
d) borrowing against your tax refund

What action should you take first if you see that your debt is mounting?
a) consolidate your loans
b) file bankruptcy
c) stop using your credit cards
d) get a credit card cash advance

32: Which of the following is not a secured loan?
a) cash loan to get through a temporary lay-off
b) auto loan
c) home equity loan to put on a new roof
d) 30-yearm fixed rate mortgage

How do businesses make additional money on gift cards?
a) Most shoppers spend more than the amount on the gift card.
b) Many shoppers do not use the gift card.
c) Many shoppers do not use up the entire amount on a gift card.
d) all of the above

Which of the following could a sole proprietor put money in to invest for retirement?
b) Form W-2
c) Schedule C
d) IRA

Which of the following topics would not appear in a company policy handbook?
a) standards of conduct
b) online job sites
c) medical and family leave
d) performance reviews

When a business earns more money than it spends, the entrepreneur is paid from the
a) investment
b) commision
c) profits
d) royalties

A business in which the owners have little personal responsibility for the company’s debts and actions is called a
a) franchise.
b) limited liability company.
c) sole proprietorship.
d) partnership.

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