EPF Module Two Post Assessment Review
Quiz by Gina
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- Q1
If you make all of your homeowner's insurance premium payments and a tornado hits your home during a bad thunderstorm, what will you need to do next to repair the damage?
prepare to pay for it with your own money because insurance won't pay
pay the deductible
take out a new insurance policy
file a claim with your insurance company
300s - Q2
Brad's parents with a credit score of 750 added him to a credit card they had held for 20 years when he was 15 years old. When Brad turned 21, he wanted to open his own credit card. How did his parents' actions impact his credit score compared to applicants of the same age?
Brad's credit score was 0 because he had no established credit of his own.
Brad's credit score was lower because he had held a credit card for 6 years.
Brad's credit score was higher because he had already held a credit card for 6 years.
Brad's credit score was lower because his parents had the account for 20 years.
300s - Q3
Eric recently graduated from college and has a goal of owning his own home by the time he is 30 years old. What tool should he be using him to help him plan how to spend his money?
amortization calculator
mutual fund
credit card
budget
300s - Q4
Who should be consulted to help with estate planning and writing wills?
estate lawyer
real estate agent
insurance agent
banker
300s - Q5
Yashiro has been hired by a local fast-food restaurant. His new boss tells him to bring a voided check with him to sign paperwork so that he can be paid. What bank product will he be signing up for?
direct deposit
credit check
certificate of deposit
savings account
300s - Q6
Which of the following is a service provided by banks?
make car loans
make personal schedules
sell groceries
sell health insurance
300s - Q7
What is the recommended percentage of your monthly income that should be devoted to housing?
40%
50%
20%
30%
300s - Q8
Which of the following would you need if you decided to rent a place to live rather than purchase it?
bank loan
homeowner's insurance
renter's insurance
mortgage
300s - Q9
If interest rates are currently at 3.5% and the bank offers you a loan that is guaranteed at 2.5% for the first 5 years that cannot go higher than 8%, what type of mortgage have you taken?
adjustable-rate mortgage
fixed mortgage
lease
reverse mortgage
300s - Q10
Which of the following is a component that would MOST likely be found in a budget for a 65-year-old but not for a 25-year-old?
long term care insurance
car insurance
mortgage
student loans
300s - Q11
What category would your electricity bill that varies each month fit in?
debt
variable expenses
fixed expenses
assets
300s - Q12
What is the best type of insurance to protect your personal belongings while living in a rental property?
homeowner's insurance
renter's insurance
health insurance
life insurance
300s - Q13
Which type of mortgage would be most likely to have the lowest monthly payment?
5-year adjustable rate mortgage
10-year adjustable rate mortgage
15-year fixed rate mortgage
30-year fixed-rate mortgage
300s - Q14
Which of the following strategies is the best way to avoid paying extra fees to a bank?
never worry about your checking balance because you know you have overdraft protection
allow your bank account balance to dip below the minimum required balance
Use out-of-network ATMs to withdraw cash
set up online or phone notifications to let you know when your account balance is low
300s - Q15
What tool helps protect individuals from financially devastating events?
credit card
certificate of deposit
money market account
insurance
300s