Final Exam
Quiz by Diane Banach
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34 questions
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- Q11. Magda is going to finance her car purchase using an auto loan. Which statement below is accurate?Her interest rate is the total cost she’ll pay after making all of her principal and interest paymentsIt’s likely that her monthly payment will be between 4-5% of the cost of the carHer principal is the cost of the car, minus any down payment she makesChoosing a shorter term means it will take her longer to repay the loan30s
- Q22. Jaime is creating a budget for the first time and doesn’t know which to use - NET PAY or GROSS PAY. What do you tell him?“Use net pay, because it’s the total amount you’ve earned for the month.”“Use gross pay, because it’s the total amount you’ve earned minus any recurring bills you owe for the month.”“Use net pay, because it’s the total amount you’ve earned minus taxes and other deductions.”“Use gross pay, because that is the amount that is reported to the government for taxes.”30s
- Q3You are thinking of renting an apartment, what are the first three most important things you should look at before signing the leaseMaintenance, Renewal options, RentRent, Security Deposit, Term of leaseRent, pet policy, Security depositRenewal options, pet policy, utilities30s
- Q44. You have the lease in front of you and you want to know how long the lease is for, and what type of notice is required to terminate the lease, where do you look?Renewal optionsLease termMaintenance responsibilitiesRenewal options and lease term information30s
- Q55. All of the following are characteristics of a secured credit card EXCEPT…They lower the risk of banks when issuing credit to users with no credit historyThey don’t have a spending limit, so you have to be very mindful of how much you buy with themYour credit limit is dependent on the amount of your security depositThey help you build a credit history and improve your credit score30s
- Q66. Zoe buys three new lipsticks from a store at the mall. Which payment method would reduce the amount of money in her checking account?Uses her debit card and says, "Credit" when the cashier asks, "Credit or debit?"Pays with a prepaid card she loaded earlier in the monthUses her credit card and says, "Credit" when the cashier asks, "Credit or debit?"Pays with cash she had in her purse30s
- Q77. The monthly premium for Kevin’s renters insurance is $15, and his deductible is $500. During the month of April, someone breaks into his apartment and steals or destroys $2200 worth of his possessions. How much will Kevin pay and how much will the insurance pay to replace his items?Kevin pays $15 // insurance company pays $2200Kevin pays $500 // insurance company pays $2200Kevin pays $0 // insurance company pays $2200Kevin pays $500 // insurance company pays $170030s
- Q88. Which definition best describes the FAFSA?The paperwork your bank has you complete in order to take out a personal student loanThe amount of money the federal government offers you in student loansThe application you submit in order to determine eligibility for federal student aidThe paperwork you complete in order to have part of or all of your student loan debt forgiven30s
- Q99. Which of the following best describes the amount of money you'll have if you put $1000 into a savings account earning 1% annual compound interest for 10 years? You can ignore the impact of inflation in this question.Exactly $11,000$2000Exactly $1100Slightly more than $110030s
- Q1010. All of the following can be found in your credit report EXCEPT…Your checking account balance historyThe average age of your credit accountsYour credit payment historyYour total number of active credit accounts30s
- Q1111. Suppose you are trying to switch banks or open a brand new credit card. Which strategy will likely lead to the WORST long-term outcome?Spend some time comparison shopping before finalizing your decisionLook for sign-up bonuses, introductory offers make the product a real good dealReview the fine print closely, paying close attention to fee structures and interest ratesRead online reviews carefully, and consider those that align most closely to what you value30s
- Q1212. These high school seniors each bought $1500 of stuff to bring to college with them in the fall. Each one used a credit card with similar terms to make their purchases. Who will pay the LEAST interest for their purchases?Robert, who makes $300 payments per month until the debt is $0Stephan, who pays the first $1000 using graduation money and then pays $250 per month until the debt is $0Jasmine, who had saved the $1500 previously and pays off the whole balance once her bill comesNelson, who makes the minimum monthly payment each month until the debt is $030s
- Q1313. Using Target Date Funds can be beneficial for beginner investors, because...It minimizes risk by investing 50% in stocks and 50% in bondsIt will automatically adjust your assets for you over timeA fund manager customizes your asset allocations for youIt guarantees that you will have enough money for retirement and doesn’t require a lot of management30s
- Q1414. Which statement accurately describes the difference between a student loan and a scholarship or grant?Student loans are only available to a select few college students each year, while scholarships and grants are plentiful and easy to getStudent loans are a result of completing your FAFSA, while scholarships and grants are a result of winning contestsStudent loans need to be repaid, while scholarships and grants are both "gift aid" that don't need to be repaidStudent loans always come from the Federal government, while scholarships and grants always come from the college30s
- Q1515. When you have liability coverage with your auto insurance policy...Your insurance will cover your neighbor's fence repair if you crash into it backing out of the drivewayYou cannot be found liable or guilty of causing an accidentYour insurance will cover the payment for your broken windshield if your car gets broken intoYour medical bills will be covered if you're in an accident, even if you are at fault30s