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Personal Finance Unit 6

Quiz by Christina McLamb

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26 questions
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  • Q1
    Megan’s credit card statement indicates that she is now paying a penalty APR. Which scenario best describes why?
    Megan’s card had a lower introductory interest rate for the first year and now the interest rate has increased, as stated on her contract.
    Megan’s credit card payment has been paid in full each of the last 6 months.
    The new computer Megan purchased made her account go over the credit limit for 1 week, until the credit card company processed her credit card statement.
    Megan missed making her January and February credit card payments while she was participating in her college’s Study Abroad program when the friend she left in charge of sending the payments in forgot.
  • Q2
    Jenny is 18 years old and has applied for credit for the first time. Her credit application was declined because she has no credit history. What should be recommended in order for Jenny to build a positive credit history?
    Jenny should acquire several credit cards to establish that she can manage them responsibly.
    Jenny should obtain a secured credit card.
    Jenny should apply for a different type of credit. Since she was applying for a bank loan, she should apply for a credit card.
    Jenny should reapply for the same credit but include a letter of recommendation from someone who knows her well and can vouch for her character.
  • Q3
    In which scenario should renters insurance be considered?
    Steve and Teri have purchased a home in a rural area.
    Zach and Leah have rented an apartment in an urban area.
    Don and Denise are landlords for several rental properties.
    Tim and Hanna are living with his parents in the basement of their home for six months while flood damage is being repaired in their home. They are paying his parents rent during the time they are living in their home.
  • Q4
    Insurance can be purchased to protect one from which losses?
    Health care expenses
    Stock market losses
    Car maintenance
    Maintaining the price of your home
  • Q5
    Matt wants to guard his personal information. Which personal information is least likely to be used by scammers?
    Driver’s license numbers
    Phone numbers
    Credit card numbers
    Bank account numbers
  • Q6
    Edward wants to develop a positive credit history. How should he do this?
    Maintain reasonable amounts of available credit
    Have one type of credit account
    Open credit accounts in his parents’ names
    Pay cash for the majority of purchases
  • Q7
    If a person drives an automobile, they are required by law to have automobile liability insurance. In which situation would this type of policy protect the policyholder?
    James backed into a vehicle in the grocery store parking lot and caused $2,000 in damages to his own car and $3,000 in damages to the other vehicle.
    An uninsured driver ran a stoplight, hit James’ car, and caused $2,000 in damages to James’ car and $3,000 in damage to his own vehicle.
    James hit a deer while driving to work on a foggy morning, killing the deer and causing $2,000 in damage to his car.
    James’ car was in the parking lot at work during a severe hailstorm where $2,000 damage was done to his vehicle.
  • Q8
    Evan is writing a scholarship essay about the importance of responsible money management. He wants to explain the meaning of borrowing. Which would explain the importance of understanding the process of borrowing money?
    Borrowing is an important part of a responsible financial plan.
    Borrowing strongly affects the present self but has less impact on the future self.
    Borrowing builds a strong credit history because it requires individuals to file a credit report.
    When you are borrowing, you are spending future income.
  • Q9
    Rent is defined as:
    an advance payment for costs beyond normal wear and tear.
    the fee charged for performing property management tasks.
    the purchase price of a housing unit.
    the cost of using someone else’s property.
  • Q10
    Which action will not make an individual vulnerable to identity theft?
    Paying cash for a movie ticket
    Throwing mail in the garbage
    Using a computer without updated spyware protection
    Responding to an email from one’s depository institution
  • Q11
    Jake’s credit application has been declined because of his negative credit history. Which is most likely to be true?
    Jake holds 2 store credit cards, a bank credit card, a car loan, and a mortgage.
    Jake pays his bills consistently and on time.
    Jake has received 3 traffic tickets in the past 2 months.
    Jake has applied for 4 credit cards and a car loan in the past 6 weeks.
  • Q12
    Maggie will need to pay $120 per month in order to purchase a health insurance policy. This monthly payment is known as the:
    moral hazard.
  • Q13
    Leah is trying to explain the difference between open-end and closed-end credit to her roommate. Which should she include in her description of closed-end credit?
    Equal payments are required on a regular basis until the loan is repaid.
    Interest rates vary depending on the repayment history.
    It is a continuous loan the borrower must repay with a revolving balance.
    Credit limits vary depending on the loan balance.
  • Q14
    When Bryce attempted to borrow money at the bank, he learned that his credit score is low. Which best describes what this is likely to mean for Bryce?
    The interest rates on his loan will be lower, since his credit score is low.
    The monthly loan payments will be lower due to his lower credit score.
    The interest rates on his loan will be higher, since his credit score is low.
    The purchase price of the item he needs the loan for will be higher due to his low credit score.
  • Q15
    When may a person view his/her credit report for free?
    At any time and an unlimited number of times
    When a person has sufficient financial resources
    A person may not review his/her credit report
    Once a year, from each of the three main credit reporting agencies
  • Q16
    Charis wants to decrease the risk of fraudulent use of her credit cards. Which strategy would be the most effective?
    Carrying all credit cards in her wallet so they do not get lost
    Signing the back of her card with her signature and “Please see picture ID”
    Giving account numbers over the Internet rather than over the phone
    Using credit cards for all her purchases so she only needs to pay one bill each month
  • Q17
    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?
    $0, insurance will cover the entire medical bill
  • Q18
    To answer the essay test question about the meaning of open‐end credit, Ryan should include which statement?
    A down payment must be made before receiving a loan.
    Individuals are allowed to borrow an unlimited amount of money as long as they pay it back.
    Credit is extended in advance so the borrower does not have to apply for credit each time credit is desired.
    Payments are equal and required to be paid on a regular basis.
  • Q19
    Paxten is purchasing a new phone online. What is the best tip he should consider to do so safely and maximize his satisfaction?
    Review shipping and return policies in advance
    Always use the seller offering the lowest price
    Use a debit card
    Purchase a warranty
  • Q20
    Which is not included in an individual’s credit report?
    Account balances
    Bankruptcies and foreclosures
    Medical information
    Current and past addresses

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