Unit 4 Review (PF)
Quiz by Mrs. Baker
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12 questions
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- Q1I am trying to AVOID interest on my credit card. How can I do that?Make the minimum monthly paymentPay the interest rate in advance before the deadlinePay your balance off before the deadlinePay the minimum monthly payment + interest %30s
- Q2My credit card disclosure has a range of interest rates (see below) what does that mean??? Your interest rate will most likely be based on ....... ? Ex: 9.99% - 23.99%Your # of hours worked per pay periodYour credit scoreYour income levelYour total amount spent on the credit card30s
- Q3What's important to know about an "introductory rate" for a credit card promotion like the example below? Ex: 0% APR for the first 6 monthsCan I use this card for online shopping during the intro. period?What type of credit card is it (Visa or Mastercard)?What things can I buy with this credit card?What is the APR after the intro. period?30s
- Q4A credit card promotion is offering 7% cash back for all new card holders. Which question below would be the most important to know regarding that 7%?What credit reporting agency does it report to when I earn the 7%?Can I use this card online to make purchases?What items / purchases does this apply to?What kind of card is it (Visa or Mastercard)?30s
- Q5Which of the following is an ADVANTAGE of getting a 15 year mortgage?Higher monthly paymentsLarger down payment requirementPaying off the home fasterLowering your credit score30s
- Q6Which of the following is an ADVANTAGE of getting a 30 year mortgage?More flexibility with your budgetHigher interest ratePaying off the home fasterHigher monthly payment30s
- Q7Which of the following is a CON of choosing to LEASE a carLow monthly paymentDown payment required to get the low monthly paymentNo sales tax required at time of purchaseNo annual property tax bill30s
- Q8Sarah is trying to decide which mortgage option is best for her. Here's a breakdown of her budget: Car payment $320 Insurance $90 Student Loans $115 Cell phone & Internet $120 Credit card balance $1200 (total) Which mortgage option would be best for her & why?30 year mortgage ; make extra payments when possible15 year mortgage ; pay it off as soon as possible120s
- Q9Which of the following is NOT one of the 3 credit reporting agencies?Credit KarmaEquifaxExperianTransunion20s
- Q10With the "Drive Free Method" which of the following is the 1st step?Using cash to buy a cheap, affordable, reliable car (ex: $900-1500)Sell your used car and use the cash to buy another carInvest your monthly car payments into a mutual fund that earns 8-10% interest while you're savingMake monthly car payments to yourself20s
- Q11John is purchasing a $180,000 home. The bank requires a 15% down payment. How much does he need to save?$27,000$2,700,000$20,700$2,700120s
- Q12Rachel is purchasing her first home and was able to get an FHA loan for down payment assistance. The program offers 15%, but the bank requires a full 20%, so she will have to come up with the difference. She has been pre-approved for a $200,000 home. How much will she need to save?$10,000$15,000$20,000$1,000120s