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- 1. Multiple Choice
Which of the following is a financial mistake?
Getting a large tax refund
Using a budget to track where your money goes
Paying the full amount on your monthly credit card bill
Save money 1st, then spend the remaining on your needs/wants
- 2. Multiple Choice
Why isn't getting a large tax refund the best money habit?
You're withholding the right amount from your paycheck
You could be putting that money towards savings/retirement
You earn interest on the refund
You have access to that money in case of an emergency
- 3. Multiple Choice
Which of Monique's actions is a classical financial pitfall?
She installed antivirus and spyware protection on her laptop
She used a secured network when working at the coffee shop
She gave her info to someone who claimed to be a bank teller
She rented her textbook via amazon.com
- 4. Multiple Choice
When might it be a good idea to see a financial advisor?
When you're successful in accomplishing your financial goals
If you got married or your tax situation changed
You're on track towards achieving your retirement goals
If your salary remains relatively the same
- 5. Multiple Choice
How do people get trapped in the payday loan cycle?
Customers usually only need to borrow money once
Lenders typically give loans out with a low APR
Customers may visit several payday loan lenders to get $
Lenders typically give out long-term loans
- 6. Multiple Choice
True or False: Most borrowers use payday loans to cover emergencies.
True
False
- 7. Multiple Choice
Who are the primary lenders of title loans? (hint: choose 2 correct answers)
Local banks and financial institutions
Mom and Pop lenders
A few private institutions
Large, publicly traded companies
- 8. Multiple Choice
If you decide to pawn an item of yours, which of the following is TRUE?
You will not pay extra charges besides the APR
The loan amount is usually = to the value of your item
You cannot sell an item to a pawnshop
If you don't come back for you item, the pawnshop keeps it
- 9. Multiple Choice
What strategies do most predatory lenders use to attract customers? (hint: choose 2 correct answers)
Short-term loans
High interest rates
Quick access to cash
Credit score is not taken into consideration
- 10. Multiple Choice
What is a disadvantage of a rent-to-own transaction?
A credit check is not always necessary
There are usually no down payments needed
The consumer ends up paying more than the value of the item
The item may be delivered to your house or apartment
- 11. Multiple Choice
What can help you avoid a financial pitfall if you move in with your significant other?
Have one person pay the security deposit
Join your finances into shared accounts
Purchase pieces of furniture separately
Verbally agree on how you want to share expenses
- 12. Multiple Choice
When lending money to friends and/or family...(hint: choose 3 correct answers)
Say "yes" 90% of the time to their requests and "no" 10%
Be firm and clear in your communication
Figure out other ways you can help, such as a yard sale
Get everything in writing
- 13. Multiple Choice
What is a risk of co-signing a loan for a family or friend?
You are likely to get a higher APR
You have a shorter loan term
You become the primary borrower on the loan
You may be held responsible for the debt
- 14. Multiple Choice
If you win the lottery, you should NOT...
tell a select, few people
consult a financial advisor
abandon having a budget
pay off your debts
- 15. Multiple Choice
The probability of winning the lottery is...
1 in 1,000,000
1 in 75,000,000
1 in 100,000,000
1 in 175,000,000
- 16. Multiple Choice
Which of the following is TRUE about missing a credit card payment? (hint: choose 3 correct answers)
Paying less than the minimum amount is NOT considered as missed
You get a bad mark on your credit report
Your interest rate may increase
You are charged a late fee
- 17. Multiple Choice
Under Chapter 13 bankruptcy, you...
repay all or part of your debt using a 3-5 year repayment plan
you have all or part of your debts discharged
must prove your income is less than the state's median family income
must get credit counseling
- 18. Multiple Choice
If you declare bankruptcy, which of the following debts will NOT be discharged? (hint: choose 3 correct answers)
Student loans
Employer withholding taxes
Credit card debt
Mortgage and auto loans
- 19. Multiple Choice
How can identity theft impact you?
You may get new credit card offers in the mail
You may be rejected for new lines of credit
You can get a lower interest rate on an existing loan
ID theft doesn't impact you, only your credit score
- 20. Multiple Choice
Filing for bankruptcy is a big deal! Which is a consequence of filing for bankruptcy?
You'll have to close any exiting accounts at banks
Credit lenders will reach out to you with new offers
Your interest rates will decrease
You won't be able to open new lines of credit
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