Financial Pitfalls
2 years ago
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20 QuestionsShow answers
  • Question 1
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    Q.

    Which of the following is a financial mistake?

    answer choices

    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

  • Question 2
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    Q.

    Why isn't getting a large tax refund the best money habit?

    answer choices

    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

  • Question 3
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    Q.

    Which of Monique's actions is a classical financial pitfall?

    answer choices

    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

  • Question 4
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    Q.

    When might it be a good idea to see a financial advisor?

    answer choices

    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

  • Question 5
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    Q.

    How do people get trapped in the payday loan cycle?

    answer choices

    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

  • Question 6
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    Q.

    True or False: Most borrowers use payday loans to cover emergencies.

    answer choices

    True

    False

  • Question 7
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    Q.

    Who are the primary lenders of title loans? (hint: choose 2 correct answers)

    answer choices

    Local banks and financial institutions

    Mom and Pop lenders

    A few private institutions

    Large, publicly traded companies

  • Question 8
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    Q.

    If you decide to pawn an item of yours, which of the following is TRUE?

    answer choices

    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

  • Question 9
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    Q.

    What strategies do most predatory lenders use to attract customers? (hint: choose 2 correct answers)

    answer choices

    Short-term loans

    High interest rates

    Quick access to cash

    Credit score is not taken into consideration

  • Question 10
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    Q.

    What is a disadvantage of a rent-to-own transaction?

    answer choices

    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

  • Question 11
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    Q.

    What can help you avoid a financial pitfall if you move in with your significant other?

    answer choices

    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

  • Question 12
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    Q.

    When lending money to friends and/or family...(hint: choose 3 correct answers)

    answer choices

    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

  • Question 13
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    Q.

    What is a risk of co-signing a loan for a family or friend?

    answer choices

    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

  • Question 14
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    Q.

    If you win the lottery, you should NOT...

    answer choices

    tell a select, few people

    consult a financial advisor

    abandon having a budget

    pay off your debts

  • Question 15
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    Q.

    The probability of winning the lottery is...

    answer choices

    1 in 1,000,000

    1 in 75,000,000

    1 in 100,000,000

    1 in 175,000,000

  • Question 16
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    Q.

    Which of the following is TRUE about missing a credit card payment? (hint: choose 3 correct answers)

    answer choices

    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

  • Question 17
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    Q.

    Under Chapter 13 bankruptcy, you...

    answer choices

    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

  • Question 18
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    Q.

    If you declare bankruptcy, which of the following debts will NOT be discharged? (hint: choose 3 correct answers)

    answer choices

    Student loans

    Employer withholding taxes

    Credit card debt

    Mortgage and auto loans

  • Question 19
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    Q.

    How can identity theft impact you?

    answer choices

    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

  • Question 20
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    Q.

    Filing for bankruptcy is a big deal! Which is a consequence of filing for bankruptcy?

    answer choices

    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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