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- 1. Multiple Choice
College students receive an average of four phone calls and five mailings each month encouraging them to:
Get a job
Go to graduate school
Apply for credit cards
Open a bank account
- 2. Multiple Choice
Debt is a wise financial choice because of the rewards you get back.
True
False
- 3. Multiple Choice
Debt has been marketed to us for so long, most people struggle to imagine life without it.
True
False
- 4. Multiple Choice
The 1910 Sears Catalog said, "Buying on credit is the best thing you can do."
True
False
- 5. Multiple Choice
What myth do students believe about debt in college?
That they can buy whatever they want while in college and can pay for it later.
That they shouldn't buy anything in college and save all their money.
That debt doesn't count before they turn 21.
You can only collect debt from things like credit cards.
- 6. Multiple Choice
A cool looking car isn't necessary for school.
True
False
- 7. Multiple Choice
Loaning money to a friend or a relative is helping them.
True
False
- 8. Multiple Choice
Banks require a co-signer because they know:
The person signing the loan won't repay the loan
You know the person better
The person signing the loan just needs a little help
Money doesn't grow on trees
- 9. Multiple Choice
What percentage of millionaires started with nothing?
0%
80%
10%
25%
- 10. Multiple Choice
Cash advance, rent-to-own, title pawning, and payday lending are services to lower income people to help them get ahead.
True
False
- 11. Multiple Choice
If you're poor and you do rich people stuff, like saving and budgeting, you'll
End up rich
Stay poor for the rest of your life
Bounce back and forth between wealthy and broke
Do nothing
- 12. Multiple Choice
Most millionaires have become millionaires by:
Playing the lottery
Inheriting their fortune
Buying and paying cash for used cars
Stealing from the poor
- 13. Multiple Choice
The average car payment in the USA today is:
$103 a month
$464 a month
$58 a month
$1216 a month
- 14. Multiple Choice
The most expensive way to finance and operate a vehicle is:
A car lease
Paying cash for a car
Taking out a car loan
Borrowing the car from a friend
- 15. Multiple Choice
The questions of broke people are:
"How much down?" and "How much a month?"
"How much?" and "What deal will you give me for cash?"
"What's the value of the car?" and "How much will you take?"
"Where's the closest ATM?" and "Would you like that cash or check?"
- 16. Multiple Choice
The term "upside down" when it comes to cars means:
You owe more than the car is worth
You've had a bad accident in a car with payments
You've paid off the car
You're leasing a car
- 17. Multiple Choice
Never take out more than a ______________ fixed-rate mortgage.
5-year
15-year
30-year
10-year
- 18. Multiple Choice
If you pay a $225,000 Mortgage at 6% for 15 years rather than 30 years, you'll save $143,874.
True
False
- 19. Multiple Choice
You can run a debit card as a credit card to get the same protection as a credit card.
True
False
- 20. Multiple Choice
It's a myth that you need a credit card to rent a car or make a purchase online.
True
False
- 21. Multiple Choice
When McDonald's first went plastic, they saw that the average ticket order of $4.75 ______________ to ______________ .
Increase; $5.10
Decrease; $3.75
Increase; $7.00
Decrease; $4.00
- 22. Multiple Choice
According to 75% of the Forbes 400 list, the #1 key to wealth building is to:
Lease cars and keep at least 2 credit cards for AirMiles
Sign-up for a 30-year adjustable rate mortgage
Gamble in small accounts
Become and then stay debt-free
- 23. Multiple Choice
Thirty-five percent of how a FICO score is calculated is based on:
How much money you have in the bank
Your debt history
The type of debt you carry
How much debt you have minus what you have in the bank
- 24. Multiple Choice
About 80% of identities are stolen by people you know.
True
False
- 25. Multiple Choice
It takes the average consumer about _____________ hours to clean up the mess when their identity is stolen.
600
50
5
1200
- 26. Multiple Choice
The typical millionaire drives reliable used cars.
True
False
- 27. Multiple Choice
If you spread a myth long enough, what happens?
Nothing; it is still a myth
It becomes accepted as the truth
It depends on where the myth is spread
Nothing; myths aren't spread
- 28. Multiple Choice
Individual account information is removed from your credit report seven years after the last activity on the account, except for Chapter 7 bankruptcy, which stays on your credit report for:
1 year
10 years
5 years
20 years
- 29. Multiple Choice
Which of the following is not a factor in determining a FICO score?
Getting a personal loan from a bank
Using credit cards
Paying cash for all purchases
Taking out a mortgage on a house
- 30. Multiple Choice
A detailed report of an individual’s credit history.
Credit report
Cash flow statement
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