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- 1. Multiple Choice
Using a loan could help you with the purchase of which of the following>
A new television
A dream wedding
A house
Airline tickets to your dream vacation.
- 2. Multiple Choice
When are loans a good option to use?
To pay for airline tickets to your dream vacation
When paying for higher education
To buy that new television
For a dream wedding
- 3. Multiple Choice
What should you NOT use a loan to purchase?
A house
Tuition for higher education
Airline tickets to your dream vacation
A car
- 4. Multiple Choice
Which item is important to consider when selecting a credit card?
Annual Percentage Rate (APR)
Fees
The look of the credit card
Both APR and fees
- 5. Multiple Choice
Which of these items is NOT important to consider when selecting a credit card?
Annual Percentage Rate (APR)
The look of the credit card
Credit limit
Penalties and fees
- 6. Multiple Choice
Annual Percentage Rate (APR), credit limit, and penalties and fees are important to consider when
Choosing a financial advisor
Choosing a credit card
Looking at your credit score
Selecting a financial institution
- 7. Multiple Choice
What in NOT a benefit of having a good credit score?
When you need a loan, you'll have more loan offers to pick from.
You'll get better interest rates on your loans.
It will be easier to get an apartment.
You'll get accepted to better education institutions.
- 8. Multiple Choice
What is a benefit of having a good credit score?
Loan sharks will be less likely to bother you.
You'll get accepted to better education institutions.
You'll get more job offers.
When you need a loan, you'll have more loan offers to pick from.
- 9. Multiple Choice
Having a great credit score will make it easier for you to get into a better educational institution.
True
False
- 10. Multiple Choice
Secured loans are less costly than unsecured loans because
They usually have a lower interest rate.
They required collateral.
They are less risky for the financial institution.
All of these are true.
- 11. Multiple Choice
The cost of a secured loan is typically lower than the cost of an unsecured loan because
it requires collateral
the loan takes longer to get.
it has high interest rates.
your parents will make sure you pay it back.
- 12. Multiple Choice
Which of the following is NOT a feature that makes a secured loan less costly than an unsecured loan?
A higher interest rate
Collateral
Less risk for the financial institution
All of these are correct
- 13. Multiple Choice
To maintain a good credit score you must
manage your debt wisely.
check your credit score every week.
have credit monitoring
have many open credit cards
- 14. Multiple Choice
What will happen to your credit score if you do not manage your debt wisely?
You won't be able to track your credit score
Your credit score will go up
Your credit score will go down
It will not affect your credit score
- 15. Multiple Choice
Not managing your debt wisely can result in
An increase in your credit score
A decrease in your credit score
Inaccessible credit score
No change in your credit score
- 16. Multiple Choice
Recommended methods to protect yourself from identity theft and fraud include
Placing a credit freeze with the credit bureaus.
Monitoring your credit report every 2-3 years.
Allowing inaccurate information to be removed from your report after 7 years.
Utilizing a specialty locking or monitoring service.
- 17. Multiple Choice
Which of the following will help you protect yourself from identity theft and fraud?
Regularly monitor your credit report.
Contact lenders and credit bureaus to address incorrect information.
Freeze your credit.
All of the above.
- 18. Multiple Choice
Which of the following is NOT a recommended method to protect you from identity theft?
Expensive specialty locking or monitoring service.
Place a credit freeze with the credit bureaus.
Regularly monitoring your credit report.
Contacting lenders and credit bureaus to report inaccurate information.
- 19. Multiple Choice
Paying only the minimum balance on your credit card can lead to
an increase in your credit score
paying more interest
late fees
All of the above
- 20. Multiple Choice
All of the following are benefits to paying the full balance on your credit card each month EXCEPT:
Your credit score can decrease
You won't have to pay interest
You won't have to pay any late fees.
Your credit score can increase.
- 21. Multiple Choice
Benefits to paying the full balance of your credit card each month include:
Paying more in interest
Decreasing your credit score
Not having late fees
Increasing your credit score
- 22. Multiple Choice
When looking for pre-approval on a car loan you should
get a loan from the car dealer directly to keep things simple.
select the loan that has the longest repayment period.
compare pre-approval offers and select the one that is best for you.
- 23. Multiple Choice
When looking for pre-approval on a car loan you should NOT
get a loan from the car dealer directly to keep things simple
look for the lowest interest rates you can find.
select the loan that has the right repayment period for you.
compare pre-approval offers and select the one that is best for you.
- 24. Multiple Choice
Going directly to a car dealer for a loan to keep things simple is a
great idea because they want you to get the car so it'll be the best offer.
not great because they typically offer higher interest rates.
great idea because you don't have to deal with another lender.
not great because car deals don't offer loans.
- 25. Multiple Choice
What option will NOT be available if you are behind on loan payments?
A financial institution may offer for you to pay a little now and pay the rest after your next pay day.
You can borrow money from your friends and family.
You can ask to get out of your loan.
Your financial institution might allow you to deter the loan but you'll have to pay the interest.
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