Have an account?
Skip to Content
Build your own quiz
20 questions
Show Answers
See Preview
- 1. Multiple ChoiceThe cost of borrowed money, usually expressed as a percentage.interestsavings planscarcepurchase
- 2. Multiple Choice401(k), IRA, and Roth IRA are all examples of a __________ account.RetirementCollege SavingsLow InterestStock
- 3. Multiple Choice
What is a credit score?
a three-digit score that tells lenders how much money you make each year.
A five-digit numerical rating that reflects how likely you are to repay your debt.
A three-digit numerical rating that reflects how likely you are to repay your debt.
A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts
- 4. Multiple Choice
What is a budget?
A plan for how money will not be used
A plan for how money will be used
The amount you spend
The amount you save
- 5. Multiple Choice
What is income?
The amount you spend
The amount you don't save
Money taken in
- 6. Multiple ChoiceEdward wants to develop a positive credit history. How should he do this?maintain reasonable amounts of available creditOpen credit accounts in his parents' namesHave one type of credit accountPay cash for the majority of purchases
- 7. Multiple ChoiceKhalaja is 18 years-old and has applied for credit for the first time. Her credit application was declined because she has no credit history. What would you recommend Khalaja to do to begin to build a positive credit history?Khalaja should re-apply for the same credit but include a letter of recommendation from someone who knows her well and can vouch for her characterKhalaja should apply for a different type of credit . Since she was applying for a bank loan, she should apply for a credit card.Khalaja should obtain a secured credit card.Khalaja should acquire several credit cards to establish that she can manage them responsibly.
- 8. Multiple Choice
A fee paid by a borrower to the lender for the use of borrowed money.
bills
interest
- 9. Multiple ChoiceThis type of business is owned by one person.PartnershipSole ProprietorshipCorporationFranchise
- 10. Multiple ChoiceAdvantages of this business type are that the owner is their own boss and gets to keep all the profits.PartnershipSole ProprietorshipCorporationFranchise
- 11. Multiple Choice
What is a business owned by stockholders/investors but operated by others?Sole ProprietorshipPartnershipCorporation - 12. Multiple ChoiceWhat is a business owned and operated by two or more people?Sole ProprietorshipPartnershipCorporation
- 13. Multiple ChoiceDisadvantages include limited life and
the potential for conflict between partnersSole PropriotorshipPartnershipCorporation - 14. Multiple ChoiceThis type of business is a contractual agreement with a parent company to sell its products/services in an area.Sole ProprietorshipPartnershipCorporationFranchise
- 15. Multiple Choice
How is a corporation different from a sole proprietorship or partnership?
A corporation has only one or two owners.
A corporation is usually owned by one person.
A corporation requires a legal charter with the state.
The owners (stockholders) have limited liability.
- 16. Multiple ChoiceWhich is NOT a way to establish credit?Creating an account with a bankObtaining a credit cardGetting married, having a few kids, buying some stuff, retiring to Florida, and dying.Having a parent co-sign a card
- 17. Multiple Choice
Collateral is:
Something of value that secures a loan to protect the lender
Department store charge cards.
open-ended Credit
- 18. Multiple Choice
What are the benefits of buying a house?
you do not pay utilities
no upkeep of the property
it is a good investment
no commitment
- 19. Multiple Choice
With insurance, a higher deductible means a
lower premium.
higher premium.
free healthcare.
unlimited liability.
- 20. Multiple Choice
A ___________ is like a loan to a corporation or the government and is a safer investment.
401(k)
bond
stock
share
- Answer choicesTagsAnswer choicesTags