Exam (elaborations)
Foolproof pt 1 Questions with Accurate Answers
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Exam of 5 pages for the course Foolproof at Foolproof (Foolproof pt 1)
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Foolproof pt 1Most online financial institutions and businesses will regularly send you emails asking
you to update your account information by going to a link in their emails. - answer False
What statement is TRUE about "phishing scams"? - answer Phishing scams cannot hurt
you if you do not respond to them.
What answer best describes a Nigerian scam? - answer Nigerian scammers nearly
always want you to send money back to them.
What is FoolProof's definition of "looking like a fool"? - answer Falling for anything which
makes companies and other people think you're too stupid or too young to know better.
Do many companies like it when you look like a fool? - answerDefinitely! The job of
many companies is to make money, not to do what is right for you... If you look like a
fool, they make more money.
Vinnie (our friend in the video) had many credit cards, and he did have fun with them!
Then he nearly went broke. What was the main thing Vinnie did wrong? - answer He
used one credit card to pay other credit card bills.
Native advertisers are required to show all sides of an issue in articles they publish. -
answer False
If you mismanage your checking account by bouncing checks repeatedly or ignoring
overdraft notices, which of the following results may happen to you? [Tricky question:
read all answers.] - answer You will be charged a penalty fee for a "returned" (bounced)
check.
If you aren't aware of your "negative balance" and don't put more funds in your account
you bounce more checks and receive more penalty fees.
You may pay higher rents or interest rates because of your poor credit history.
Which answer applies to "fine print"? - answer Fine print is usually where virtually all the
important information is located.
Which answer applies to "fine print"? - answer You should always read the fine print.
Which answer applies to "fine print"? - answer The fine print can say the opposite of the
big print.
, Which answer applies to "fine print"? - answer Many companies like fine print because
you can be confused by it, and make the wrong decision.
You owe $1,000 on a credit card and choose to pay the minimum payment each month.
Which answer is correct? - answer Credit card companies love you when you only make
minimum payments! Why? You're throwing your money away by paying extra interest
each month.
You owe $1,000 on a credit card and choose to pay the minimum payment each month.
Which answer is correct? - answer Making minimum payments means it could take
thirty or forty years to pay off that $1,000 credit card bill.
Having a bad credit history impacts every one of these items but one. Which is the one
item not impacted by bad credit history? - answer The fact that I am a good person.
Good credit is the key to financial freedom. - answer True
What is the best explanation of "debt-to-income" ratio? - answer The ratio of how much
money individuals owe in relation to how much money they make.
Which statement gives the best definition of financial credit? - answer Financial credit is
an arrangement for you to pay at a later date. Loans and credit cards are forms of
credit. Financial credit is also a way that lenders, businesses, and potential employers
determine whether someone is trustworthy.
What is the best way to hurt your credit rating? - answer Make all your payments early
except your credit cards. It's OK to pay them late.
Which statement is true? - answer Your credit score is based on your payment history.
Which statement best illustrates how good credit can give you power? - answer Having
good credit can lead to a better paying job and better interest rates on a loan, for a car,
a home, etc.
With bad credit you are more dependent on others. Which statement is correct? -
answer Bad credit means you may have to live at home with your parents for a long
time. It also means you may have trouble getting a good job, and trouble getting a loan.
And even if you get a loan, you will pay a lot more in interest.
You mailed in your credit card payment late but when you wrote the check you dated it
for January 13th even though the due date is the 15th. Which statement is true? -
answer The payment is still late because the payment was not received by the due
date.
You add your sister to your cell phone plan and she runs up your bill. Whose credit will
be hurt if the bill is not paid? - answer Mine - I am always responsible for my accounts.
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