Personal Finance Questions and Answers 100- Correct
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Personal Finance Questions and Answers 100- Correct True or false? Most online financial institutions and businesses will regularly send you emails asking you to update your account information by going to a link in your bio
false
If you mismanage your checking account by bouncing checks re...
having a bad credit history impacts every one of t
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Personal Finance Questions and
Answers 100% Correct
True or false? Most online financial institutions and businesses will regularly send you
emails asking you to update your account information by going to a link in your bio -
answer false
If you mismanage your checking account by bouncing checks repeatedly or ignoring
overdraft notices, what results may happen to you? - answer You may be charged a
penalty fee for a "returned" or bounced check, you may pay higher rents or interest
rates because of your poor credit history, and 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.
Which answer applies with fine print? - answer Fine print is usually where virtually all
the important information is located, and you should always read the fine print. Fine
print can also say the opposite of big print. Many companies like fine print because you
can be confused by it and make the wrong decision
You owe 1,000 dollars 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
pay minimum payments each month because You're throwing your money away by
paying extra interest each month. Making minimum payments means it could take thirty
or forty years to pay off that 1,000-dollar credit card bill.
Having a bad credit history impacts every one of these items except one. What is not
impacted by bad credit history? Your ability to get a car loan or any other type of loan,
the fact that you're a good person, an employer's decision to offer you a job, or the
interest rate offered to you - answer The fact that I'm a good person
What statement is true about phishing scams? - answer Phishing scams cannot hurt
you if you don't respond to them.
What answer best describes a Nigerian scam - answer Nigerian scammers nearly
always want you to send money back to them
In a story in module, one called "Looking for a Roommate" how much money did one
girl lose in the Nigerian scam? - answer3,500 dollars
what is fool proof’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? - answer Definitely! 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 has 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.
True or false? Native advertisers are required to show all sides of an issue in articles
they publish. - answer false
Which two statements give good definitions of financial credit? (Pick the numbers)
1. Financial credit is an arrangement for you to pay at a later date. Loans and credit
cards are a form of credit.
2. Financial credit is the list of the cast and production crew that runs at the end of a
movie.
3. Financial credit is recognition by the school that you have fulfilled one of the study or
course obligations toward graduation
4. Financial credit (for instance, your credit rating) is one way that lenders, businesses,
and employers may judge and individual's trustworthiness - answer1 and 4
What is the best way to improve your credit? - answer Make all your payments on time,
every time
Good credit equals power. Which statement best illustrates that power? - answer
Having good credit impacts what job you get and what you pay for products and
services
Good credit helps bring independence. Which statement illustrates the fact that good
credit helps bring independence? - answer Good credit can help you build a savings
account. Because you pay less in interest when you have good credit, you are able to
save more. Money in your pocket always gives you more options than not having
money in your pocket
Good credit gives you options. Bad credit takes away your options. Choose the one
correct answer. - answer You have a good credit. You can choose the credit card with
the lowest interest-rate. If you have bad credit, you are forced to take the credit card
with which charges rip off rates
True or false? Credit is an arrangement for you to pay at a later date. It is one way to
determine trustworthiness - answer True
Which of the following people has paid on time, important requirement in credit
agreements?
, 1. Susan borrowed $300 from her grandmother to buy an iPad and promised to pay $10
a week for 30 weeks until the loan was paid back. Susan missed about eight weekly
payments but managed to pay her grandmother the whole amount by the end of the 30
weeks.
2. Carlos moved into his own apartment about a year ago. The gas and electric bills are
usually due on the 25th of the month. Carlos faithfully pays those bills on the second of
the next month when he gets paid.
3. Tamra's parents co-signed a car loan for her new wheels. Her monthly payment is
due by the 15th of each month. So far she has made the payment each month. But on
three months, she sent her payment after the due date because she had not yet
received her biweekly paycheck from her part-time job. One time she was more than 30
days late.
4. Josh has a 36 month loan for h - answer Josh
True or false? Many companies deliberately give you repayment plans that make sure it
will take you decades to pay your debt - answerTrue
What is debt to income ratio? - answer How much money you owe in total versus how
much you make
Why do businesses or individuals considering giving you credit look at your debt-to-
income ratio? - answer They want to see if you have enough total income to pay off all
your bills. If you have the income to pay off all your bills, you are probably a better risk.
True or false? Your parents score determines your credit score. - answer False
True or false? You have to be rich to have a good credit score - answer False
Which statement is true? - answer It’s really easy to mess up your credit score
True or false? How long you've had an account helps determine your credit score -
answerTrue
Why would the length of time you have had a checking or savings account help
determine your credit score - answer Potential lenders, businesses or employers want
to see your track record: how you've paid over a long period of time. Anybody can make
one payment on time. What counts is how you pay overtime
You loan your cell phone to Paul who runs up your bill. Whose credit will be hurt if this
bill isn't paid? - answer Your credit
You own a credit bureau. You're trying to decide which person is the better credit risk.
Which statement would you choose as the best credit risk?
1. Sara borrowed $50 from her aunt to buy some DVDs when they were out shopping.
She just paid her back into installments when she received her paycheck from the fast
food joint where she works part time.
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