Final 2/2
What should you NOT use a loan to purchase?
Airline tickets to your dream vacation
Which item is important to consider when selecting a credit card?
Both APR and fees
Which of the following is NOT an recommended method to protect you from identity theft?
Expensive specialty locking or monitoring service
Having a great credit score will make it easier for you to get into a better educational institutions. True or false
False
there is no relationship between the level of education received and lifetime earnings.( true or false)
False
When looking for pre-approval on a car loan you should NOT.....
Get a loan from the car dealer directly to keep things simple.
The cost of a secured loan is typically lower than the cost of an unsecured loan because?
It requires collateral.
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called?
Net pay
Recommended methods to protect yourself from identity theft and fraud include?
Placing a credit freeze with the credit bureaus
All of the following are benefits to paying the full balance on your credit card each month except.
Your credit score can decrease.
Net pay is not?
your gross pay plus any bonuses
Which of the following is possible tax or deductions that they may show up on your paycheck?
All of the above ( Federal income tax , contributions to retirement savings,and FAICA)
Which of the following will help you protect yourself identity theft and fraud?
All of the above (regularly monitor your credit report, contact lenders and credit bureaus to address incorrect information ,freeze your credit.)
secured loans are less costly than unsecured loans because ___.
All of these are true ( they usually have a lower interest rate, they require collateral, and they are less risky for the financial institution.)
for most careers, which degree will most likely result in the highest lifetime earnings?
Bachelor's degree
Credit cards can help _________________ when paid off on time regularly.
Build credit history
Which housing option gives you more freedom and more responsibility?
Buying a house.
Which forms of payment is linked to a bank account which limits the amount of money you spend to balance in your account?
Checks and debit cards
Annual Percentage Rate (APR), credit limit, and penalties and fees are important to consider when ?
Choosing a credit card
when looking for pre-approval on a car loan you should...
Compare pre-approval offers and select the one that is best for you.
Which method of payment actually is a form of borrowing money that needs to be paid back later?
Credit Card
Which payment option can offer additional security like fraud protection?
Credit Card
Which of these items is NOT important to consider when selecting a credit card?
The look of the credit card
What is the purpose of the W-4 form?
To inform your employer of how much federal income tax to withhold from you paycheck
Generally, the more education you receive, the higher your lifetime earnings will be.( true or false)
True
When are loans a good option to use?
When paying for higher education.
What is a benefit of having a good credit score?
When you need a loan, you'll have more loan offers to pick from.
What option will NOT be available if you are behind on loan payments?
You can ask to get out of your loan
What option will NOT be available if you are behind on loan payments?
You can ask to get out of your loan.
Leasing a car may be a better option than buying a car if...
You don't plan on having it for long and don't want to worry about regular maintenance.
Which is not a positive reason for using a credit card to finance purchases?
You will get charged high interest
What is NOT a benefit of having a good credit score?
You'll get accepted to better education institutions
What will happen to your credit score if you do not manage your debt wisely.
Your credit score will go down
To maintain a good credit score you must?
manage your debt wisely
What is net pay?
the amount of money you're paid after all taxes and deductions are taken out of your paycheck
Not managing your debt wisely can result in ________.
A decrease in your credit score
what could be a good option available to you 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.
Which of the following is NOT a feature that makes a secured loan less costly than an unsecured loan?
A high interest rate.
Using a loan could help with the purchase of which of the following?
A house
Going directly to a car dealer for a loan to keep things simple is a .......
Not great because they typically offer higher interest rates.
Benefits to paying the full balance of your credit card each month include.
Not having late fees
Which of the following is NOT a possible tax or deduction that could come out of your paycheck?
Overtime pay
Which positive reason for using a credit card to finance purchases?
Paying if off on time can help your credit history
Paying only the minimum balance on your credit card can lead to......
Paying more intrest.
