PMM Self Test Questions
A contract signing requires both parties to sign the contract at the same time and in the presence of each other
False
A house is too large a purchase to consult with my financial buddy.
False
Bank fees are always small and should be ignored when deciding on which institution to bank with.
False
Blue Book Value is used when calculating liability insurance coverage.
False
Buying a car from a quality dealer is a good substitute for calling your financial buddy.
False
My credit rating has no impact, good or bad, on my ability to secure a low cost mortgage.
False
Once a W4 form is submitted to the federal government there is no need to complete a new one ever again, even upon changing employers
False
Shopping for bank financing to buy a car is best done the day before picking up the car.
False
The courts will not accept a contract written in every-day common language.
False
The house purchase closing meeting is simple with little paperwork to sign.
False
The house structure is greater portion of the property value
False
The location of the house I want to buy will have a minor impact on the finances.
False
You should always try to buy a car on your first day of car shopping because the dealer discounts are best when you first meet them.
False
unemployment rates 2015 through 2017 for persons 25 years and older show no difference for levels of education achieved
False
A typical SHU undergraduate can expect to live to 90.
True
AGI is an abbreviation for Adjusted Gross Income.
True
According to Dr. Glasmeier the living-wage-calculator update for this past year some locations as high as 18% in one year.
True
According to Dr. Glasmeier the living-wage-calculator update for this past year the average increase was between 4% and 6%.
True
According to the U.S. Census report the health uninsured rate decreased between 2015 and 2016.
True
An advisor is paid a fee, usually by you, to help you make a decision.
True
Apartment insurance policies are cheap and especially useful if they provide coverage in the case of water damages.
True
Behavioral finance teaches us we have asymmetric risk tolerance, with the pain of loss much greater than the joy of gains for the same amount of money.
True
Car insurance rates for young drivers, like college students, varies dramatically by location in the U.S
True
Carfax is a web site that will provide a vehicle history based on the vehicle identification number (VIN).
True
Credit Unions have less fees and the same or better rates with the equivalent federal government insurance coverage as the commercial retail banks.
True
Crowdsourcing is currently largely outside the purview of labor laws, but only because most platforms classify workers as independent contractors, not employees.
True
Daniel Kahneman and Angus Deaton of Princeton University found people's day-to-day emotional state rose with average annual income only until about $75,000 and then plateaued.
True
Dates and consideration are two key characteristics of a contract.
True
Dental insurance policies come with a typical maximum payout limit of between $1,000 and $2,000 per year.
True
Depending on the amount of college debt you may take 20 years of working to catch up to your peer, with only a high school diploma, in life time earnings.
True
Earning a PhD will lower my salary.
True
Employees in the U.S. are entitled to the protections of the Fair Labor Standards Act minimum wage and overtime pay, but contractors are not even if they are crowdsourced.
True
Even a used car that is a junker can show on my balance sheet with more value than my pet.
True
Every U.S. Dollar bill is unique but fungible.
True
Finding a correlation between inequality in the US and infant mortality does not mean the cause of one is the other.
True
For college students, identity theft insurance is most likely a waste of money.
True
For prime-age male college graduates, real earnings in 2009 were 12 percent below that enjoyed by their counterparts forty years before.
True
GAP car insurance covers the remaining lease payments until the car is repaired.
True
Getting a good job is harder today than for your parents in part because of the increased velocity of today's economy and the disruptions of technology and globalization.
True
Getting organized is a critical first step to paying your bills on time every month.
True
Groups such as Public Citizen argue that people are forced to waive their legal rights because arbitration clauses are presented in contracts on a take-it-or-leave-it basis.
True
Having no new credit card accounts for six months can boost your credit rating score 50 points.
True
Having your job title specified in your employment contract specifies the scope of your corporate role
True
Having your job title specified in your employment contract specifies the scope of your corporate role.
True
I can skip federal income tax filing if my gross income was less than $12,200.
True
If I am self-employed with earning of more than $2,100 then the IRS states I must file.
True
If I had earnings of $4,000 on my W-2 then I will forfeit my deductions to the government unless I file.
True
If I have income and no expenses but can't seem to save then my behavior is that of a spender.
True
If your credit score is in the FAIR range then you will tend not to get the best deals and may be offered credit cards with low credit limits
True
In general, employee deductions pay for 70% for government worker benefits programs and corporations pay 30%.
True
Investment Risk and Reward are linked functions with the greater the risk the greater reward, unless you lose all of your money.
True
Keeping score of your wealth is done with a balance sheet.
True
Legal advice may be all you need in the case of a dispute which is not the same as hiring a lawyer for representation.
True
Many large apartment buildings require renters insurance
True
Medicare taxes 2018 per employee/employer are 1.45% on all earnings
True
Medicare taxes 2018 per employee/employer are 1.45% on all earnings.
True
Most arbitration clauses and provider organizations require that proceedings be kept confidential.
True
Never buy an investment product you do not understand or risk looking stupid after the outcomes are disappointing.
True
On average from a high school diploma to a doctoral degree the higher the education attained the higher the salary.
True
One million people did not file in 2008 and donated refunds worth one billion dollars to the IRS on tax day 2012
True
Paying my school loan payments every month on time every time indicate I am a good credit risk.
True
Post-disaster charity scams are very common and becoming more polished in their deceptions.
True
Preventive dental care, like regular cleanings twice per year, saves money in the long run.
True
Purchasing the extended warranty for my pre-owned car from the dealer is usually a wise option if the car is not certified
True
Purchasing the extended warranty for my pre-owned car from the dealer is usually a wise option if the car is not certified.
True
Read-the-fine-print is a reference to the small print font size on a legal contract where the often important details are written.
True
Reporting an average income for a population may well mask significant disparity in individual incomes.
True
Rich or poor, we all pay a higher percentage of tax on income over $100,000 compared to income under $20,000
True
Risk pools allow me to blend my investment exposure to match a loss probability.
True
Some insurance brokers are employees of an insurance company and sell only that one company's policies.
True
Some states don't care who is at fault for an accident and require no-fault insurance coverage.
True
Ted Cruz quote: The top 1 percent earn a higher share of our national income than any year since 1928
True
The #1 challenge to using a budget is to keep doing it and not stop.
True
The Federal Withholding amount is calculated based on your W4 elections.
True
The NRA, the AARP, and the ACLU, are all examples of 501 C 4 organizations.
True
The Rule of 125 is for every $10,000 that you borrowed in student loans, your monthly payment will be approximately $125/month.
True
The Weekly Gross Pay amount is the total monies you earned prior to any deductions.
True
The average used 3yr old car purchase is about $18,000
True
The bank loan officer expects my house purchase down payment to show in my account for 3 months before applying for a mortgage loan.
True
The basic idea of cryptocurrency is to create a money transfer system that does not require interventions by governments, financial institutions or other third parties. Such systems inevitably require participants to put their trust in those third parties, and are therefore inherently flawed.
True
The best place to get answers to my student tax questions is www.IRS.gov
True
The common faith-based messages have long promoted charity as a virtue.
True
The courts have held there is no excuse for not reading the contract.
True
The government receives your payroll tax payments from your employer using your payroll deductions.
True
The most salient question to answer about car insurance is whether the student will remain on their parents' policy or obtain their own insurance.
True
The most valuable gift of either time, talent, or treasure is giving your time.
True
Typical car insurance is 100/300 limits of bodily injury, meaning $100,000 for one person in an accident and $300,000 for all people injured in one accident.
True
Updating a personal balance sheet every year is an excellent way to evaluate what my car is worth to me
True
While young drivers typically are more expensive to insure, having a separate policy would typically reduce liability exposure for the parents.
True
With a 15 year double digit interest rate loan I could easily payback $2 for every $1 I borrow.
True
You may not withdraw monies from your IRA retirement account before retiring unless there is an emergency.
True
You pay 1.45% out of your pay and your employer pays an additional matching 1.45% to support Medicare.
True
A good rule of thumb is 10% depreciation per year of ownership.
True
A living wage does not include some basic buffers needed to improve one's quality of life or protect against emergencies.
True
A living wage does not provide enough income for ever eating at restaurants, save for a rainy day, or pay for education loans
True
A living wage does not provide enough income for ever eating at restaurants, save for a rainy day, or pay for education loans.
True
A monthly budget provides a FIXED point of reference used to compare to your varying monthly spending.
True
A paycheck is a 3 part record of 3 money transfers between 3 parties.
True
A payment authorization, when using Amazon to buy socks, is the same as signing a contract.
True
A good bill paying habit is to immediately open and review the bills when you receive them to check for errors
True