PF- True False
Cash advance and title pawn companies charge roughly the same interest rates and fees on loans as a credit card company.
F
Henry Ford and J.C. Penney were pioneers of the use of credit.
F
If we used a race analogy to describe building wealth, it would be most like a sprint
F
Most often identity theft is committed by strangers.
F
Never roll over your 401(k) when you leave a company
F
Not every state has FICA tax withholdings
F
Personal finance is 20% behavior, 80% head knowledge.
F
Term life insurance is more expensive because it funds a savings plan.
F
The average job is five years in length.
F
The average mutual fund has anywhere from 90-200 companies in it.
F
The envelope system includes using credit cards for emergencies.
F
The fastest growing group of bankruptcy filers is senior citizens.
F
The purpose of insurance is to increase your investments.
F
Using a credit card is a good way to find a bargain
F
You do not need renter's insurance if you live in a dorm at college
F
You need a credit card in order to rent cars and check in to hotels.
F
You should always use a realtor when selling a home.
F
Your first baby step is to pay off all your debt
F
Your salary is the most important motivation for working.
F
With all investments, as the risk goes up the return goes down
False
A good age to open a checking account is between the ages of 13 and 15.
T
Diversification means to spread around
T
If your mortgage payment exceeds 25% of your net income, you have bought more house than you can afford.
T
In order to have a FICO score, you must have debt.
T
Increasing your deductible usually decreases the premium.
T
It usually takes three months for your budget to begin working well.
T
Liquidity is the availability of your money.
T
Men and women have different views about money.
T
Never buy something you do not fully understand
T
Once you have a fully-funded emergency fund, put 10% of your income into retirement plans
T
Rate of return matters when it comes to compound interest
T
Shelf positioning forces the buyer to associate a value with the product
T
Spending cash is more painful than using a debit card.
T
The Roth IRA is an after-tax investment that grows tax free
T
The number one cause of divorce in this country is money issues.
T
The power of cash is immediate
T
There are two major credit bureaus: TransUnion and Experian.
T
There are two parts to FICA: Medicare and Social Security
T
There is no interest charged on debit card purchases
T
Walk away power means you leave if you don't get the price you want.
T
