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Personal Finance Final Quiz Flashcards | StudBud
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Personal Finance Final Quiz
Personal Finance Final Quiz
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Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
You can start building credit before turning 18 if your parents cosign on a certain kind of credit card
False
True
2
What is the easiest way to get into credit card debt?
Identity theft
declaring bankruptcy
Failure to pay your credit card bill on time
Committing tax fraud
3
The higher the premium, the better the coverage a policy will provide
True
False
4
When is the best time to start building credit?
When looking for a house
Immediately after becoming eligible for a credit card
The moment you buy a car
Immediately after graduating college
5
What is credit NOT used in?
Buying a car and a house
Assessing risk for insurance and loans
Opening a bank account
Using a credit card
6
You should never invest in more than one company at a time
True
False
7
What savings method uses 3 percentages to split the money you earn into Wants, Needs, and Savings?
80, 10, 10 rule
40, 60, 20 rule
20, 30, 50 rule
25, 50, 75 rule
8
What age range is considered a higher risk for insurance companies?
30-45
50-70
18-25
13-17
9
What method of paying for college must be paid back?
Grants
Scholarships
Private Loans
Federal Loans
10
Financial Literacy is...
An understanding of terms in a monetary context, defining financial actions
Knowing how to read a contract
Knowing how to not commit tax fraud
Understanding that you owe your sibling lunch since they paid last time
