Game of life advantage pregame review

Question 1

What is a flexible spending account?

Accepted Answer

Pre-tax savings

Question 2

Importance of fixed vs adjustable-rate mortgages?

Accepted Answer

Interest stability

Question 3

What does PMI stand for (this is charged each month when you've paid off less than 20% of the home)?

Accepted Answer

Private Mortgage Insurance

Question 4

Difference between a credit union and a bank?

Accepted Answer

Ownership

Question 5

What to consider when choosing a loan?

Accepted Answer

Interest rate

Question 6

Example of a tax-deferred retirement account (you pay taxes when you are older, and you don't pay it now)?

Accepted Answer

401(k)

Question 7

What affects your credit score?

Accepted Answer

Payment history

Question 8

At a minimum, how often should you check your bank statement?

Accepted Answer

Monthly

Question 9

What does it mean to lease a car?

Accepted Answer

Rent temporarily

Question 10

1 Reason to withdraw from IRA without penalty?

Accepted Answer

First home purchase

Question 11

Example of a tax-free retirement account (you don't pay taxes when you're older, you do pay it before you deposit it)?

Accepted Answer

Roth IRA

Question 12

Difference between tax-free and tax-deferred plans?

Accepted Answer

Tax timing

Question 13

How to maintain a good credit score?

Accepted Answer

Pay bills on time

Question 14

Why keep a log of financial transactions?

Accepted Answer

Track spending

Question 15

True or False: Renters must insure their home contents

Accepted Answer

True

Question 16

True or False: You must buy houses

Accepted Answer

True

Question 17

What is a seller's disclosure (you get this when you are looking at homes)?

Accepted Answer

Property condition report

Question 18

Who pays the real estate agent's commission when a house is sold?

Accepted Answer

Seller

Question 19

What happens if you pay only the minimum on a credit card?

Accepted Answer

Debt increases

Questions 19