Personal Finance- 7th and 8th grade- College and Career Readiness

Question 1

A payday loan needs to be repaid:

Accepted Answer

The next time you get paid

Question 2

Payday and Title Loans usually charge:

Accepted Answer

over 400% interest

Question 3

Predatory Lending makes the most money from:

Accepted Answer

Desperate people, People who can't repay

Question 4

In personal finance, Credit means:

Accepted Answer

Money available to borrow, Borrowed money

Question 5

Which type is usually better

Accepted Answer

Federal Subsidized

Question 6

Why is buying a brand new car usually not a great financial move?

Accepted Answer

There are cheaper ways to get transportation, It goes down in value faster than it's paid off., The interest is usually a little high

Question 7

Use the rule of 72: 8% interest would double my money in

Accepted Answer

9 years

Question 8

The Marshmallow Test measured:

Accepted Answer

Delayed gratification

Question 9

According to your teacher, paying off a $20,000 credit card making minimum payments is as hard as:

Accepted Answer

Literally making a million dollars

Question 10

12% interest doubles your money in:

Accepted Answer

6 years

Question 11

What is compound interest?

Accepted Answer

It's when the money you make with your money makes money, It's when your interest earns interest from your interest

Question 12

To become a millionaire by 65, how much would a teenager need to save and invest? (on average)

Accepted Answer

About $100.00 a month

Question 13

Which type of student loan is usually better?

Accepted Answer

Federal

Question 14

What does a credit score measure?

Accepted Answer

How easily you can borrow money, If you pay your bills on time

Question 15

Title loan lenders are usually most interested in:

Accepted Answer

Your car

Question 16

What is the rule of 72?

Accepted Answer

a way to estimate compound interest using mental math

Question 17

A debit card is a way to:

Accepted Answer

Easily spend the money you have in the bank.

Question 18

True or false: There are multiple loopholes to get out of student loan payments.

Accepted Answer

False

Questions 18