Debt

Which of the following is the most cost-effective option for purchasing a home?

• A)  Get a 15-year mortgage with a 10% down payment. 
• A) Get a 30-year mortgage so that you can get the lowest possible payments.
• A)  Get a 30-year mortgage with a 20% down payment.
• A)  Get a 15-year mortgage with a 5% down payment.

Which of the following is not a credit myth?

• A)  The lottery and other forms of gambling will make you rich.
• A) You have ʺarrivedʺ financially once you get approved for a credit card.
• Debt is a tool and should be used to create prosperity.
• A)  Borrowing money can have serious consequences and prevent you from building wealth.

You must establish credit in order to buy a house.

• True
• False

You need to have a credit card to rent a car or check in to a hotel.

• True
• False

It is okay to use a credit card if you pay it off every month.

• True 
• False

Teens are a huge target of credit card companies today.

• True
• False

Co-signing a loan is a good way to help a friend or relative.

• True
• False

A detailed report of an individualʹs credit history

• Credit Report
• Cash Flow Statement

A long-term rental agreement on a car; a form of secured long-term debt

• Loan 
• Lease

Which of the following is false in regards to Husker football

• The Huskers will go undefeated next season
• The Huskers will beat Iowa
• The Huskers are a better football team than the Sooners
• The Huskers will lose to Ohio State next season