Personal Finance Chapter 4 - DEBT

How much value does a car lose the second you drive it away?

• 30%
• 70%
• 10%
• 25%

How do car dealerships make money?

• Sale of new cars
• Car maintenance
• Sale of used cars
• Car Loans

a new car loses what % of its value in the first 4 years?

• 50%
• 40%
• 75%
• 70%

What credit score is necessary for financial success?

• 500
• 600
• 800
• None

Why do you need a FICO score?

• To take out a credit card
• To take out a car loan
• To "build up your credit score"
• None of the above

What percent of millionaires in America are first-generation rich?

• 20%
• 40%
• 60%
• 80%

By using "tools" likecash advance what issues could occur in the long run?

• It wouldn't matter because you could use the advanced money to pay for it.
• Everything would work out because the money you get in advanced would hold you off until the next paycheck.
• Nothing would happen because there is not a consequence for getting the cas early.
• You could go further into debt if you don't make the payments on time or the debt could keep growing by brushing it off.

Under what circumstance is it important that you DO build your credit?

• You should always build your credit.
• If you want to be financially successful long-term.
• To get a loan on a new car.
• If you only go "half-way" with what this class teaches.

Is identity theft a crime?

• It is not a crime, that bad
• People could go through your personal documents
• People damage your credit, and steal your information
• Identity theft is the fastest growing white collar crime in North America today

What is the first thing you do if you see suspicious activity on your credit report?

• go to the police and file a report
• leave it be and just pay off the debt
• send the credit bureau a letter
• place a fraud-victim alert on your report