MoneyMattersTEKS Review 2ndSem

1. Implementing a buying plan involves

• applying for credit

• comparison shopping

• setting a spending limit

• all of these

The Truth in Lending Act requires which of the following to be put in writing before a loan or credit agreement is signed?

• any service fees or other costs added to the price

• the annual percentage rate

• the total finance charge and method of computing it

• all of these

3. Which of the following laws grants you the right to know what is in your credit file?

• Fair Credit Reporting Act

• Truth in Lending Act

• Credit Card Act of 2009

• Fair Credit Billing Act

Which of the following is a justifiable reason for not refunding a tenant’s security deposit?

• normal wear and tear of premises

• holes in the walls

• excessive noise

• none of these

Which of the following is not one of the five steps of creating a buying plan?

• define your spending goal

• choose a payment method

• define criteria

• set a spending limit

The higher the rating on an investment-grade bond,

• the higher the interest rate you will earn

• the lower the interest rate you will earn

• the more speculative it is

• none of these

Three methods used to compute interest charges on revolving credit accounts include

• previous balance, method, average daily balance method, ending balance method

• adjusted balance method, prior balance method, minimum daily balance method

• adjusted balance method, previous balance method, average daily balance method

• none of these

Which of the following is true of an FHA mortgage loan?

• It allows for a smaller down payment

• It requires you to pay a monthly mortgage insurance premium

• It is backed by the Federal Housing Administration (FHA)

• All of these are true

Which of the following is not a cost of financial irresponsibility?

• unhealthy lifestyle/poor health

• lack of recreation and fun

• low or no income

• stress

When you owe more on a car than it is worth, the loan is said to be

• balloned

• upside down

• depreciated

• none of these