Personal Finance Quiz 1

T/F: One responsibility of borrowing money is to not exceed the credit limit established by your creditor.

• True

• False

T/F: It is ok to resell merchandise before completely paying off your creditor.

• True

• False

The contract you sign when renting a place to live is called a ____________.

• Contract

• Option

• Lease

• Signing Statement

T/F: One perk to renting a home is that you can basically do whatever you want to the property..

• True

• False

Credit is basically the amount of _________ a lender has in you about your ability to pay it back.

The amount of money that you will have to pay on top of the purchase you make when using credit is called _____________ .

• Insurance

• accrued payments

• interest

Which of these is NOT seen as an advantage to using credit?

• Able to buy items now

• Convenient

• Creates a record of purchases

• Interest

I have worked on service learning:

• 0 hours

• 1 - 3 hours

• 4 - 7 hours

• 8 - 10 hours