FoolProof Modules 1-4

Most online financial institutions and businesses will regularly send you emails asking you to update

your account information by going to a link in their emails.

• True

• False

Which answer applies to "fine print"?

• Fine print is usually where virtually all the important information is located.

• Fine print is always in bold print.

• Fine print is what companies want you to read

• Fine print is the same size as regular print.

You owe $1,000 on a credit card and choose to pay the minimum payment each month. Which

answer is correct?

• Making minimum payments means you're saving money.

• Making minimum payments gives you the ability to buy more stuff with your credit card

• Making minimum payments means it could take thirty or forty years to pay off that $1,000 credit

  card bill

• Making minimum payments doesn't cost me any more money over a long period of time.

What answer best describes what happens in a money flip?

• you pay $50 by cash app, a stranger will flip it to a payment app for $100.

• The stranger tosses a coin to decide who kicks off the match

• The stranger offers to double your money input by "working the system".

• If you have a twenty-dollar bill, a stranger will flip it for two tenners.

Native advertisers are required to show all sides of an issue in articles they publish.

• True

• False

What is the best way to improve your credit?

• Hire a credit counseling agency.

• Consult your parents on good borrowing practices.

• Make all your payments on time, every time.

• Make all your payments early except your credit cards. It is OK to pay them late.

What is a "debt-to-income" ratio?

• How much money you have to pay back on your income.

• How much money you owe in total versus how much you make.

• How much money you have to make every year in your job.

• How much money you owe on your student loan compared with how much you want to make

Good credit gives you options. Bad credit takes away your options. Choose the one correct answer.

• You have good credit. You can choose the credit card with the lowest interest rate.

• You have bad credit. You are forced to take the credit card which charges rip-off rates.

• You have bad credit. You can easily get a store charge card.

• Both A and B

Bill shares an apartment with Matt. The lease and all the utilities are in Matt's name. Bill pays his

rent, and his share of the utility bills on time. Why does this not help Bill build a positive credit score?

• He only pays half of the lease and utility bills.

• The lease and utility bills are not in his name.

• Matt does not pay the bills on time

• Matt does not tell the landlord Bill is living there

Paid "as agreed" means you paid your account on or before the "due date." Which statement

describes the smartest move, when it comes to paying your accounts?

• I pay my accounts on the day they are due.

• I always pay my accounts days early

• I mail my payment on the day that it is due.

• I mail my accounts on the day they are due in cash.