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8-3 Personal Finance

Authored by Eric Mlinar

Other

10th Grade

Used 1+ times

8-3 Personal Finance
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9 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the 20/10 rule in credit management?

 Limit the use of credit to no more than 20% of your yearly take home pay, with payments of no more that 10 percent of monthly take-home pay

Limit the use of credit to no more than 10% of your monthly take home pay

Limit the use of credit to no more than 10% of your yearly take home pay

Limit the use of credit to no more than 20% of your monthly take home pay

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is predatory lending?

Legal and ethical loan practices

Transparent loan practices

Low-interest loan practices

Unfair, deceptive, and fraudulent loan practices

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a loan shark?

A person who offers illegal loans at very high interest rates and often uses intimidation to enforce repayment

A person who offers legal loans at low interest rates

A bank employee

A financial advisor

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is equity stripping?

The ethical practice of extending a loan to a distressed homeowner with affordable payments

The process of reducing the value of a homeowner's property

The unethical practice of extending a loan to a distressed homeowner who cannot afford the loan payments, resulting in the lender taking possession of the home

The process of increasing the value of a distressed homeowner's property

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a payday loan?

A cash advance from your next paycheck

A long-term loan with low interest rates

A loan for purchasing a house

A loan for purchasing a car

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is easy access credit?

Type of credit that has no costs associated with it

Type of credit that is difficult to obtain with low costs

Type of credit that can be obtained quickly and easily but that often comes with high or hidden costs

Type of credit that has no hidden fees

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an advance fee loan?

A type of loan that includes a large fee up front

A type of loan that includes a small fee at the end

A type of loan that includes a small fee up front

A type of loan that has no fees

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