What does the GI Bill provide?

Financial assistance for veterans pursuing education or training.

Advanced degrees to veterans depending on their years of service.

Private tutors for veterans in a degree program.

Guaranteed employment for veterans.

Which of the following is true regarding high-risk borrowers?

They will have trouble getting credit.

They often have high credit scores.

They are most likely to pay debts.

They will likely have a lower interest rate.

Which purchase is best served by the use of credit?

buying a month's worth of groceries

What does it mean to be creditworthy?

having the assets, income, and willingness to repay debt

accepting responsibility for a loan if the borrower fails to pay

Which of the following actions helps protect against credit fraud?

Destroy cards that have expired.

Carry all cards with you at all times.

Allow others to use or carry your card.

Throw credit statements in the garbage.

What did the Dodd-Frank Wall Street Reform and Consumer Protection Act do?

Increased regulation of the banking and financial services industry.

Prohibited companies from mailing offers to customers under the age of 21.

Made filing for Chapter 7 bankruptcy more difficult.

Gave consumers the right to refuse to pay a creditor if there is a dispute with a seller.

Which of the following is true regarding a debt management plan (DMP)?

Your creditors may agree to lower your interest rates or waive certain fees.

You will be excused from all debt over $15,000.

Debtors should pay high fees for the service.

A DMP does not require monthly payments.

Which law prohibits credit card companies from offering free T-shirts or other incentives to sign up at university-sponsored events?

Credit Card Accountability and Disclosure Act

Dodd-Frank Wall Street Reform and Consumer Protection Act

Which of the following solutions to credit problems should be done first?

allow creditors to garnish wages

Which governmental agency was created as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act?

Consumer Financial Protection Bureau

Wall Street Reform Organization

Bureau for Financial Monitoring

Coalition of Consumers’ Defense

What is a brick-and-mortar store?

A retail store that sells directly from a physical location.

A retail store that sells construction equipment.

A retail store that supports the economy of the town in which it is located.

A retail store that also houses corporate offices.

When is PMI required?

When the borrower has a down payment of less than 20 percent of the purchase price.

When the loan has a monthly payment of more than 10 percent of the borrower’s monthly income.

When the loan has a monthly payment of more than 25 percent of the borrower’s monthly income.

When the borrower has a down payment of less than 50 percent of the purchase price.

Which of the following is an example of a common contingency clause in a purchase agreement?

The validity of the agreement depends on the buyer’s ability to sell the previous home.

The validity of the agreement depends on the seller’s willingness to lower the asking price.

The validity of the agreement depends on the buyer’s willingness to keep the property as-is.

The validity of the agreement depends on the seller’s ability prove the purchase of another home.

What is the function of earnest money?

Earnest money prohibits the seller from selling the home to someone else.

Earnest money helps pay for insurance and taxes.

Earnest money is part of the loan application package.

Earnest money operates as a retainer for real estate attorneys.

What is true regarding month-to-month rentals?

Renting month-to-month is typically more expensive.

No notice needs to be given before leaving a month-to-month rental unit.

Renting month-to-month does not require renters insurance.

Roommates are not allowed under a month-to-month agreement.

Why should trade-in prices and vehicle prices be negotiated separately?

Consumers often get a better deal that way.

Less tax is paid if they are done separately.

It is illegal to negotiate them together.

They should not be negotiated separately as it makes up one purchase.

The FTC Used-Car Rules requires which of the following to be displayed on the Buyers Guide sticker?

A description of warranty coverage or lack of it.

A description of how many previous owners the car had.

A description of where the car was manufactured.

A description detailing for how much the car was previously sold and repurchased.

Which of the following is true regarding lemon laws?

The problem must be well documented, as well as the attempts to fix it.

They do not apply to trucks, only cars.

They do not apply to used vehicles.

The help received under lemon laws is automatic and straightforward.

What are the four common methods of risk management?

avoid, reduce, transfer, assume

identify, assess, avoid, transfer

transfer, reduce, identify, analyze

Homeowners insurance provides what two basic types of coverage?

property protection and liability protection

uninsured protection and umbrella coverage

umbrella coverage and property protection

liability protection and underinsured coverage

Which of the following is true regarding insurance?

The type and amount of insurance needed varies depending on the person buying it.

Generally, automobile insurance is included when homeowners insurance is purchased.

Having insurance guarantees 100% reimbursement in all accidental situations.

The price of an insurance policy is the only factor to consider when purchasing insurance.

Davis purchased a brand-new television six years ago for $1,200. This year, a fire occurred in the house and damaged the television. If Davis’ property is insured for replacement value, what will likely be received?

A check for the amount of a television of comparable quality.

A check for $500, which is the depreciated value.

An exact replacement TV from the manufacturer.

Which of the following represents a managed care plan?

health maintenance organization (HMO)

preferred provider organization (PPO)

high-deductible health plan (HDHP)

Personal Finance-Semester 2 review

Authored by Lisa Maylath

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9th Grade

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_____ is used to determine eligibility for federal financial aid.

The Federal Pell Grant

The Free Application for Federal Student Aid (FAFSA)

A 529 plan

A work-study

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which career level requires specialized knowledge and skills in a specific field of study?

entry

career

specialist

executive

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of an aptitude is _____

perfection

thinking logically

collecting

drawing

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best represents a measurable goal?

I want to have a master degree.

I want to be successful.

I want to have a career.

I want to be a professional.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_____ is the elimination of jobs generally because the economy is suffering.

Downsizing

Outsourcing

Onshoring

Offshoring

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is most likely a for-profit school?

Trade school

Four-year public university

Four-year private university

Community college

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a graduate degree?

high school

associate

bachelor

master

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Personal Finance-Semester 2 review

_____ is used to determine eligibility for federal financial aid.

Which career level requires specialized knowledge and skills in a specific field of study?

An example of an aptitude is _____

Which of the following best represents a measurable goal?

_____ is the elimination of jobs generally because the economy is suffering.

Which of the following is most likely a for-profit school?

Which of the following is a graduate degree?

Which of the following is a postgraduate degree?

Which of the following would most likely require continuing education classes?

What does the GI Bill provide?

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