What is a title loan?

A loan secured by using the borrower's car title as collateral.

A short-term loan with a fixed interest rate and no collateral.

A loan provided exclusively for home improvement projects.

A loan that requires a cosigner for approval.

What is a peer-to-peer loan?

Enables individuals to obtain loans directly from individuals. Cutting out the middle man

A loan secured by the borrower's personal assets.

A loan offered by traditional banks to established businesses.

A loan provided exclusively for home improvement projects.

Which of the following are the characteristic of Predatory lending?

Offering loans with excessively high-interest rates and fees that borrowers are unlikely to afford.

Providing transparent and easily understandable loan terms and conditions.

Ensuring that the borrower's income and financial stability are thoroughly assessed before approving a loan.

Offering financial education and resources to help borrowers make informed decisions.

What is revolving Credit?

A credit card, where you have access to a certain amount of credit to a certain amount and then you have ongoing access to the amount of credit.

A loan that requires collateral in the form of real estate or valuable assets.

A credit line that can only be used for educational expenses and tuition fees.

A loan that is issued for a one-time specific purpose and must be repaid within a set period.

What is a collateral loan?

A common loan for mortgage or car loans. If you don't pay back the bank can seize your collateral.

A loan that is provided without any requirement for the borrower to offer any assets as security.

A loan that is exclusively granted for business expansion purposes.

A loan that is only available to individuals with high credit scores and a strong credit history.

When credit card companies are looking at your Character...What does that mean?

Borrowers reputation and track record for repaying debt.

A physical document issued by the government to verify an individual's identity.

A numerical value assigned to each individual indicating their financial responsibility.

A statistical measure of a person's creditworthiness based on their credit history.

What does the term capacity mean for credit card companies?

Measure the ability to repay loans by comparing income against debt to income ratio

The maximum credit limit a person can receive based on their income and credit score.

A financial indicator that shows the potential risk associated with lending money to a particular individual.

The process of assessing the duration for which a credit card account has been active.

Why is it important to monitor and track your credit report?

To identify and address any errors or fraudulent activities that could negatively impact your credit score.

To determine the current market value of your assets and liabilities for financial planning purposes.

To assess the overall economic trends and their potential impact on your personal finances.

To track the performance of your investment portfolio and make informed financial decisions accordingly.

Which of the following can impact your financial situation negatively?

contributing to Roth IRA monthly

What is the difference between a credit card and a debit card?

Credit cards allow users to borrow money up to a certain limit, whereas debit cards are directly linked to the user's bank account and spend funds available in that account.

Debit cards provide rewards and cashback options, while credit cards do not offer any incentives.

Credit cards and debit cards are the same, just known by different names in different countries.

Debit cards allow users to spend money they don't have, while credit cards limit spending to the available balance in a bank account.

What is the differences between basic saving account and ETFs?

Basic Savings Account is a deposit account that earns interest, while an ETF is a collection of securities that tracks an underlying index.

Both Basic Savings Account and ETFs are investment products with no notable differences.

Basic Savings Account involves buying and selling stocks, while ETFs are secure deposit accounts.

ETFs are similar to checking accounts, whereas Basic Savings Accounts are investment tools that can be traded on the stock market.

What is the difference between Roth IRA and Traditional IRA?

Contributions to a Roth IRA are made with after-tax dollars, and qualified distributions are tax-free, while contributions to a Traditional IRA are often tax-deductible, and distributions are taxed as ordinary income.

Roth IRAs are available only to individuals above the age of 60, while Traditional IRAs are available to individuals of all ages.

Both Roth IRAs and Traditional IRAs have identical tax treatment and contribution rules.

Traditional IRAs offer more flexibility in terms of withdrawal options compared to Roth IRAs.

A Roth IRA is a retirement account that allows individuals to make after-tax contributions, and qualified withdrawals are tax-free.

A Roth IRA is a type of health savings account that provides tax benefits for medical expenses.

A Roth IRA is a short-term investment option with high-risk, high-reward opportunities

A Roth IRA is a specialized account for managing student loan debt and repayment plans.

What is a traditional IRA?

A Traditional IRA is a retirement account where contributions are often tax-deductible, and withdrawals are taxed as ordinary income.

A Traditional IRA is a specialized savings account designed for short-term financial goals and emergency funds.

A Traditional IRA is a type of high-yield savings account that offers significantly higher interest rates compared to regular savings accounts.

A Traditional IRA is a loan option provided by financial institutions exclusively for small businesses and startups.

Which of the following are examples of Investments?

Mutual Funds/Money Market Accounts

Why is it important to that your personal and credit information is accurate and complete?

Accurate and complete personal and credit information is crucial for maintaining a healthy credit score and financial reputation. Ensuring accurate personal and credit information helps prevent potential identity theft and fraud.

Having inaccurate personal and credit information leads to better financial decision-making and investments.

Inaccurate personal and credit information assists in obtaining loans and credit at unfavorable terms and interest rates.

Debit cards often have daily transaction limits, while credit cards may have higher spending limits based on the user's credit limit.

What is an Intermediate-Term Goal?

An intermediate-term savings goal is a financial target to be achieved within five to ten years, such as saving for a down payment on a house or a car.

An intermediate-term savings goal is a short-term financial target to be achieved within a few months, like saving for a vacation or a new gadget.

An intermediate-term savings goal is a budgeting strategy to allocate funds for daily expenses and bills.

An intermediate-term savings goal refers to a long-term retirement plan that spans over 20 years or more.

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Jackie Chase

Used 1+ times

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mortgage or car loan that you might need in 10-15 year

financially secure retirement investment including stocks, bonds, ETFs but you should have at least 2 years of expenses to support yourself when you are no longer working

who cares about saving money YOLO

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following investment is considered the MOST risky?

Stock

Savings Account

Checking Account

Roth IRA

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered to be the LEAST risky investment?

Stock

Bonds

CDs

Basics Savings Account

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Which of the following investment is considered the MOST risky?

Which of the following is considered to be the LEAST risky investment?

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What is a peer-to-peer loan?

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