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WorksheetsChapter 4: Debt
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
Which of the following is NOT one of the 5 foundations of personal finance?
a)
Pay cash for your car
b)
Get out of debt
c)
Use 5 year financing to buy your car
d)
Build wealth and give
2.
Interest earned on interest is known as:
a)
Simple Interest
b)
True Interest
c)
Compounded Interest
d)
Variable Interest
3.
What is the yearly fee charged for having credit called?
a)
Annual Fee
b)
Credit Card
c)
Over the Limit Fee
d)
User Fee
4.
What percentage of people are living 'paycheck to paycheck' (before they get their next paycheck, they are struggling and almost out of money)?
a)
10%
b)
30%
c)
50%
d)
70%
5.
What was the first credit card?
a)
Diner's Club
b)
Visa
c)
Discover
d)
Chevrolet
6.
What is a late fee?
a)
A fee charged by a credit agency when you pay your bill late
b)
A fee that is charged late at night
c)
An amount charge for letting you borrow money
d)
A delicious coffee like beverage
7.
What is the difference between a credit card and a debit card?
a)
A debit card is subtracted from your checking account. A credit card is not attached to your checking account.
b)
A credit card is subtracted from your checking account. A debit card has a credit limit.
8.
The least amount that must be paid on a credit card each month is:
a)
Minimum Payment
b)
Late Fee
c)
Credit Limit
d)
money time
9.
How can a cardholder avoid paying interest on a credit card?
a)
Pay the balance in full every month
b)
Pay the minimum payment after its due date
c)
Do not pay anything
d)
Pay the minimum balance every month
10.
Of divorces that happen in the first 7 years of marriage, what percentage end because of financial reasons?
a)
10%
b)
30%
c)
50%
d)
90%
11.
Do you NEED a new car?
a)
Yes
b)
No
12.
What is a typical overdraft fee charged by a bank?
a)
$1.50
b)
$5
c)
$11
d)
$35
13.
How often should you complete a budget?
a)
Hourly
b)
Daily
c)
Weekly
d)
Monthly
14.
What is the cost to you for using a credit card?
a)
Interest
b)
Late Fees
c)
Annual Fees
d)
All of the above
15.
What percentage of families now have a negative net worth?
a)
10%
b)
25%
c)
50%
d)
75%
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