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Consumer Math - Mock Fall Final Exam

Total questions: 70

Worksheet time: 2hrs 25mins

Name
Class
Date
1.

What is debt?

a)

Another word for death

b)

Something, typically money, that is owed or due

c)

A loan on which you do not have to pay interest

d)

That which is incurred during childhood and consummated in college

2.

What is a credit card?

a)

The ace of diamonds

b)

A large plastic card designed to ruin consumer's finances

c)

A small plastic card issued by the government attached to a line of credit

d)

A small plastic card issued by a bank and attached to a line of credit

3.

An amount of credit extended to a borrower is known as a...?

a)

Line of Extension

b)

Several dollars lined up in a straight line

c)

Available Credit

d)

In the finance world it is referred to as a "long nose"

4.

Revolving credit is...

a)

a type of credit that can be used repeatedly up to a certain limit as long as the account is open and payments are made on time.

b)

a type of credit that can be used only once up to a certain limit and must be closed immediately after all payments are due

c)

a spinning door with money in it

d)

a round device that holds credit cards and spins, making it easy to shuffle through all your credit cards quickly

5.

What is a credit score?

a)

a number between 300 and 850 representing your creditworthiness

b)

a statistical number that evaluates a consumer's creditworthiness and is based on credit history.

c)

Often referred to as a FICO score

d)

All of the above

6.

What is an interest rate?

a)

it is your level of interest about a certain topic expressed as a percentage of your total interest

b)

The amount in terms of dollars that you have to pay back on a purchase

c)

it is the rate at which your interest in something expires. The higher the number, the quicker your interest expires

d)

The amount in terms of a rate or percentage that you have to pay back on an amount borrowed

7.

What is a credit report?

a)

A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness

b)

A detailed report of a bank's credit history prepared by a credit expert and used by consumers in determining a bank's creditworthiness

c)

A report which shows which credit cards are better than others

d)

A report invented by Allan Greenspan and credited to Al Gore

8.

The process of collecting funds that are owed and past due is called...

a)

gathering

b)

dollar collecting

c)

overdrafting

d)

collections

9.

What is a loan term?

a)

The amount of time a revolving line of credit can be open

b)

The payment of income to a savings account in regular payments over a set period of time.

c)

The period in which the loan is to be repaid, each payment broken down into individual installments

d)

Specifically related to the black market for human organs, and typically meant as the length of time one's kidney will be used for other purposes

10.
Budgeting is crucial to your financial success.
a)
True
b)
False
11.

If an expense can NOT be removed from your budget to save money, it is considered a _____.

a)

Income

b)

Want

c)

Need

d)

Savings

12.
Preparing a budget includes
a)
Income, Expenses, Saving
b)
Only listing your expenses
c)
Only listing your debts
d)
Only listing your income
13.
Examples of Fixed Expenses include:
a)
Mortgage, loans, rent
b)
Cable, entertainment, food
c)
Gas, food, phone
d)
Clothing, gas, food
14.
A vacation is an example of a _________
a)
need
b)
want
15.

The maximum amount of time over which an individual agrees to repay an auto loan. Typically ranges from 36 to 84 months.

a)

Loan

b)

Loan terms

c)

Down payment

d)

Annual percentage rate (APR)

16.

The original amount of money that is borrowed. The amount decreases when you make a payment.

a)

Annual percentage rate (APR)

b)

Loan amount or principal

c)

Down payment

d)

Loan terms

17.

A fixed amount of money, percentage of the selling price or item of value that is traded in to reduce the cost of purchasing a vehicle.

a)

Credit history

b)

Loan terms

c)

Down payment

d)

Annual percentage rate (APR)

18.

A formal and extensive record of how good an individual is at maintaining their credit and paying their current and past debts in a timely manner.

a)

Credit score

b)

Loan terms

c)

Lender

d)

Credit history

19.

Made by a bank or other lender to an individual so that person can purchase a new or used vehicle, using the vehicle as collateral for the loan.

a)

Auto loan

b)

Loan terms

c)

Lender

d)

Annual percentage rate (APR)

20.

The fee charged for the use of money.

a)

Auto loan

b)

Loan terms

c)

Down payment

d)

Annual percentage rate (APR)

21.

A bank, savings and loan, credit union or dealership that makes loans to individuals or businesses.

a)

Auto loan

b)

Loan terms

c)

Lender

d)

Depreciation

22.

A number assigned to a person that indicates to lenders their capacity to repay a loan.

a)

Credit score

b)

Loan terms

c)

Lender

d)

Credit history

23.

The larger your down payment amount, the (larger/smaller) the loan amount, and (larger/smaller) your monthly car payments.

a)

Larger/larger

b)

Larger/smaller

c)

Smaller/larger

d)

Smaller/smaller

24.

When borrowing money for an auto loan, it is better to have a (higher/lower) interest rate. The higher your credit score is, the (higher/lower) your APR, or interest rate.

a)

Higher/higher

b)

Higher/lower

c)

Lower/lower

d)

Lower/higher

25.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
26.
My landlord can report my failure to pay rent to a credit reporting agency.
a)
True
b)
False
27.
I should review my credit report for errors.
a)
True
b)
False
28.
A credit report contains my personal information such as my address and social security.
a)
True
b)
False
29.
Late payments are retained on credit reports for 7 years.
a)
True
b)
False
30.
A bad credit report cannot affect my chances of getting a job.
a)
True
b)
False
31.

Which of the following is TRUE about a credit report?

a)

It is a complete history of one type of credit you have

b)

Credit reports are maintained by the 5 main credit bureaus

c)

You can get a copy of your credit report for free

d)

You can get a credit report only when you're 21 years old

32.

Which of the following is one of the 3 nationally recognized credit bureaus?

a)

Equifax

b)

Federal Reserve

c)

Postal Credit

d)

TripleUnion

33.

Your credit score is not configured off of which of the following:

a)

Payment history

b)

Amount of money owed

c)

Grades in School

d)

Length of credit history

34.

Which is an exceptional credit score?

a)

672

b)

555

c)

713

d)

813

35.

What type of credit score is this 570?

a)

Average

b)

Great

c)

Poor

d)

Excellent

36.

My credit history does not affect my chances for renting my first apartment.

a)

True

b)

False

37.

To build a positive credit history, I should pay cash for all purchases.

a)

True

b)

False

38.

Paying my bills late could negatively affect my credit history.

a)

True

b)

False

39.

Payment history accounts for around _______ of your credit score.

a)

1/2

b)

3/4

c)

35%

d)

90%

40.
Which of the following is one of the 3 nationally recognized credit bureaus?
a)
Equifax
b)
Federal Reserve
c)
Postal Office
d)
Grocery Store
41.
Which of the following items can be found on a credit card statement?
a)
payments made and new charges
b)
fees and interest charged
c)
year to date totals and how long it will take you to pay it off w/minimum only
d)
all of these
42.

A grocery store buys soda at wholesale price for $1.25. The retail price has a 20% markup. Find the retail price.

a)

$1.05

b)

$1.50

c)

$.25

d)

$1.45

43.

A pair of boots are bought at a discounted price of $71.24. This is after taking 25% off. What was the original price? Round to nearest cent if necessary.

a)

$94.99

b)

$53.43

c)

$17.81

d)

$284.96

44.

Dani bought an $85.00 jacket for 40% off of the regular price. How much did he pay for the jacket?

a)

75

b)

51

c)

36

d)

34

45.

Mr. Newhouse is buying a new tie from Macy's. It says the tie costs $15.00 but there is a sign above it that says 25% off. How much will the tie cost before taxes?

a)

$3.75

b)

$18.75

c)

$15.25

d)

$11.25

46.

Find the total cost. $20 meal; 9% sales tax; 20% gratuity after the sales tax has been added

a)

$ 1.80

b)

$ 4.00

c)

$26.16

d)

$29.20

47.

A food company reduced the amount of salt in one of their food products from 700 milligrams to 630 milligrams. What is the percent decrease in the amount of salt in this food product?

a)

10%

b)

12%

c)

70%

d)

90%

48.
What kind of information is not found on  a consumer credit report?
a)
Personal medical information
b)
Criminal records
c)
Employment history
d)
Current and past addresses
49.
Maria and Sara borrow $15,000 from the same bank to buy the same kind of car. Maria's credit score is 732 and Sara's credit score is 588. Who is likely to pay the lower finance charge?
a)
They will pay the same because they are borrowing from the same bank
b)
Maria
c)
Sara
d)
They will pay the same because they are buying the same kind of car
50.
If a person is behind on his debt payments and goes to a responsible credit counseling service-
a)
They can cancel and cut up his credit cards without permission
b)
They can get the federal government to apply his income taxes to pay off his debts
c)
They can work with those who loaned him money to set up a realistic payment schedule
d)
They can force those who loaned him money to forgive his debts
51.
Jorge and Jose are young men with good credit reports. They work at the same company and make the same amount of salary. Scott borrowed $6,000 to take an oversees vacation and Eric borrowed $6,000 to buy a truck. Who is likely to pay the lowest finance charge?
a)
Eric will pay less because the truck is collateral for the loan
b)
Scott will pay less because people who travel oversees are less risky to lenders. 
c)
They will both pay the same because the rate of interest on the loans is set by law
d)
They will both pay the same because they are borrowing the same amount of money
52.
How can you improve your credit score?
a)
Make payments on time
b)
Reduce overall debt
c)
Limit your applications
d)
All of the above
53.
How can one avoid paying interest on money borrowed on a credit card?
a)
Pay the amount used in full during the current billing cycle
b)
Make the minimum payment on the account statement
c)
Pay at least have of the balance showing on the statement
d)
Not making a payment at all.  
54.
True or False: Missing a payment on your credit card has no effect on your credit.  
a)
True 
b)
False
55.
True or False:  If denied for a credit card, I should continue to apply for other credit cards until I'm approved.
a)
False
b)
True
56.
What are 2 of the top 5 factors that assist in calculating your credit score?
a)
Payment History and Amount of current debt
b)
Length of credit history and types of credit
c)
Payment History and Job History
d)
Payment History and Credit inquiries
57.
Anything of value that is owned by an individual
a)
Budget
b)
Liability
c)
Asset
d)
Consumer
58.
A monthly plan for how you are going to save and spend your income.
a)
Budget
b)
Net Worth
c)
Expense
d)
The Five Foundations
59.
Interest paid on an investment and on any interest previously earned.
a)
Compound Interest
b)
Simple Interest
c)
Debt
d)
Credit
60.
An obligation to repay borrowed money.
a)
Personal Finance
b)
Budget
c)
Debt
d)
Consumer
61.
You must have insurance on your vehicle?
a)
true
b)
false
62.
Brenda's bank offers car financing for 3, 4, or 5 years.  If Brenda chooses 5-year financing, how many monthly payments will she have?
a)
60
b)
48
c)
36
d)
12
63.
What would the monthly payment be on a purchase of a $10,000 car at 5.9% for 4 years?
a)
$239.34
b)
$234.39
c)
$212.50
d)
$250.00
64.
What would happen to a monthly payment if the interest rate increased?
a)
The payment would go up.
b)
The payment would go down.
c)
The payment would remain the same.
d)
None of the above.
65.
Jaclyn has decided to purchase an $11,000 car.  She pans on putting $1000 down towrd the purchase, and financing the rest at 4.8% interest rate for 3 years.  Find her monthly payment.
a)
$226.54
b)
$236.89
c)
$204.78
d)
$298.81
66.
An increase in which of the following will decrease the monthly payment?
a)
Interest rate
b)
Down payment
c)
Principal
d)
None of the Above
67.
Omar has decided to purchase a $11,000 car.  He plans on putting 20% down toward the purchase, and financing the rest at 4.8% interest rate for 3 years.  Find his monthly payment.
a)
$262.95
b)
$236.89
c)
$204.78
d)
$298.81
68.
If you put down 20% on a $7000 car and pay monthly payments of $109.40 for 60 months, what is the total price of the car?
a)
$7262.95
b)
$7236.89
c)
$7204.78
d)
$7964.00
69.

How do you plan to study for your final?

4 lines
70.

What has been your favorite part about our Consumer Math class this semester?

4 lines

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