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BMF II Unit 12

Total questions: 73

Worksheet time: 51mins

Name
Class
Date
1.

What does the M in SMART stand for?

a)

Maximum - there are no limits for goals

b)

Memorable - a goal must be easily remembered

c)

Measurable - a goal must have some kind of number attached so you have a way to know if you are reaching the goal.

d)

Mental - you have to be able to think about the goal.

2.

What does the A in SMART stand for?

a)

Attainable - a goal must be reachable; you CAN do it.

b)

Admirable - a goal must impress people.

c)

Artistic - a goal must be creative.

d)

Academic - a goal must be scholarly and oriented towards learning.

3.
What does the R in SMART stand for?
a)
Responsible -a goal must allow you to take charge.
b)
Realistic - a goal must be realistic in how long it will take and the steps taken to achieve it.
c)
Respectful - a goal must allow you to be kind and polite.
d)
Repeatable - you must be able to do the goal over and over again.
4.
What does the T in SMART stand for?
a)
Time-bound - the goal must be reached within a specific length of time.
b)
Thoughtful - a goal must take into account the feelings of others.
c)
Transferable - a goal should be able to be shared with other people.
d)
Trust-worthy - a goal should be worthy.
5.

What does the S stand for in SMART GOALS

a)

Specific

b)

Special

c)

Standard

d)

Sports

6.

Which of the following statements is TRUE?

a)

an adjustable rate mortgage will give you a fixed amount each month that you will have to pay for your mortgage payment

b)

an adjustable rate mortgage is safer than an adjustable rate mortgage because you will know in advance what your payment is each month

c)

a fixed rate mortgage is safer than an adjustable rate mortgage because you will know in advance what your payment is each month

d)

none of these are true

7.

Someone might choose to own a car instead of leasing a car because:

a)

it will be less expensive

b)

it will be more expensive

c)

it could lead to lower repair expenses

d)

it could be sold later on to make some money back on the vehicle

8.

Some apartment/condo rental leases might require you to purchase which of the following?

a)

a down payment

b)

rental insurance

c)

depreciation

d)

a car or other vehicle

9.

Most mortgages are for how many years?

a)

10

b)

15

c)

30

d)

either 15 or 30

10.

If you don't pay your mortgage on time, what might happen?

a)

the bank might foreclose on your house

b)

you might have to declare bankruptcy

c)

you might not be able to get credit for 7-10 years

d)

all of these are things that might happen if you don't pay your mortgage on time

11.

A car is a(n) ________________________ asset.

a)

appreciating

b)

depreciating

12.

The amount of money paid toward purchasing a home is called:

a)

security payment

b)

underwriting payment

c)

down payment

d)

loan payment

13.

Car leases usually have:

a)

unlimited terms

b)

minimum mileage agreements

c)

maximum mileage agreements

d)

none of these

14.

How can you reduce your monthly mortgage payment?

a)

by getting a higher interest rate

b)

by putting less money as a down payment

c)

by shortening the term of the loan

d)

by lengthening the term of the loan

15.

Which is an advantage of owning a home over renting?

a)

it is yours and you can make all decisions

b)

you build equity over time

c)

you can sell it later on for a profit if it increases in value

d)

all of these

16.

Which of the following is an advantage of renting over purchasing a home?

a)

you are responsible for maintenance

b)

you don't have to come up with a very large down payment

c)

you must put down a security deposit

d)

it builds equity over time

17.

A person who occupies rented property:

a)

landlord

b)

tenant

c)

mortgage

d)

none of these

18.

A written agreement between a a tenant and a landlord:

a)

mortgage

b)

lease

c)

cooperative

d)

assessment

19.
Something of value given as security for a debt.
a)
Collateral
b)
Capacity
c)
Character
d)
Security Deposit
20.
Money set aside that the landlord keeps if the tenant causes damage to the rental property
a)
Security deposit
b)
Safeguard deposit
c)
Shelter deposit
d)
Safekeeping deposit
21.
Failure to repay a loan is called __________
a)
Default
b)
Deficiency
c)
Neglect
d)
Oversight
22.
The value of a home minus the amount owed is called ____________
a)
Collateral
b)
Equity
c)
Waste
d)
Market Value
23.
A policy that covers a renters personal property against loss by theft, fire, or other hazards. 
a)
Security Deposit
b)
Equity 
c)
Renter's Insurance
d)
Principal
24.
The original amount of a loan
a)
Equity
b)
Interest
c)
Principal
d)
Security Deposit
25.
The fee the lending institution charges the buyer to borrow the money. 
a)
Principal
b)
Earnest Money
c)
Closing Costs
d)
Interest
26.
This type of mortgage changes based on the market. The interest rate may increase or decrease each year. 
a)
Adjustable rate
b)
Conventional
c)
Graduated
27.
A manufacturer's warranty on a car covers
a)
specific repairs for as long as you own the car
b)
all the maintenance costs for a specific number of miles
c)
specific repairs for a specific amount of time or number of miles
d)
collision repairs but no other repairs
28.
All of the following are reputable places where you can get a car loan except
a)
a bank
b)
a loan shark
c)
a credit union
d)
from your parents
29.
By law, drivers are ___________ to pay for the damages they cause with their automobiles.
a)
not responsible
b)
negligent
c)
liable
d)
none of these
30.

Which of the following is true?

a)

Checks and Debit Cards both withdraw money directly from a bank account

b)

Checks are the most widely accepted form of payment

c)

Debit Cards often have a higher interest rate

d)

Debit Cards offer the highest level of fraud protection

31.

Which of the following is not true about credit cards

a)

They offer the highest level of fraud protection

b)

They are the best payment type to use when trying to stick to a budget

c)

You can be charged a fee if you are late making a monthly payment

d)

Some offer rewards, like cash back or airline miles

32.

Which payment method typically charges the highest interest rate

a)

Credit cards

b)

Cashier's check

c)

Pre-paid cards

d)

Payday loans

33.

Which of the following tells you how much your credit card interest will be if you only pay the minimum balance each month

a)

Late fee

b)

Annual membership fee

c)

Balance transfer fee

d)

Annual percentage rate

34.

Which payment type can help you stick to a budget

a)

Credit cards

b)

Debit cards

c)

Payday loans

d)

Cash advances

35.

Which of the following will happen if you miss a monthly credit card payment

a)

You will be charged a late fee

b)

You will lose reward points

c)

Your APR will increase next month

d)

Both A & B

36.

If you are planning to carry a large balance on your credit card, which of the following features should you look for?

a)

Low APR

b)

Low balance transfer fees

c)

Lots of credit card rewards

d)

A large credit limit

37.

What is a credit limit

a)

The required payment to your credit card company

b)

The amount of interest you pay

c)

The maximum amount you can charge each billing cycle

d)

How many credit cards you can own

38.

The annual percentage rate on a credit card determines

a)

the amount of interest you are charged

b)

the amount your credit limit can go up within a year

c)

how many credit cards you own

d)

none of the above

39.

Making a credit card minimum payment

a)

Means you are paying a small portion of your total credit card debt

b)

Is the same thing as making a late payment

c)

Will have a negative effect on your credit score

d)

Will cause your credit card to be cancelled

40.

Jared wanted to save money on interest charges for his credit card so he moved the existing balance on it to a new card with a lower interest rate. This is called:

a)

Credit Limit

b)

Balance Transfer

c)

Finance Charges

d)

Rewards

41.

What are payday loans

a)

A loan you repay on your payday.

b)

Short term unsecured loan with very high interest rates.

c)

Short term secured loan with very high interest rates.

d)

Short term loan with low interest rates.

42.

Who is eligible for a zero interest loan?

a)

Have a Health Care Card, a Pensioner Concession Card or an income less than $45,000 per year after tax

b)

Have lived at your current address for more than three months

c)

Someone who can repay the loan

d)

All of the above

43.

Tangible items leased with the condition that the item will be owned by the renter if the term of rent (contract) is completed.

a)

Rent‐to‐own loan

b)

Pawn loan

c)

Open‐end credit

d)

Refund anticipation loan

44.

The borrower gives the lender his/her automobile title in exchange for a set amount of cash.

a)

Title loan

b)

Payday loan

c)

Closed‐end credit

d)

Refund anticipation loan

45.
All of these are benefits to high liquidity investments except
a)
A high rate of return
b)
Easily accessible 
c)
Can convert to cash when needed
d)
Less risky
46.
Retirement accounts
a)
Guarantee a specific return on investment
b)
Are invested in mutual funds or diversified stocks
c)
Are highly liquid
d)
Have no penalty for taking out money from them early
47.
A mutual fund is 
a)
An investment in a diversified group of stocks
b)
The money left over when reinvested into the company
c)
An account that guarantees a fixed rate of return
d)
Exclusively for retirement accounts
48.
Which is the least risky?
a)
Stock
b)
CD
c)
Savings account
d)
Mutual fund
49.
Don't put all your eggs in one basket best refers to which of the following pieces of advice
a)
Diversify your stock portfolio in order to reduce risk
b)
Invest in a single stock for the largest gain
c)
Take out as many loans as you can
d)
Don't hesitate when buying stocks
50.
When you take out a mortgage, what are you putting up as collateral
a)
Your principal
b)
Your interest
c)
Your house
d)
Your down payment
51.
A low-interest loan that doesn't need to be paid back right away is most likely a
a)
Mortgage
b)
Student loan
c)
Car loan
d)
Payday loan
52.
Falling behind on loan payments is called
a)
Defaulting
b)
Foreclosing
c)
Borrowing
d)
Collateral
53.
Your credit score will be significantly lowered if you
a)
You miss a loan payment
b)
Buy a house
c)
Take out a loan
d)
Go to college
54.
Your house cost 100,000. You put 20% down. What is your down payment? 
a)
10,000
b)
20,000
c)
100,000
d)
120,000
55.

The person, bank or company who you are borrowing money from

a)

Loan

b)

Principal

c)

Interest

d)

Lender

56.

A legal process where people who cannot repay debts seek relief from some or all of their debts.

a)

Mortgage

b)

Credit Score

c)

Unbanked

d)

Bankruptcy

57.

A measure of a person's credit risk. Banks use it to decide whether they should give out loans. Typically between 300-850

a)

Interest

b)

Credit Score

c)

Credit Card

d)

Amortization Schedule

58.

A table with each monthly payment on a loan. It shows how much of the monthly payment goes toward interest and principal.

a)

Amortization Schedule

b)

Schumer Box

c)

Authorization Table

d)

Check Register

59.

A table showing the summary of the costs of a credit card.

a)

Amortization Schedule

b)

Schumer Box

c)

Authorization Table

d)

Check Register

60.

Used to finance a specific purchase for a specific amount of time. Examples are auto loans, mortgages, and personal loans.

a)

Installment Loans

b)

Revolving Credit

c)

Secured Debt

d)

Unsecured Debt

61.

An open line of credit that can be used for any purchases as long as you're under the credit limit. Credit cards are an example.

a)

Installment Loans

b)

Revolving Credit

c)

Secured Debt

d)

Unsecured Debt

62.

Debt is tied to a specific asset that can be used as collateral and repossessed if borrower doesn't make payments

a)

Installment Loans

b)

Revolving Credit

c)

Secured Debt

d)

Unsecured Debt

63.

Debt is not tied to a specific asset; there is no collateral that can be repossessed if borrower doesn't make payments

a)

Installment Loans

b)

Revolving Credit

c)

Secured Debt

d)

Unsecured Debt

64.

Interest rate can change during the duration of the loan

a)

Simple Interest

b)

Compound Interest

c)

Variable Rate Interest

d)

Fixed Rate Interest

65.

Interest rate stays the same for the life of the loan

a)

Simple Interest

b)

Compound Interest

c)

Variable Rate Interest

d)

Fixed Rate Interest

66.
A company owned by families or a small number of investors and do not issue stock to the public.
a)
public company
b)
industry
c)
private company
d)
portfolio
67.
A holder or owner of stock in a company or corporation.
a)
stock market
b)
shareholder
c)
portfolio
d)
industry
68.
Why does a company issue stock?
a)
to brag about their profits
b)
to attract money
c)
to gain publicity
d)
because it is required by law
69.
You have $250 that you are willing to invest in Apple's stock.  If Apple's stock is selling for $113.05 a share, how many shares could you buy?
a)
1
b)
2
c)
3
d)
4
70.
Apple stock plummets and now you have to decide if you hold onto your stock in the hopes that it goes back up, or sell it at a loss.  Apple stock is now selling or $54.76 a share.  You have 2 shares.  When you first bought them their total value was $226.10.  What is their total value now?
a)
109.52
b)
22.10
c)
557.22
d)
5.05
71.
A sum of money paid to shareholders of a corporation out of its earnings.
a)
index
b)
dividend
c)
profit
d)
invest
72.
What is an IPO?
a)
Initial Polling Office
b)
Initial Public Offering
c)
International Public Office
d)
Increasing Public Opportunity
73.

The instrument used in capital market is

a)

Equity

b)

Commercial paper

c)

Treasury Bill

d)

All the above

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