Question 1

One purpose of budgeting is to help you save more than you spend.

Accepted Answer

A) True 
 B)False  True

Question 2

List at least three things you should do if you suspect that your identity has been stolen.

Accepted Answer

Students should list at least three of the following:
•Place a fraud alert on credit reports and request copies of reports to review.
•Close accounts that were misused or set up fraudulently.
•Fill out dispute forms so the fraudulent debts won't be held against you.
•File a police report to document the crime.
•Visit the website of the Federal Trade Commission to learn more guidelines.

Question 3

Gustavo is going to start college next year and is considering a financial aid package that includes a federal loan,a private loan,a grant,and work study.What are his two BEST options in that package if he wants to keep his costs down?

Accepted Answer

A) the federal loan and private loan 
B) the federal loan and work study 
C) the grant and work study 
D) the federal loan and grant 
A) the federal loan and private loan 
B) the federal loan and work study 
C) the grant and work study 
D) the federal loan and grant C

Question 4

When you earn more than you spend,you have a budget

Accepted Answer

A) surplus. 
B) deficit. 
C) shortfall. 
D) liability. 
A) surplus. 
B) deficit. 
C) shortfall. 
D) liability.

Question 5

A credit card is a(n)________ loan.

Accepted Answer

A) secured 
B) unsecured 
C) permanent 
D) impermanent 
A) secured 
B) unsecured 
C) permanent 
D) impermanent

Question 6

The starting point in shopping for a credit card is to find out the

Accepted Answer

A) annual percentage rate. 
B) source of the card. 
C) grace period. 
D) credit limit. 
A) annual percentage rate. 
B) source of the card. 
C) grace period. 
D) credit limit.

Question 7

George earns a good salary and rents an apartment that is within his means,yet every month,he runs short of money.What should he do?

Accepted Answer

A) Set budget goals to clarify his situation. 
B) Track his income to find out why he doesn't have enough money. 
C) Track his expenses to figure out why his spending exceeds his income. 
D) Take out a loan to make sure he has money left over at the end of the month. 
A) Set budget goals to clarify his situation. 
B) Track his income to find out why he doesn't have enough money. 
C) Track his expenses to figure out why his spending exceeds his income. 
D) Take out a loan to make sure he has money left over at the end of the month.

Question 8

Credit scores are based on all of the following EXCEPT

Accepted Answer

A) current debt. 
B) total credit available. 
C) marital status. 
D) credit history. 
A) current debt. 
B) total credit available. 
C) marital status. 
D) credit history.

Question 9

What is a loan principal?

Accepted Answer

A) the fee on a loan 
B) the amount owed on a loan 
C) the interest rate paid on a loan 
D) the interest payment on a loan 
A) the fee on a loan 
B) the amount owed on a loan 
C) the interest rate paid on a loan 
D) the interest payment on a loan

Question 10

What is phishing?

Accepted Answer

A) an email scam used to seek personal financial information 
B) a computer virus 
C) a phony credit card application 
D) a fraudulent credit report offer 
A) an email scam used to seek personal financial information 
B) a computer virus 
C) a phony credit card application 
D) a fraudulent credit report offer

Question 11

All of the following actions can help protect against identity theft EXCEPT

Accepted Answer

A) shredding credit card statements to remove account numbers. 
B) password locking your smart phone and PC. 
C) not responding to phishing schemes. 
D) not getting a smart card. 
A) shredding credit card statements to remove account numbers. 
B) password locking your smart phone and PC. 
C) not responding to phishing schemes. 
D) not getting a smart card.

Question 12

The median income of high school graduates is only a little over half that of people who hold a bachelor's degree.

Accepted Answer

A) True 
 B)False

Question 13

Student aid includes all of the following EXCEPT

Accepted Answer

A) loans. 
B) grants. 
C) credit. 
D) work study. 
A) loans. 
B) grants. 
C) credit. 
D) work study.

Question 14

Fixed expenses are those that don't change much in a short period of time,such as car loan payments or rent.

Accepted Answer

A) True 
 B)False

Question 15

A budget deficit is the money left over for savings after expenses have been paid.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following rules was included in the 2009 CARD Act,designed to regulate the credit card industry?

Accepted Answer

A) Interest rates on credit cards cannot be raised. 
B) You must be at least 21 years old to get a credit card. 
C) Students can receive gifts when they apply for credit cards. 
D) Colleges must disclose marketing contracts with credit card companies. 
A) Interest rates on credit cards cannot be raised. 
B) You must be at least 21 years old to get a credit card. 
C) Students can receive gifts when they apply for credit cards. 
D) Colleges must disclose marketing contracts with credit card companies.

Question 17

A common reason for students to drop out of college is

Accepted Answer

A) that they have been offered a high-paying job. 
B) stress-related illness. 
C) concern about growing debt. 
D) parental pressure to enter the workforce. 
A) that they have been offered a high-paying job. 
B) stress-related illness. 
C) concern about growing debt. 
D) parental pressure to enter the workforce.

Question 18

To check your credit report,start by contacting the

Accepted Answer

A) Interstate Commerce Commission. 
B) Department of the Treasury. 
C) Department of Commerce. 
D) Federal Trade Commission. 
A) Interstate Commerce Commission. 
B) Department of the Treasury. 
C) Department of Commerce. 
D) Federal Trade Commission.

Question 19

Which of the following countries BEST demonstrates the link between high GDP per capita and long life expectancy?

Accepted Answer

A) Brazil 
B) Japan 
C) Russia 
D) Mexico 
A) Brazil 
B) Japan 
C) Russia 
D) Mexico

Question 20

Fees associated with credit cards include all of the following EXCEPT

Accepted Answer

A) cash advance fees. 
B) annual fees. 
C) grace fees. 
D) late fees. 
A) cash advance fees. 
B) annual fees. 
C) grace fees. 
D) late fees.

Exam 2: Focus On: Improving Your Financial Health

One purpose of budgeting is to help you save more than you spend.

List at least three things you should do if you suspect that your identity has been stolen.

Gustavo is going to start college next year and is considering a financial aid package that includes a federal loan,a private loan,a grant,and work study.What are his two BEST options in that package if he wants to keep his costs down?

When you earn more than you spend,you have a budget

A credit card is a(n)________ loan.

The starting point in shopping for a credit card is to find out the

George earns a good salary and rents an apartment that is within his means,yet every month,he runs short of money.What should he do?

Credit scores are based on all of the following EXCEPT

What is a loan principal?

What is phishing?

All of the following actions can help protect against identity theft EXCEPT

The median income of high school graduates is only a little over half that of people who hold a bachelor's degree.

Student aid includes all of the following EXCEPT

Fixed expenses are those that don't change much in a short period of time,such as car loan payments or rent.

A budget deficit is the money left over for savings after expenses have been paid.

Which of the following rules was included in the 2009 CARD Act,designed to regulate the credit card industry?

A common reason for students to drop out of college is

To check your credit report,start by contacting the

Which of the following countries BEST demonstrates the link between high GDP per capita and long life expectancy?

Fees associated with credit cards include all of the following EXCEPT

Accessing Your Health

Promoting and Preserving Your Psychological Health

Focus On: Cultivating Your Spiritual Health

Managing Stress and Coping With Lifes Challenges

A : Focus On: Improving Your Sleep

Preventing Violence and Injury

Connecting and Communicating in the Modern World

Focus On: Understanding Your Sexuality

Considering Your Reproductive Choices

Recognizing and Avoiding Addiction and Drug Abuse

Drinking Alcohol Responsibly and Ending Tobacco Use

Nutrition: Eating for a Healthier You

Reaching and Maintaining a Healthy Weight

Focus On: Enhancing Your Body Image

Improving Your Personal Fitness

Reducing Your Risk of Cardiovascular Disease and Cancer

Focus On: Minimizing Your Risk for Diabetes

Protecting Against Infectious Diseases and Sexually Transmitted Infections

Focus On: Reducing Risks for Chronic Diseases and Conditions

Preparing for Aging, Death, and Dying

Promoting Environmental Health

Making Smart Health Care Choices

Focus On: Understanding Complementary and Integrative Health

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