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Quiz

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1. Which of the following is an example of a periodic expense?:

Rent
Birthday gifts
Cell phone bill


2. In order to stay on your budget, you should:

Avoid making impulse purchases
Put all of your purchases on your credit card
Always go to the store with a friend


3. If you have overdraft protection on your checking account, you should:

Make purchases without checking your account balance first, since you are covered by overdraft protection
Still be careful with your debit card and check use, to avoid depleting your savings or increasing your debt
Cancel it, since it is expensive


4. When saving, it is best to:

Put money aside every month, even if it is only a few dollars
Not worry about saving now, since you are young
Keep your money in a shoebox under your bed, so you know it is safe


5. Which of the following statements about credit cards is true?:

You should not get a credit card, because they have no advantages
When choosing a credit card, you should get the one that gives you the best freebie
Your APR does not matter if you never carry a balance on your card


6. The minimum monthly payment on credit cards is:

Usually set very low, so it could be years before you are debt free if you only make the minimum payments
Usually set very high, because creditors want their money back as soon as possible
Only a suggestion – you can pay less if you want


7. If your rent is due on the 1st of the month, you should:

Pay it by the 15th of the month to avoid a late fee
Make sure your landlord receives the rent by the 1st
Just let your roommates worry about paying the rent


8. If you rent, renters insurance is:

Not necessary, since your landlord’s homeowners insurance will cover you
Only needed if you are renting a house, not an apartment
A good way to provide personal property and liability protection


9. Which type of public student loan is the most common?:

PLUS
Stafford
Perkins


10. In which of the following careers may you be able to have part or all of your student loans forgiven:

Accountant
Truck driver
Doctor

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