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1. Mid-term goals are achievable in:

Two to six years
One to five years
Three to ten years

2. The basic rule of budgeting is:

Your expenses should never exceed your income
You should put aside 10% of your income in savings
You should not spend more than 15% of your income on food

3. When deciding how much you can spend on a car, you should consider which of the following:

What your friends are doing
Insurance and maintenance costs
What is the lowest payment you can get on a loan, even if the interest rate is high

4. APR stands for:

Annual Percentage Rate
Amortized Percentage Rate
Average Percentage Rate

5. Responsibly using your debit or ATM card involves:

Letting your friends use your card whenever they want to
Cutting up the card so you can never use it
Making sure you have enough money in your account before making a purchase

6. When saving, it is a good idea to:

Set up a regular, automatic transfer from your checking account to your savings account
Leave your savings in your checking account
Wait until the end of the month to see how much money you have available for savings

7. When searching for a credit card, you should look for:

A high APR
A short grace period
No annual fee

8. Which of the following type of credit card user is not legally responsible for making payments?

Authorized user
Individual user

9. On average, long-term________________ provide the highest return:


10. Which of the following type of cash equivalent is not insured?

Checking account
Money market mutual fund
Money market deposit account

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