QUESTION JUN 27, 2019 Question: Please don’t answer the question if you are not sure about it. Thank you so much.

Question:Hello there, please I have a quiz and I need help.

Please don’t answer the question if you are not sure about it.

Thank you so much.

1- Which of the following is not a step toward purchasing an automobile?

A- Determine affordability

B- Shop for financing

C- Analyze needs versus wants

D- Make a preliminary offer

2- When picking out a car and determining needs versus wants, a person should ask him or herself all of the following questions except:

A- How much cargo do you carry?

B- Do you want a manual or automatic transmission?

C- Do you need two-wheel drive, all-wheel drive, or four-wheel drive?

D- All choices are correct.

3- How much of a down payment do lenders require when purchasing a car?

A- 10%

B- 15%

C- 20%

D- 40%

4- What is the disadvantage of buying a home?

A- The value of your house may increase.

B- Eventually, you will be able to live payment-free.

C- The value of your house may decrease.

D- You will gain equity by paying down your mortgage.

5- What is a mortgage?

A- The legal document used to allow a lender to use real property as collateral

B- The difference between what is owned vs. what is owed

C- The transfer of a lease agreement to a new tenant

D- All of the choices are incorrect.

6- Most lenders require how much of a down payment for a house?

A- 30%

B- 40%

C- 20%

D- No down payment

7- Why might you have to pay private mortgage insurance (PMI)?

A- You had more than three traffic violations in the past year.

B- You put down less than 20% on your home.

C- You live in a high-risk neighborhood.

D- You have a history of defaults.

8- What does HELOC stand for?

A- Health expense license of California

B- Home equity line of credit

C- Home equity liquidation of credit

D- None of the answers are correct.

9- Which is not an early warning sign of financial trouble to come in the future?

A- Not having an emergency fund

B- Paying only the minimum amount of a credit card bill

C- Not having a monthly budget

D- Investing in a 401(k) or a 403(b) plan

10- What is the minimum amount of money you should have in your emergency fund account, and once you have that, what should your next goal be?

A- $750; 3 months’ wages

B- $500; 4 months’ wages

C- $1,000; 6 months’ wages

D- $1,500; 6 months’ wages

11- Which is a way to stop little financial leaks?

A- Cutting coupons

B- Pack your lunch

C- Avoid the malls when bored or depressed

D- All of the choices are correct.

12- To keep yourself from using your credit card, you should

A- destroy it.

B- hide it.

C- leave it at home.

D- keep it in your wallet.

13 – What strategy to help impulse buyers does the book suggest?

A- The “ten-second hold” rule

B- Realistic budget evaluation

C- The “do I need it?” strategy

D- The stop and think strategy

14 – Paying rent, gas, and utilities and buying groceries are examples of what kind of spending?

A- Necessary

B- Non-essential

C- All of the choices are correct.

D- None of the choices are correct.

15 – What is the first step of digging out of debt?

A- Create a realistic budget

B- Make payments on time

C- Stop using credit cards

D- Don’t try to buy stuff you can’t afford

16- When foreclosure is likely, lenders want to

A- get the owner out of the home so they can sell it and make a profit.

B- work with the owner to negotiate payments.

C- sell the home regardless of what the owner thinks.

D- None of the choices are correct.

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