Quiz 2 covers key financial topics including strategies used by credit card companies, selecting credit cards, benefits of high credit scores, consequences of late payments, cash advances, and importance of rewards. It assesses understanding of credit management and investing, crucial for personal financial literacy.
True
False
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True
False
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True
False
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True
False
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The "net price" of the college/university
Graduation rates
Whether college offers the field of study you are interested in
Quality of the student body based on test scores, GPA and selectivity of admissions
All of the above
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Rewards
Interest Rate
Commercial quality
Location of bank branch
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Be sure to apply to State U. Those statistics should make you even more excited about attending.
Immediately research additional schools as you decide based on the statistics that State U is definitely not the place you want to study after all
Not sure
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True
False
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Home mortgage
Auto loan
Student loan
Debit card
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Pell Grants
Cal Grants (for California students who stay in-state)
Scholarships
Institutional Grants
All of the above
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Financial Aid Letter
FAFSA
Credit Report
Magna Carta
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Borrow more money on each of your credit cards
Get more credit cards
Pay all of your bills on-time
None of the above
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Charged a late payment fee of $35
Increase in interest rate to the Penalty APR rate, which will be significantly higher
Increase in rewards offered to cardholder
Credit score may go down as a result of poor payment history
A, B and D
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How long will this introductory offer last?
Can I get two credit cards for my account?
What will the APR and the cashback rewards be after the introductory period?
Does Bank of America VISA allow online transactions?
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Paying off your credit card balance each month
Paying 20% of your credit card balance every month
Making the minimum payment (2% of your credit card balance) every month
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Lenders you are borrowing from
Utility companies
Employers
Landlords who you want to rent an apartment from
All of the above
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School A
School B
About the same
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Your credit report includes information about your salary in it.
Your credit score is based on the information found in your credit report.
If you find an error in your credit report, there is no way to correct it.
Your credit report does not include information about your payment history.
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100 to 900
250 to 1000
300 to 850
600 to 1000
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Workers with college degrees make more money and have higher unemployment rates than those with high school degrees.
Workers with college degrees make less money but have lower unemployment rates than high school graduates.
Workers with college degrees make more money and more likely to have a job than a worker with just a high school degree.
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People don't like to see others around them getting wealthy and will take risks to try and keep up with their peers.
It is human nature to want something (for example, a stock) that is in demand and where there might some urgency to take advantage of an opportunity (recall how Vin got his trading floor to make a lot of noise).
Investors are willing to rely on "experts" who can sound extremely confident about a financial product they are "selling."
All of the above
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Investing in a single company’s stock
Investing in a single company’s bonds
Putting your money in a savings account
Buying a mutual fund that holds the stock in fifty companies
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1 year
3 years
7 years
15 years
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True
False
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Interest rate
Rewards or incentives offered by credit card company
Quality of credit card commercials
Location of company headquarters
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Balance transfer APR
Penalty APR
Penalty fee
Cashback reward APR
Purchases APR
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$20.00
$500.00
$1,500.00
$3,500.00
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School A
School B
They offer the same amount of financial aid
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True
False
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Use professional athletes or other celebrities in their commercials
Highlight the fees and costs of using their cards
Discuss the dangers of carrying too much credit card debt
All of the above
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Occurs when a credit cardholder uses their credit card at an ATM to withdraw cash
Usually results in interest being charged immediately when the withdrawal is made since there is no grace period
Usually incurs a higher interest rate than standard purchases using a credit card
All of the above
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It is easy to predict the future direction of the market just as it is easy to predict a dice roll
The pain of losses is felt more deeply than the joy of gains.
It is easy to be emotionally stable in period where the stock market rises or falls a significant percentage
Investing does not involve any risk
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Start early
Buy and hold
Invest all of your money in a bank savings account
Diversify
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It pays to start saving immediately in a 401k plan because of the impact of compounding over a long period of time.
Company’s will often provide a matching contribution to what an employee contributes to their 401K plan (e.g., if an employee contributes $200, the employer could provide a $100 matching contribution)
A 401K plan is portable in that it stays with the employee even after they have left their company
A 401K is a retirement savings plan that an investor makes contributions to through deductions from their payroll at the company they work for.
All of the above
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True
False
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Amounts owed
Length of credit history
Types of credit used
Payment history
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Goldman Sachs, Merrill Lynch and Bank of America
Equifax, TransUnion and Experian
FICO, Smiths and Credit Analytics
Johnson, Friedrich and Credit Strategies
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Dividend and share price appreciation (rise in the stock price)
Return of principal and coupon
Dividend and coupon
Coupon and share price appreciation (rise in the stock price)
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Freecreditreports.com
Freescores.com
Freecredit.com
Annualcreditreport.com
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Dividend and Capital Appreciation
Coupon and Return of Principal
Return of Principal and Dividend
Profits and Losses
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2.49% to 19.49%
5.74% to 22.74%
8.99% to 25.99%
5.74% to 27.25%
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Most popular plans are 401k plans in which your employer may make a matching contribution
Value of retirement plans determined by decisions made by employee
There is a risk of a retiree outliving their retirement funds
Retirement plans stay with the company so if the employee leaves, they lose those funds.
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Interest rate
Penalties/Fees
Rewards or incentives
FDIC-insured
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Option 1
Option 2
Option 3
Option 4
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