1. Which of the following are ways of increasing your cash flow? Choose two.
Decrease your expense
Increase your income
2. When buying a home, you should plan to live there for at least __ to 10 years. Answer in numeric form.
5
3. A ______ is when one property is held by one person for the benefit of another. Fill in the blank.
Trust
4. Which of the following can be examples of positive debt? Choose three.
Debt for business enterprise
Student loans
Mortgages
5. Which of the following are good choices on how to use an unexpected windfall of money? Choose three.
Build up your emergency fund
Pay off high interest debt
Pay down your mortgage
6. Employment _______ provide 5-10 year projections on what skills will be needed to enter your chosen field. Fill in the blank.
7. The modern focus of retirement investment includes what three aspects? Choose three.
Living expenses
Personal savings
Company pension
8. You should not invest until you have done what? Choose two.
You have paid of most or all high-interest debt
Have an emergency account in place to cover at least 3-6 months of expenses
9. True or false. Investing in stocks and equities is a safe way to build your emergency fund.
False
10. What legal process determines that, if you die, any property you own with another person will pass directly to them rather than be divided according to a will? Choose one.
Joint tenacy
11. True or false. You can often get a cut on your interest rate if you simply call and ask the company from which you have received credit.
True
12. Which of the following people do not require an estate plan? Choose one.
Sam, who has just turned 17.
13. What are positive choices to make when unemployed? Choose three.
Getting fit and healthy
Spending time with your family
Getting involved in the community
14. Which of the following locations often offers free books, free research assistance and free web access? Choose one.
Public library
15. There are several different types of investments, do you know which is which?
Cash -
Stocks - Shares in other companies
Bonds - You loan money to another account
16. True or false. An estate plan is mainly for your dependents.
True
17. If you choose to work in medicine or education in a trouble area, you may be able to receive loan _______. Fill in the blank.
18. True or false. A mortgage is primarily a tax benefit.
False
19. What type of statement can show you where your money is being spent? Choose one.
Cashflow statement
20. Your net worth is your total _____ minus your total debt. Fill in the blank.
21. An __________ is a written plan for how assets will be distributed after death. Fill in the blank.
22. Which of the following are characteristics of an early payoff mortgage? Choose three.
Pay-off loan quicker
Higher monthly payments
Pay much less interest
23. Which of the following is not a positive step for getting yourself out of a poor financial situation? Choose one.
Waiting until the time is "right"
24. How many months of expenses should you put away in an emergency account, at minimum? Choose one.
8 months
25. What is the term that describes how long it would take to pay off a full mortgage at the current rate of interest and payment? Choose one.
Amortization
26. Which type of will goes into effect if you are unable to think, communicate, or are terminally ill? Choose one.
Living will
