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Question 1

The amount of interest charged on a debt but not yet collected is called.

Answer 1

accrued interest

Question 2

One of the main reasons we build wealth is so that we can.

Answer 2

give to those in need

Question 3

Which principle says that a certain amount of money today is worth more than the same amount in the future?

Answer 3

The time value of money

Question 4

Something that credit card commercials don’t show you is …

Answer 4

People making payments for months or years on those credit card purchases

Question 5

When a homeowner takes out a home equity line of credit (HELOC), that loan can only be used for home repairs and renovations.

Answer 5

false

Question 6

Banks and lenders use credit scores to determine..

Answer 6

The likelihood that someone is able to repay debt

Question 7

Making purchases with a credit card means that you’re borrowing money with interest, and
pay much higher interest rates

Answer 7

young people

Question 8

When you finance a new car, you will end up paying more than the sticker price.

Answer 8

true

Question 9

While it may not always appear so, the majority of Americans live paycheck to paycheck.

Answer 9

true

Question 10

Your greatest tool to building wealth is

Answer 10

your income

Question 11

_require the borrower to put up collateral for the loan.

Answer 11

secured loans

Question 12

Which of the following is part of the formula that determines a person’s FICO score?

Answer 12

Their history of payments made to lenders

Question 13

There are certain things, like renting a car or booking a hotel room, that you cannot do without having a credit card.

Answer 13

false

Question 14

Leasing a car is a method of financing where someone

Answer 14

Makes monthly payments on but does not own the vehicle

Question 15

What is The Second Foundation?

Answer 15

Get out and stay out of debt