Personal Finance

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CHAPTER 4
TEST A KEY

True or False
1. True 2. False—A debit card will work just fine when renting cars and checking into hotels. 3. False—The debt snowball begins with your smallest debt. 4. True 5. False—If you have to loan money to a friend, give it to them as a gift. Never co-sign a loan.

Matching
6. 7. 8. 9. 10. 11. 12. 13. 14. 15. i. b d j c k e l a f

Multiple Choice
16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. c d a a b d a d c c b d c d a

Short Answer:
31. The adult market is saturated, and credit card companies know that people are loyal to their first credit card.

© Copyright 2008 The Lampo Group, Inc. For classroom use only.

FOUNDATIONS in PERSONAL FINANCE

Name____________________________ Date_____________________________

CHAPTER 4
TEST A

TRuE oR FAlsE: Analyze each statement to determine if it is true or false. If it is false, change the statement to make it true.

1. Living without debt in today’s society requires a paradigm shift. ______________________________________________________________________________________ 2. You need a credit card in order to rent cars and check in to hotels. ______________________________________________________________________________________ 3. The first debt in your debt snowball is the one with the highest interest rate. ______________________________________________________________________________________ 4. The typical millionaire drives a reliable, used car. ______________________________________________________________________________________ 5. If you absolutely have to loan money to help a friend or relative, co-signing is the way to go. ______________________________________________________________________________________

MATCHING: Select the best answer from the vocabulary word bank.

a. b. c. d. e. f. g. h. i. j. k. l.

Debt ARM Baby Step 2 Diners Club Home Equity Loan Depreciation Visa Mortgage Myth Lottery Leasing Consolidation

_____ 6. _____ 7....
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