Pre-Quiz

What is a Payday Loan ?

• Money I can borrow from my retirement account at work on payday.

• Money I can borrow from my job until my next paycheck.

• A high interest, 2-week loan.

What is a Security Deposit ?

• Upfront money you pay a landlord in case of damage.

• Money locked into a savings account for your retirement.

• Emergency money in an account you can access at any time

Some hidden costs of living are:

• Work clothes for my high paying job.

• Towels, shower curtain, pots & pans.

• Security deposits

• All of the above

My car broke down & I need some quick cash to get it fixed! It is BEST to:

• Take out a payday loan

• Get cash from my credit card

• Ride the bus & hoof it

Why should I bother with having a savings account?:

• It’s safer than under my mattress

• I can earn interest

• There’s no risk

• All of the above

I need some appliances, a tv, and furniture. The best way to get this stuff is:

• No interest for 5 years deal.

• Check prices & save.

• Rent to own.

I paid tuition at a local trade school but they closed & took my money with them! My student loan payments are:

• Still the same

• Erased due to fraud

• Reduced by the lost amount

Insurance on the used Beemer I bought is more than the car payment! By law, I can return it in how many days?

• 7 Days

• 3 Days

• None

I dropped out of college 2 years ago before getting my degree. What happens to my federal student loan?

• I can return what I didn’t use

• I still owe the full amount+interest

• It’s ok, I’m registering again next fall