Magda is going to finance her car purchase using an auto loan. Which statement below is accurate?
Final Exam Review

Quiz
•
Mathematics
•
9th Grade
•
Medium

Sarah Buck
Used 2+ times
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Her principal is the cost of the car, minus any down payment she makes
Her interest rate is the total cost she'll pay after making all of her principal and interest payments
Choosing a shorter term means it will take her longer to repay the loan
It’s likely that her monthly payment will be between 4-5% of the cost of the car
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Zoe buys three new lipsticks from a store at the mall. Which payment method would reduce the amount of money in her checking account?
Pays with a prepaid card she loaded earlier in the month
Uses her credit card and says, "Credit" when the cashier asks, "Credit or debit?"
Uses her debit card and says, "Debit" when the cashier asks, "Credit or debit?"
Pays with cash she had in her purse
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Suppose you are trying to switch banks or open a brand new credit card. Which strategy will likely lead to the WORST long-term outcome?
Look for sign-up bonuses or introductory offers that will make the product a good deal
Read online reviews carefully, and consider those that align most closely to what you value
Spend some time comparison shopping before finalizing your decision
Review the fine print closely, paying close attention to fee structures and interest rates
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
These high school seniors each bought $1500 of stuff to bring to college with them in the fall. Each one used a credit card with similar terms to make their purchases. Who will pay the LEAST interest for their purchases?
Stephan, who pays the first $1000 using graduation money and then pays $250 per month until the debt is $0
Jasmine, who had saved the $1500 previously and pays off the whole balance once her bill comes
Nelson, who makes the minimum monthly payment each month until the debt is $0
Robert, who makes $300 payments per month until the debt is $0
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Using Target Date Funds can be beneficial for beginner investors, because...
A fund manager customizes your asset allocations for you
It guarantees that you will have enough money for retirement and doesn’t require a lot of management
It will automatically adjust your assets for you over time
It minimizes risk by investing 50% in stocks and 50% in bonds
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which person from this list is saving rather than investing?
Yvonne, who puts $750 per month into her bank account earning 1% interest
Danielle, who contributes 2% of her pay to her company's 401(k) plan
Daryl, who uses his $5000 end-of-year bonus to buy Treasury bonds
Alexis, who buys $100 worth of shares in an S&P 500 index fund every month
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Laura is a high school student who has a part-time job at a department store. All of the following options will be deducted from her paycheck, EXCEPT...
Medicare
Federal taxes
Overdraft fees
Social Security
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