Final Exam Personal Finance

What is a common feature of a 15-year fixed rate mortgage?

• Longer repayment period

• Lower interest rates

• Higher monthly payments

• No down payment required

How long does account information stay on your credit report after the last activity?

• Ten years

• Five years

• Seven years

• Indefinitely

Which type of bankruptcy stays on your credit report the longest?

• Chapter 7 bankruptcy

• Chapter 11 bankruptcy

• Chapter 13 bankruptcy

• Personal bankruptcy

What is the most cost-effective way to buy a home?

• 30-year fixed rate mortgage

• 15-year fixed rate mortgage with 10% down

• 100% down payment

• Renting long term

Which of these should not be a main factor when choosing a career?

• Job satisfaction

• Salary potential

• Company reputation

• Personal interests

What is important for saving money?

• Variable expenses

• Your income

• Discipline

• Mutual funds

Which situation would not need insurance if you have an emergency fund of $500 or more?

• Minor health issues

• Car accident

• Home damage

• Job loss

What is product positioning mainly about?

• Understanding customer needs

• Identifying competitors

• Setting prices

• Marketing strategies

What is the ideal down payment percentage for a mortgage?

• 15%

• 5%

• 10%

• 20%

Which of these is not a result of student loan payments?

• More career flexibility

• Delaying investments

• Stress

• Missed chances to save