Buy Guided LIFC 303 Quiz 2

Buy Guided LIFC 303 Quiz 2

1. is credited for the famous quote, “Great spirits have often encountered violent opposition from weak minds.”
2. The author states in Chapter 7 that he believes that the most powerful wealth-building tool is one’s
3. What animal metaphor did the author relate to getting out of debt?
4. The author recommends that one should clean out their savings to pay off debt, even if everyone involved is not having a Total Money Makeover.
5. As you progress through your Total Money Makeover, the definition of an emergency worthy to be covered by the emergency fund does what?
6. What is identified in the text as “baby step three?”
7. Sometimes people think they do not need an emergency fund because
8. The author states that growth-stock mutual funds are ___________ investments because they go up and down in value.
9. Which of the following investments does the author spread across his retirement?
10. Baby Step Four is investing ______ percent of your income in retirement.
11. Baby Step Four can accurately be described as a way to “get rich quick!”
12. If you already have student loans or do not want to get a loan in the first place, the author recommends you look into “underserved areas” programs. Most of these programs are for what?
13. The text states that sending one’s children to college will not guarantee them
14. The author’s favorite method of funding school other than saving for it is what?
15. What is the first rule of college according to the text?
16. Common payment choices for everyday activities include all of the following:
17. Bank customers may now make withdrawals from ATMs using a smartphone, a cash code, and a PIN.
18. Timothy Carter went out to eat with his girlfriend at a fancy restaurant. When he tried to pay the bill with his MasterCard credit card, he was told that the restaurant accepted only cash or American Express. His waiter suggested that he use the ATM across the street to withdraw cash using his credit card. Tim did as suggested and didn’t pay attention to any fees until he received his credit card statement one month later. He was shocked to see the total fees (3 percent cash advance), and his APR was increased to 21%. Given the cost of the meal ($125) plus the associated fees, how much did his meal cost him?
19. The APR is the percentage cost of credit on a(n) ______________ basis.
20. Before taking out a loan, you should ask yourself whether you can meet all of your essential expenses and still afford the monthly loan payments. This can be determined by:
21. During pre-shopping activities, which of the following sources would be the LEAST helpful when purchasing a vehicle?
22. Abigail checked out brands and prices of blue jeans at several stores. She was impulse shopping.
23. In selecting vehicle options, a convenient option that consumers may look for in a vehicle is special trim.
24. Rental insurance isn’t important since the landlord’s insurance on the building includes coverage of all tenants’ belongings.
25. Veronica has had a variable-rate mortgage for several years. Unfortunately, the monthly mortgage payments have not covered her interest owed. As a result, her home equity is decreasing because of:

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