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sure to respond to all of the questions, and include your name in your answer sheet.

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sure to respond to all of the questions, and include your name in your answer sheet. Then, save;and upload your answer sheet only to the Week 3 Quiz assignment area.;There are 10 questions in the Week 3 Quiz and it is due by Sunday, 10/19/14. If you have any;questions, please contact your instructor. Do not leave your quiz to the last minute give;yourself the gift of time and a clear mind. Good luck!;1. What is the main disadvantage of using only a debit card?;a. Debit card purchases are not reported to credit reporting agencies and therefore will not;help you build your credit score.;b. Not all stores accept debit cards.;c. You may earn better rewards with a credit card.;d. Credit cards offer fewer protections if your card is lost or stolen.;2. When selecting and using a debit card, you should avoid;a. monitoring your account every other day;b. prepay cards that allow you to load more money onto them;c. debit cards tied to your checking account;d. overdraft protection that allows you to spend more than you have;3. Which of the following is not an effective way to think about money?;a. Live below your means but within your needs.;b. Only purchase needs, not wants.;c. Financial freedom requires making a lot of money.;d. Pay yourself first.;4. The smartest way to build an emergency fund is to;a. set aside small amounts monthly through an automatic savings plan;b. open a home equity line of credit (HELOC) that you can tap into in case of emergency;c. take out multiple credit cards with high credit limits that you can tap into in emergencies;d. go on a strict budget and save as much as possible until you have an emergency fund;5. How much money should you have in your emergency savings account?;a. An amount that will safely cover your bills for three to six months;b. An amount equal to eight months of your living expenses;c. An amount between $2,500 and $5,000 to cover sudden, unexpected expenses;d. Three months of your wages;6.;The best place for your emergency savings fund is;a. in a liquid account at a bank or credit union that offers you the highest interest rate;possible;b. in a fireproof safe within your home, you want to be able to get to your money quickly in;an emergency;c. in your checking account or your debit-card account so you can get it right awaykeep a;mental note of what part of your balance is to be spent only on emergencies;d. in a Roth IRAyou can always withdraw your contributions without a penalty or tax;(Continued on next page);7.;How do you make sure the money you deposit at a bank or credit union is 100% safethat you are;guaranteed to get every penny back no matter what?;a. Keep the money in a checking or savings account, not a money-market fund.;b. Keep cash in a safe-deposit box at a bank that you have access to seven days a week.;c. Just make sure your balance is never more than $50,000 at a single bank or credit union;because that is the limit that financial institutions can guarantee.;d. Confirm that a bank is a member of the Federal Deposit Insurance Corp. (FDIC) or a;credit union is a member of the National Credit Union Share Insurance Fund (NCUSIF);and never have more in your account than the maximum insured amount.;8.;What is the maximum dollar amount the Federal Deposit Insurance Corp. (FDIC) ensures in a;single account?;a. $150,000;b. $200,000;c. $250,000;d. $500,000;9.;If the money you have coming in each month (your take-home pay) is less than the money going;out each month to pay the bills, you should;a. make up the difference by using a credit card with a very low interest rate;b. stop paying your credit card in full, paying just the minimum due gives you more money;each month;c. look through your spending for the single biggest expense you can eliminate completely;to make your income equal what you spend;d. find ways to trim spending from multiple spending categories till you have made up the;shortfall;10. To intelligently reduce your spending over the long term;a. mark all the needs in your spending categories and get rid of them completely;b. never carry cash or credit cards on your person;c. consider scaling back on the frequency of certain expenses, such as how many times a;month you eat out or go to the movies;d. limit your trips to stores or malls to just once a month

 

Paper#24441 | Written in 18-Jul-2015

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