Personal finance

The baby steps can best be described as A systematic process for getting out of financial mess, series of 7 sequential steps, and will work in good times and bad.
Using the rule of 72, how long will it take your money to double at 12% interest? 6 years
The risk return ratio says When the risk goes up general the return will go up
Which is a good investment Mutual funds
What is the best thing to do with your retirement plan when you leave a company? Do a direct transfer into an IRA
Which if the following is a risk to consider when investing? You could lose all of your money, inflation, your money isn’t liquid.
Which is not a key to saving money? How much you earn.
Your piece of ownership in a company is called Share of stock
Which of the following is true about using credit? You spend more
Payday lending and cash advance companies are aggressively targeting which group of people? Military
If 80% of millionaires are first generation rich, then one can conclude: They started with nothing, and did smart stuff.
On average, payday lending, cash advance and title pawn loans cost the consumer 400% or more annually
Which statement is not true about debt consolidation? You end up saving money because you get a lower interest rate
Which is not true about making purchases with credit cards You spend 12 to 18% less when using a credit card
Why do people think that the home equity loan is a good idea There is a good tax refund, serves as a substitute for an emergency fund, it’s the only way to consolidate debt.
Kevin has the following depts home-equity loan $24,000 Visa $1200 student loan’s $5000 car $12,000. how should he prioritize his debt snowball? Visa, student loan, car, home equity loan
Which type of loan would you use your house for collateral Home-equity
How is a debit card like a credit card Both can have a Visa or MasterCard logo, a debit card can be swiped and require your signature like a credit card
Baby step two is Pay off all debt using a debt snowball
Why should you avoid lending money The relationship changes, often ends completely, The person borrowing money is in bondage to you
Which of the following is not a myth 78% of Americans do not pay off their credit card balance every month
Which of the following is not part of product positioning Price
A clerk assisting a customer is an example of Personal selling
Which of the following is not part of power over purchase when making a significant purchase That’s not good enough
Which is not part of the federal fair debt collection practices act Requires creditors to collect any inaccuracies on your account
Which of the following is not forgiven under a bankruptcy Student loans
Which of the following is one of the four walls Transportation, food, clothing
In which case are you most likely to get sued if you are behind in paying bills If you are making no payments, if you have stopped all contact
Which of the following is not one of the steps to take if you are a victim of identity theft Pay up to $50 to each account on which a charge was made
Which is not a precaution to prevent your identity from being stolen Keep your social security card on you at all times
An overdone payment is called Delinquency
To reclaim possession of an item because of the borrower failed to make payments Repossession
Why is gazelle intensity so important in getting out of the cycle of debt So you arent stuck in debt forever, to help build momentum

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