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Money Matters Chapter 4 Semester Exam Review

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Keywords: , , , , , , online teaching

Content:
Definitions:
0. Mortgage loans where the interest rate is adjusted
1. The typical millionaire drives this type of car
2. When using credit, one spends this much more
3. Most expensive way to finance a new car
4. Myth: I am helping my friend if I loan them money.
5. A drop in the value of property
6. Combining separate debt payments into a single payment
7. Living in today%27s society without debt requires this
8. Myth: Home equity loan can be used for Emergency Fund
9. Use this to help get you out of debt!
10. Myth: You can get a good deal on a new car.
11. Myth: If I pay my credit card off every it%27s ok to use it
12. A step to getting out of debt.
13. The key to building wealth (according to millionaires)
14. Myth: it is wise to take out an ARM mortgage..
15. Loan in which the equity in the home is used as collateral

Answers:
0. Truth: Don%27t go into debt for emergencies.
1. Truth: It is a tax on the poor and on people who can%27t do math
2. Truth: Life happens and something else will be more impt.
3. Truth: You will end up being responsible for the loan.
4. Diner%27s Club
5. Truth: You will be moving when they foreclose on you
6. Truth: They are horrible, greedy rip off-s that benefit owners
7. Fixed 15 year
8. Gazelle Intensity
9. debt
10. Truth: The relationship will be strained.
11. leasing
12. Quit borrowing money!
13. Truth: A debit card will do all of that
14. ARM
15. Paradigm shift
.