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Money Matters Chapter 4 Semester Exam Review

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Keywords: , , , , , , online teaching

Content:
Definitions:
0. Use this to help get you out of debt!
1. Myth: I%27ll take out a 30 year mortgage %26 pay it like a 15
2. Myth: Leasing a car is what sophisticated people do
3. Most expensive way to finance a new car
4. A tax on the poor and people who can%27t do math
5. A widely held, but mistaken belief
6. Living in today%27s society without debt requires this
7. Myth: Home equity loan can be used for Emergency Fund
8. When using credit, one spends this much more
9. Myth: it is wise to take out an ARM mortgage..
10. Myth: Payday companies are a service for the poor
11. Myth: By co-signing a loan, I am helping out a friend
12. Number one target of credit card companies today
13. Myth: You need a credit card to rent a car or buy stuff online
14. A step to getting out of debt.
15. Amount that Payday lending loans costs the consumer

Answers:
0. Paradigm shift
1. Quit borrowing money!
2. Truth: It is a tax on the poor and on people who can%27t do math
3. Truth: Driving a used car is what the typical millionaire does
4. Staying debt free
5. leasing
6. ARM
7. Gazelle Intensity
8. debt
9. Fixed 15 year
10. Truth: You spend 12-18%25 more when you use credit
11. Truth: The relationship will be strained.
12. Truth: They are horrible, greedy rip off-s that benefit owners
13. Purchase a used (two years or older) car.
14. Truth: Don%27t go into debt for emergencies.
15. Debt consolidation
.