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Money Matters Chapter 4 Semester Exam Review

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Keywords: , , , , , , online teaching

Content:
Definitions:
0. Combining separate debt payments into a single payment
1. Myth: it is wise to take out an ARM mortgage..
2. A step to getting out of debt.
3. The key to building wealth (according to millionaires)
4. Myth: The lottery will make you rich.
5. Mortgage loans where the interest rate is adjusted
6. A product agressively marketed to consumers
7. Use this to help get you out of debt!
8. A tax on the poor and people who can%27t do math
9. First charge card in the US
10. Myth: Car payments are a way of life
11. When using credit, one spends this much more
12. Myth: Payday companies are a service for the poor
13. A widely held, but mistaken belief
14. Myth: If I pay my credit card off every it%27s ok to use it
15. The best way to buy a car.

Answers:
0. Purchase a used (two years or older) car.
1. Fixed 15 year
2. Staying debt free
3. 12-18%25
4. ARM
5. 400%25 or more annually
6. Truth: Don%27t go into debt for emergencies.
7. Truth: The relationship will be strained.
8. A reliable, used car.
9. Paradigm shift
10. depreciation
11. Teens
12. Home Equity Loan
13. Gazelle Intensity
14. Quit borrowing money!
15. Truth: A debit card will do all of that
.