Question: Most financial experts agree that if you still have a number of years left on your mortgage, it is worthwhile to “refinance” if your mortgage interest rate is __________ above the current fixed-rate.

Answer: 1%

Question: Which of the following is not an advantage of having a credit card?

Answer: being able to make purchases without having to pay for them

Question: “P-I-T-I” stands for __________.

Answer: Principal, Interest, Taxes & Insurance

Question: An adjustable rate mortgage (ARM) is always a loan to be avoided at all costs because the monthly payment varies with interest rates in the economy, and you might wind up owing much more per month than you had planned or can afford.

Answer: false

Question: The retirement plan that “offers no up-front deduction, but whose earnings are therefore tax-free” is the __________.

Answer: Roth IRA

Question: When one says that he is developing an “integrated” plan for his financial future, he means __________.

Answer: it includes elements of earning, spending, and saving

Question: Which of the following terms is used to describe two attached homes?

Answer: duplex

Question: In order to accumulate capital, young adults are likely to have to:

Answer: accept a lifestyle that sacrifices some amenities

Question: The person who assembles and values your estate, files income and other taxes, and distributes your assets after your death is called your executor.

Answer: true

Question: For the typical buyer, purchases made with credit cards are generally cheaper than those made with cash because the buyer can buy items on sale.

Answer: false