16. As taxable income moves from a lower to a higher bracket, the higher the rate applies only to the additional taxable income in that bracket.xv
A)True
B) false

17. If you are self-employed you must file quarterly          tax payments.
A) self-employment
B) employment
C) estimated
D) none of the above

18. In 2013, Traditional IRAs allow Employees, who do not participate in an employer sponsored retirement plan, to defer payment on.
A) Income
B) Earnings
C) contributions & earnings
D) None of these

19. In 2013, Older workers 50 an up who do not participate in an employer sponsored retirement plan, could deduct $6500 contributions to a traditional IRA. A)True
B) False

20. At least once a year and more often if your personal situation changes you should and your financial goals.
A) change and record
B) evaluate and change
C) Edit and review
D) Review and revise.

21. Items of Value (what you own) - Amounts owed (What you owe) =
A) Gross Income
B) Net Income
C) Gross worth
D) Net worth

22. The main budgeting mistakes people make are failing to save, never creating a budget, A underestimating expenses,                   & large cost (e.g., vacations, car & home repairs.
A) amortization of
B) not planning for
C) appreciation of
D) cash flow impacts from

23. With the progressive tax structure which we have had historically as your income rises you pay a higher the percentage rate on the additional income.
A) True
B) False

24. If you are self-employed (for example doing home repairs as an independent contractor, or have purchased rental properties as a business investment) you must file             quarterly tax payments.
A) withholding
B) employment
C) estimated
D) none of the above

25. Under the Equal Credit opportunity Act or ECOA, the creditor cannot turn you down or decrease credit because of your age.
A) True
B) False

26. As you grow older, the credit Life Insurance Company can close your Insurance account if credit related insurance is not available to people your age.
A) True
B) False

27. If you receive Public Assistance (aka Welfare) you can be denied Credit.
A) True
B) False

28. If you retire or reach the age of 70, the creditor may close you credit account or make you reapply.
A) True
B) False

29. Under the ECOA, a creditor may not ask your age when you apply for a loan or refinancing.
A) True
B) False

30. Loan decisions are largely based on the numeric score (FICO) obtained from the credit bureaus.
A) True
B) False

31. Long term goal of retirement is plagued with uncertainty, but with reasonable assumptions you can reduce the uncertainty.
A) True
B) False

32. The first characteristic listed as one of the five Cs of credit is Character, Virtue ethics emphasizes the development of Character.
A) True
B) False

33. Good Character, Prudence, Courage and practical wisdom of Thrift are moral virtues, their complete formation is a product of habit.
A) true
B) False

34. The five Cs of credit are not captured numerically by the FICO scores.
A) True
B) False

35. You can receive a copy of your credit report free once each month at
the website
A) True
B) False

36. Under the Fair Credit Billing Act you have a right to withhold payment on Shoddy goods which you purchased with a credit card.
A) True
B) False

37. FICO scores convert the uncertainty of a borrower not paying into a measurable risk thus making the lending process more objective.
A) True
B) False

38. If you cosign on a loan for a relative or friend then you can be made to pay the entire amount if he or she defaults.
A) True
B) False

39. If you do cosign a loan it cannot negatively affect any future or current applications for loans you might make.
A) True
B) False

40. When you cosign on a loan the lender must give you notice of specific negative aspects of cosigning, this is require under FTC regulations.
A) True
B) False

41. Errors in your credit report must be corrected, under a legislated right created by the Fair Credit reporting act, after you notify the credit bureau and creditor..
A) True
B) False

42. Credit card debt cost too much and is too readily available.
A) True
B) False

43. Car Title loans companies, Pay day loan companies, Cash checking outlets, Rent to own stores, Pawn Shops are shadow banks which historically are under regulated and extract huge profits from the working poor through interest rates that were before the 1980s deemed usurious.
A)True
B) False

44. If you decide to become an entrepreneur and want to open your own business it is important. acquire adequate knowledge about the product or service you will supply and to consider how you will finance the business.
A)True
B) False

45. If you can't find a job because of lack of experience, then which of the following might provide you with the opportunity to gain experience.
A) Campus projects
B) Internships
C) Volunteer work
D) Part time work
E) all of the above

46. If you lose a credit or debit card it is important to report the loss to the issuing bank as soon as possible in order to eliminate or at least reduce you potential liability.
A) True
B) False

47.                   is a savings account that requires a minimum balance and has earnings based on market interest rates.
A) Debit card account
B) Trust account
C)Certificate of Deposit
D) Money Market Account

48. This provides a consistent comparison for savings plans with different interest rates, different compounding frequencies and different time Periods.
A) APY
B) APR
C) CPI
D) WPI
E) QE2

49. Installment loans in the generations before the baby boom did not greatly increase the amount of private debt, but with the ready availability of the credit cards and the subsequent elimination of the usury laws allowing greater interest to be charged we have seen a dangerous increase in private consumer debt.
A) True
B) False

50. The greatest disadvantage of using credit is             .
A) default may cause loss of Income
B) default may cause loss of property
C) default may cause loss of your good reputation
D) creates a temptation to overspendÂ¹

16. As taxable income moves from a lower to a higher bracket, the h...