Credit
Loans
Buying a House
Taxes and Percents
Trivia
100
What is the minimum credit score you could have?
300
100
b and c
100
Which of the following will likely affect the total amount of interest you will end up paying on a home loan?
a. How many other homes in your neighborhood are also for sale
b. The median cost of homes in your neighborhood
c. Your credit score
d. The type of car you drive
C. Your credit score
100
What percent are you charged for sales tax in MA?
6.25%
100
How many ounces are in a pound?
16 oz.
200
Having a good credit score, making a larger down payment, and finding a cosigner with good credit are all ways to…
a. Decrease your principal
b. Decrease your interest rate
c. Increase your term
d. Increase your total payments
b.
200
MORE
200
What is a consequence of not paying your mortgage?
- Credit score hit
- Demand/breach letter
- You’re on notice
- Foreclosure process begins
200
What is the customary amount (as a percent) to leave as a tip at a restaurant?
20%
200
Who was the 42nd President of the United States?
Bill Clinton
300
List two examples of items that could be used as collateral for a secured loan.
House, vehicle, or other large items
300
Antonio has $4000 saved to use for a down payment, and he’s about to buy a car that costs $29,000. How much would you expect his loan principal to be?
$25,000
300
What is the largest expense that someone generally pays at the time they buy a house?
a. Property taxes
b. Down payment
c. Closing costs
d. Utilities
b. Down Payment
300
Medicare and Social Security are mandatory spending categories funded by which type of taxes that are withheld from your paycheck?
a. Local
b. State
c. Federal
d. FICA
d. FICA
300
What is the biggest state (by land) in the United States?
Alaska
400
Each of the following represents an installment loan EXCEPT…
a. Home mortgage
b. Auto loan
c. Student loan
d. Credit card
d. Credit Card
400
Which of the following is a good reason to choose a 30-year, fixed-rate mortgage?
a. You want to make high monthly payments and close your mortgage sooner
b. You want to minimize the amount of interest you’ll pay over the life of the loan
c. You want low, predictable monthly payments
d. You want to take advantage of the ups and downs of the market and don’t mind risk
C.
400
What's the average price of a house in the US?
a. $535,800
b. $189,800
c. $455,800
d. $350,800
$535,800 as of Jan 26, 2023.
400
All of the following options are benefits we receive as a result of government spending EXCEPT…
a. Health and retirement benefits for seniors
b. Credit card debt forgiveness
c. National parks maintenance
d. Public school education
b. Credit card debt forgiveness
400
Who is on the $20 bill?
Andrew Jackson
500
What factors determine the interest rate that will be charged for money borrowed when using credit?
- Credit score (higher score = lower interest rate)
- Loan itself (higher principal and longer term = higher interest rate)
- Life situation, such as employment history, having long standing relationship with financial institution, having low total debt
500
Lauren has found her dream home, and it’s on the market for $200,000. Each of these is a way she can decrease the total amount she’ll pay EXCEPT…
a. Increase her down payment
b. Qualify for a lower interest rate
c. Choose a shorter loan term
d. DChoose a mortgage with a higher APR
d.
500
Denise buys a $100,000 condo using a $20,000 down payment on a 30-year fixed-rate loan. After 5 years of payments, she's made approximately $24,000 in payments and still owes approximately $75,000. How much equity does Denise have in her house?
a. $100,000 because she owned all of the house as soon as she signed the mortgage papers.
b. $20,000 because, until she pays off the house fully, Denise's down payment is her only equity.
c. $44,000 because that's the total amount she's paid so far.
d. $25,000 because she still owes $75,000.
d. $25,000 because she still owes $75,000.
500
You recently accepted a new job and your first day is next week. What form will you have to complete before you receive your first paycheck?
a. W-2
b. 1040
c. 1099
d. W-4
d. W-4
500
If you got paid minimum wage in MA, what would your hourly overtime wage be if you earned time and a half?
$22.50