Week Three Quiz Essay

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University of Phoenix
Week Three Quiz
Directions: Based on your readings and discussions in class this week, select the best answer. Utilize the Text Highlight feature or Bold your response.

1. Which of the following is not an effective way to think about money?
a. Live below your means but within your needs.
b. Only purchase needs, not wants.
c. Financial freedom requires making a lot of money.
d. Pay yourself first.

2. The best place for your emergency savings fund is
a. in a liquid account at a bank or credit union that offers you the highest interest rate possible
b. in a fireproof safe within your home; you want to be able to get to your money quickly in an emergency
c. in your checking account or your debit-card account so you can get it right away—keep a mental note of what part of your balance is to be spent only on emergencies
d. in a Roth IRA—you can always withdraw your contributions without a penalty or tax

3. If the money you have coming in each month (your take-home pay) is less than the money going out each month to pay the bills, you should
a. make up the difference by using a credit card with a very low interest rate
b. stop paying your credit card in full; paying just the minimum due gives you more money each month
c. look through your spending for the single biggest expense you can eliminate completely to make your income equal what you spend
d. find ways to trim spending from multiple spending categories till you have made up the shortfall

4. When selecting and using a debit card, you should avoid
a. monitoring your account every other day
b. prepay cards that allow you to load more money onto them
c. debit cards tied to your checking account
d. overdraft protection that allows you to spend more than you have

5. How do you make sure the money you deposit at a bank or credit union is 100% safe—that you are guaranteed to get every penny back no matter what?
a. Keep the money in a checking or savings account, not a money-market fund.
b. Keep cash in a safe-deposit box at a bank that you have access to seven days a week.
c. Just make sure your balance is never more than $50,000 at a single bank or credit union, because that is the limit that financial institutions can guarantee.
d. Confirm that a bank is a member of the Federal Deposit Insurance Corp. (FDIC) or a credit union is a member of the National Credit Union Share Insurance Fund (NCUSIF), and never have more in your account than the maximum insured amount.

6. What is the main disadvantage of using only a debit card?
a. Debit card purchases are not reported to credit reporting agencies and therefore will not help
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