Title: Unit 11 Quiz
Course: FYE 101 First Year Experience > Section: FYE 101 First Year Experience

Q: There are times when it makes sense to use your credit card. For example, when you travel and are staying at a hotel or if there is an emergency purchase.
- True
- False
A: True

Q: It is best to pay off your credit card balance each month to avoid large interest expenses.
- True
- False
A: True

Q: A home loan (mortgage) is one of the better forms of debt.
- True
- False
A: True

Q: Which of the following statements are true?
- Money doesn't define who you are.
- You don't need to have or spend as much money as your friends.
- Budgeting is important in college.
- All of these
A: All of these

Q: Every credit card has the same interest rate.
- True
- False
A: False

Q: Which of the following statements regarding consumer debt is NOT true?
- The least favorable type of debt is consumer debt.
- Consumer debt includes items that increase in value over time.
- Consumer debt includes credit card balances and car loans.
- All of these
A: Consumer debt includes items that increase in value over time.

Q: Which of the following is an essential cost for a college student?
- Books
- Soda between classes
- Lunch at McDonalds
- Perfume
A: Books

Q: Which of the following would NOT be considered an essential cost?
- Rent
- Utilities
- Car payment
- New outfit for the first day of class
A: New outfit for the first day of class

Q: Twenty-five percent of all credit reports contain inaccurate information.
- True
- False
A: True

Q: What is the highest acceptable percentage of your net income for your consumer debt?
- 10%
- 20%
- 30%
- 40%
A: 20%