Test Drive your knowledge!See how much you know about budgeting.

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What should you consider before purchasing a car?

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How much money I spend eating out

Overall price of the car including interest rate 

How much money can I borrow

The size and color of the car

 

Correct! Sunny skies ahead!

The first thing to consider before purchasing a car is the overall amount you can pay – including interest

rate. 

Incorrect! Watch out for rain!

The first thing to consider before purchasing a car is the overall amount you can pay – including interest rate.

 

What other expenses should I factor into my budget for buying a car?

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Insurance and registration fees

The price per gallon of gas

The cost of tires

All of the above

Correct! Sunny skies ahead!

There are a lot of things you need to think about when making your budget. You should consider all expenses

including insurance and registration, maintenance, and gas.

Incorrect! Watch out for rain!

There are a lot of things you need to think about when making your budget. You should consider all expenses

including insurance and registration, maintenance, and gas.

What items affect my personal credit score?

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Credit card minimum monthly payments

Signing up for additional credit cards

Cell/telephone late payments

All of the above

Correct! Sunny skies ahead!

Applying for new credit cards and minimum or late payments will impact your credit score because lenders will

think that you may not be able to pay back the loan on time.

Incorrect! Watch out for rain!

Applying for new credit cards and minimum or late payments will impact your credit score because lenders will

think that you may not be able to pay back the loan on time.

What is the best way to get a free credit report?

Click on the best response

Your bank

Walmart and Target stores

FreeCreditReport.com

AnnualCreditReport.com

Correct! Sunny skies ahead!

Though a lot of websites say they give free credit reports and scores you end up paying. AnnualCreditReport.com is the only site gives you one free credit report every year.

Incorrect! Watch out for rain!

Though a lot of websites say they give free credit reports and scores you end up paying. AnnualCreditReport.com is the only site gives you one free credit report every year.

If you borrow $100 at a monthly interest rate of 10% and you pay back the lender in two months.

How much did you pay them in interest?

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$10

$20

$40

$50

Correct! Sunny skies ahead!

10% of $100 is $10. And every month you owe the lender $10 more.

If you pay the lender back in two months you owe them $20.

Incorrect! Watch out for rain!

10% of $100 is $10. And every month you owe the lender $10 more.

If you pay the lender back in two months you owe them $20.

Here is your score:

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