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Study Guide Answers

1.     What is debt?
     A condition of owing money to someone else
2.     Individuals who are burdened by debt that cannot be repaid can do what?
     Declare bankruptcy
3.     The term ____________ refers to the mount of a loan.
     Principal
4.     Debt itself is always a bad thing. True or False.
     False - it's not necessarily a bad thing.
5.     What is "living within your means?"
     Not spending more than you earn.
6.     What is the best way to efficiently manage money?
     Devise a budget
7.     What will happen if you do not consistently pay your bills on time?
     You will get a bad credit record.
8.     ______________ is the pre-disclosed percentage you will have to pay extra of your credit card bill is not paid in full each month.
     Interest
9.     You should always try to ____________ a portion of your earnings.
     Save
10.     The amount of interest charged to your credit card bill is cumulative. True or False.
     True
11.     If you choose to get a _______________, research the matter thoroughly.
     Credit card
12.     When dealing with loans, you must consider the ___________ and _________ involved.
     Principal, Interest
13.     It's never too late to develop good financial habits. True or False.
     True
© Educational Video Network, Inc. 2005 - www.evndirect.com
Your leading source for curriculum-based educational videos and DVDs.