Money Quiz

What is a contract?

a. A contract is an agreement between two or more persons who make promises to each other that are legally enforceable.

b. A piece of paper.

c. A part of everyday transactions.

d. A & C.

Correct! Wrong!

You should do all of the below regarding a contract except:

a. Read the contract completely before signing it.

b. Sign a contract with blank spaces

c. If you don’t agree with something in the contract, talk to the other party about changing or taking it out.

d. Don’t sign anything until you are sure you understand it.

Correct! Wrong!

What happens if I don’t follow a contract because I didn’t understand it?

a. Nothing because I didn’t read it.

b. A finding of a breach of contract and an order to pay a money judgment and costs to the other side.

Correct! Wrong!

Is a contract with a minor under 18 enforceable?

a. No.

b. No, except for student loan agreements or contracts for necessities such as food, clothing, shelter, and some medical services.

Correct! Wrong!

What are some good questions to ask before opening a bank account?

a. Do I have to keep at least a minimum balance in the account?

b. What fees does the bank charge and how often?

c. Does the bank have ATMs and will I be charged a fee to use them?

d. All of the above

Correct! Wrong!

Does it cost more if I spread out credit card payments over a long time?

a. Yes

b. No.

Correct! Wrong!

How long do you have to contact your credit card company to dispute a charge?

a. Indefinitely.

b. 7 days.

c. 60 days.

d. You can’t.

Correct! Wrong!

A credit report:

a. Summarizes your loans and credit card accounts.

b. Summarizes your payment your payment history.

c. Can be obtained for free numerous times throughout the year.

d. A&B

Correct! Wrong!

All of the below can be affected by your credit score except:

a. Your driver's license

b. Securing approval for a loan

c. Renting an apartment

d. Getting a job

Correct! Wrong!

Which of the below are flags for possible money scams?

a. High pressure tactics.

b. Detailed written information.

c. Unrealistic profits.

d. A&C

Correct! Wrong!

Money

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