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Home Services Financial Education Program Debt Wave Education Program Test

DebtWave Education Program Test

Congratulations!

Now that you have completed our Smart With Your Money Workbook you are ready to take the test. After completion of the test it will be graded by our education department. As stated earlier, the test is worth a total of 50 points with 40 correct answers or better resulting in a passing grade. Within a week or two, you will be contacted with your results. If you pass, you will receive a letter and certificate of completion of the course.

With the letter will be statements for each of the three credit bureaus, Experian, Equifax and TransUnion. If you wish, you can send these statements to each of the credit bureaus and they will be posted on your report acknowledging your completion of a financial education program.

This test can be taken more than once if not passed on the first try. Good Luck!

Name:
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Client ID:
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Phone:
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1. Define what wealth means to you.
2. Choose the correct formula for calculating your net worth:
Please answer question #2.
3. List three of your assets (or examples of assets if you don't have three).
4. List three of your liabilities (or examples of liabilities if you don't have three).
5. My short-term financial goals are:
6. My long-term financial goals are:
7. When setting a savings goal you should always set the goal high so you can get rich as quick as possible.
Please answer question #7
8. When you receive a raise at your job, you should try to:
Please answer question #8
9. A basic emergency fund should consist of:
Please answer question #9
10. What percentage of your take home income is recommended to be deposited into an interest-bearing savings account each paycheck?
Please answer question #10
11. A budget allows you to do all of the following except:
Please answer question #11
12. Which of these steps do you need when creating a budget?
Please answer question #12
13. List three expenses that you could cut back on or eliminate.
14. Your gross income is defined as earnings after taxes and deductions.
Please answer question #14
15. Keeping track of your daily expenses helps you:
Please answer question #15
16. All of the following are cons of using credit cards except:
Please answer question #16
17. The formula for calculating your approximate yearly finance charges is:
Please answer question #18
18. The formula for calculating your approximate monthly finance charge is:
19. The yearly finance charge for a balance of $12,721 with a 6.99 percent interest rate is:
Please answer question #19
20. What is the monthly finance charge of a balance of $25,442 at a 28.99 percent interest rate?
Please answer question #20
21. The minimum payment that credit card companies typically require each month is:
Please answer question #21
22. Making a fixed payment that is greater than the minimum payment toward credit card debt is a wise decision because it will help pay off the balances more quickly than making the minimum payment every month.
Please answer question #22
23. All of the following will help you get out of debt except:
Please answer question #23
24. When making a list of all of your unsecured debt you want to include the following except:
Please answer question #24
25. It is wise to pay for credit card insurance.
Please answer question #25
26. Why is it never a good idea to borrow or withdraw against your 401(k)?
27. List three traits of a predatory lender.
28. For a 30-year, fixed-rate mortgage what would the monthly payment be for a $140,000 loan at a 5 percent interest rate?
Please answer question #28
29. What is the difference in the monthly payment between 4 and 14 percent interest in a $150,000 loan?
Please answer question #29
30. List four ways to ensure you get the best loan possible for you.
31. What is a credit report?
32. Credit reports have information regarding race, religion, medical history, political preferences, criminal record and other information unrelated to credit.
Please answer question #32
33. List the four types of information that appear on your credit report.
34. All these types of credit are reported on a monthly basis to the credit reporting bureaus except:
Please answer question #34
35. What is a credit score?
36. What is the range of FICO scores?
Please answer question #6
37. Payment history accounts for what percentage of your FICO score?
Please answer question #37
38. Debt-to-credit ratio accounts for what percentage of your FICO score?
Please answer question #38
39. What are the four Money Avoidance Disorders?
Please answer question #39
40. Sherry was the beneficiary of over $100,000 when her father passed away. Within two weeks, she spent all of the money. Which money disorder does Sherry demonstrate?
Please answer question #40
41. Money Worshipping Disorders place a disproportionate amount of importance on money: earning it, saving it and spending it. What do people with these disorders typically believe?
42. Which of these is not a Relational Money Disorder?
Please answer question #42

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