1. A secured credit card is a good tool to help establish credit.

True

False

2. Pay yourself first refers to

		head out on a exotic vacation.
		buy that car you've been wanting.
		buy the house you've always dreamed of.
		put money in a savings account.

3.

Only a Credit Repair company can remove inaccurate data from your credit report.

True

False

4.

A ________ mortgage is designed to let the homeowner pay off the mortgage early. Payments begin at the 30-year fixed rate, then increase each year.

shared appreciation

balloon payment

graduated payments

growing equity

conventional

5.

A check drafted on the financial institution's account is a(n)

		cashier's check.
		bank check.
		traveler's check.
		certified check.

6.

A co-op is an apartment building owned by a corporation where residents of the building are stock holders. When you buy into a co-op, you buy shares that reflect the dollar value of your space. The larger and more desirable the space you want requires purchase of more shares.

True

False

7.

A mortgage with a 20% down payment will have a higher APR than one with less than 20% down.

True

False

8.

A mortgage with an APR higher than normal is a subprime mortgage.

True

False