FINA 3315 EXAM 2025 QUESTIONS
AND ANSWERS 100% PASS
While there are exceptions, generally you need at least $1,000 to open an account in a
fund. - ✔✔True
In general, debt payoff documentation is something that should be ________. - ✔✔saved
forever
To keep your electronic filing system safe, you should back them up securely in the
cloud. - ✔✔False
It is ok to place money you absolutely need to be there into stocks and bonds because
they rarely lose money. - ✔✔False
Employers sometimes offer more than health plan to their employees. - ✔✔True
A good rule of thumb is to keep rent or mortgage payment less than ______% of your
monthly take-home pay. - ✔✔30
The first rule for debt management is to make sure debt payments take up less than
_____ of your monthly take-home pay. - ✔✔20
If you do not have access to employer-sponsored health insurance, Kobliner
recommends you first try to obtain coverage through a family member. - ✔✔True
COPYRIGHT © 2025 BY GRACE AMELIA, ALL RIGHTS RESERVED 1
,Someone who has a very serious health problem but does not have insurance could be
bankrupted by medical bills. - ✔✔True
Kobliner listed the following expenses as possible tax deductions except - ✔✔Cost of
children's education
Kobliner says the easiest way to keep your credit score high is by paying all bills
automatically online for those that allow you to do so. - ✔✔True
Kobliner says employer-sponsored health insurance will always cost less than one you
purchase on your own. - ✔✔False
Kobliner's "crib notes" provide a basic guide to personal finance in order of decreasing
importance. In other words, the most important crib notes come first followed by less
important ones. - ✔✔True
Deductible refers to the amount that you can expect insurance to pay after paying a
certain portion of the cost of health care out of your own pocket. - ✔✔False
Ideally, you should make a down payment of 10% when purchasing a home. - ✔✔False
When you buy a house, you will also need to pay closing costs worth around _______ %
of the home's total price. - ✔✔2-5
It is recommended that you set up a rainy day fund (Kobliner calls it a financial
emergency cushion) with at least ______ months of living expenses. - ✔✔3
Everyone should save all discretionary income to meet his or her goals. - ✔✔False
While there are exceptions, if you contribute money to a tax-favored retirement account
such as a 401(k), it generally must remain there until you reach age _____ or you will
have to pay a penalty. - ✔✔59 and 1/2
COPYRIGHT © 2025 BY GRACE AMELIA, ALL RIGHTS RESERVED 2
, IRAs may sometimes come with employer-matched contributions just like 401(k) plans.
- ✔✔False
Kobliner says that people's financial management skills generally improve with age. -
✔✔False
. If you choose to automate bill payments, you lose the ability to review them before
making a payment. - ✔✔False
The only reason why contributing to a tax-favored retirement plan offered by an
employer is a smart idea is because the federal government allows the money to grow
tax-free. - ✔✔false
If you have several different types of debt, you should pay off the one with lowest
interest rate first. - ✔✔False
Kobliner says if you cannot come up with a decent down payment or have lousy credit
you must wait a few years while you improve your credit score and save for a down
payment. - ✔✔False
Myfico.com provides access to three "official" credit scores from the major credit
bureaus for a fee. - ✔✔True
Which of the following is not an app that Kobliner recommends as a budgeting tool in
her book? - ✔✔not prosper daily
Kobliner believes obtaining health insurance should be everyone's number one financial
priority. - ✔✔True
After completing worksheet in Figure 2-2 of Kobliner's book and subtracting your total
outflow from your total income, you end up with a negative number. This means you
are spending less than what you are making. - ✔✔False
COPYRIGHT © 2025 BY GRACE AMELIA, ALL RIGHTS RESERVED 3
AND ANSWERS 100% PASS
While there are exceptions, generally you need at least $1,000 to open an account in a
fund. - ✔✔True
In general, debt payoff documentation is something that should be ________. - ✔✔saved
forever
To keep your electronic filing system safe, you should back them up securely in the
cloud. - ✔✔False
It is ok to place money you absolutely need to be there into stocks and bonds because
they rarely lose money. - ✔✔False
Employers sometimes offer more than health plan to their employees. - ✔✔True
A good rule of thumb is to keep rent or mortgage payment less than ______% of your
monthly take-home pay. - ✔✔30
The first rule for debt management is to make sure debt payments take up less than
_____ of your monthly take-home pay. - ✔✔20
If you do not have access to employer-sponsored health insurance, Kobliner
recommends you first try to obtain coverage through a family member. - ✔✔True
COPYRIGHT © 2025 BY GRACE AMELIA, ALL RIGHTS RESERVED 1
,Someone who has a very serious health problem but does not have insurance could be
bankrupted by medical bills. - ✔✔True
Kobliner listed the following expenses as possible tax deductions except - ✔✔Cost of
children's education
Kobliner says the easiest way to keep your credit score high is by paying all bills
automatically online for those that allow you to do so. - ✔✔True
Kobliner says employer-sponsored health insurance will always cost less than one you
purchase on your own. - ✔✔False
Kobliner's "crib notes" provide a basic guide to personal finance in order of decreasing
importance. In other words, the most important crib notes come first followed by less
important ones. - ✔✔True
Deductible refers to the amount that you can expect insurance to pay after paying a
certain portion of the cost of health care out of your own pocket. - ✔✔False
Ideally, you should make a down payment of 10% when purchasing a home. - ✔✔False
When you buy a house, you will also need to pay closing costs worth around _______ %
of the home's total price. - ✔✔2-5
It is recommended that you set up a rainy day fund (Kobliner calls it a financial
emergency cushion) with at least ______ months of living expenses. - ✔✔3
Everyone should save all discretionary income to meet his or her goals. - ✔✔False
While there are exceptions, if you contribute money to a tax-favored retirement account
such as a 401(k), it generally must remain there until you reach age _____ or you will
have to pay a penalty. - ✔✔59 and 1/2
COPYRIGHT © 2025 BY GRACE AMELIA, ALL RIGHTS RESERVED 2
, IRAs may sometimes come with employer-matched contributions just like 401(k) plans.
- ✔✔False
Kobliner says that people's financial management skills generally improve with age. -
✔✔False
. If you choose to automate bill payments, you lose the ability to review them before
making a payment. - ✔✔False
The only reason why contributing to a tax-favored retirement plan offered by an
employer is a smart idea is because the federal government allows the money to grow
tax-free. - ✔✔false
If you have several different types of debt, you should pay off the one with lowest
interest rate first. - ✔✔False
Kobliner says if you cannot come up with a decent down payment or have lousy credit
you must wait a few years while you improve your credit score and save for a down
payment. - ✔✔False
Myfico.com provides access to three "official" credit scores from the major credit
bureaus for a fee. - ✔✔True
Which of the following is not an app that Kobliner recommends as a budgeting tool in
her book? - ✔✔not prosper daily
Kobliner believes obtaining health insurance should be everyone's number one financial
priority. - ✔✔True
After completing worksheet in Figure 2-2 of Kobliner's book and subtracting your total
outflow from your total income, you end up with a negative number. This means you
are spending less than what you are making. - ✔✔False
COPYRIGHT © 2025 BY GRACE AMELIA, ALL RIGHTS RESERVED 3
