FINA 3315 UPDATED Exam Questions
and CORRECT Answers
While there are exceptions, generally you need at least $1,000 to open an account in a fund. -
CORRECT ANSWER - True
In general, debt payoff documentation is something that should be ________. - CORRECT
ANSWER - saved forever
To keep your electronic filing system safe, you should back them up securely in the cloud. -
CORRECT ANSWER - False
It is ok to place money you absolutely need to be there into stocks and bonds because they rarely
lose money. - CORRECT ANSWER - False
Employers sometimes offer more than health plan to their employees. - CORRECT
ANSWER - True
A good rule of thumb is to keep rent or mortgage payment less than ______% of your monthly
take-home pay. - CORRECT ANSWER - 30
The first rule for debt management is to make sure debt payments take up less than _____ of
your monthly take-home pay. - CORRECT ANSWER - 20
If you do not have access to employer-sponsored health insurance, Kobliner recommends you
first try to obtain coverage through a family member. - CORRECT ANSWER - True
Someone who has a very serious health problem but does not have insurance could be
bankrupted by medical bills. - CORRECT ANSWER - True
,Kobliner listed the following expenses as possible tax deductions except - CORRECT
ANSWER - 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. - CORRECT ANSWER - True
Kobliner says employer-sponsored health insurance will always cost less than one you purchase
on your own. - CORRECT ANSWER - 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. - CORRECT ANSWER - 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. - CORRECT ANSWER - False
Ideally, you should make a down payment of 10% when purchasing a home. - CORRECT
ANSWER - False
When you buy a house, you will also need to pay closing costs worth around _______ % of the
home's total price. - CORRECT ANSWER - 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. - CORRECT ANSWER -3
Everyone should save all discretionary income to meet his or her goals. - CORRECT
ANSWER - 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. - CORRECT ANSWER - 59 and 1/2
, IRAs may sometimes come with employer-matched contributions just like 401(k) plans. -
CORRECT ANSWER - False
Kobliner says that people's financial management skills generally improve with age. -
CORRECT ANSWER - False
. If you choose to automate bill payments, you lose the ability to review them before making a
payment. - CORRECT ANSWER - 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. - CORRECT
ANSWER - false
If you have several different types of debt, you should pay off the one with lowest interest rate
first. - CORRECT ANSWER - 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. - CORRECT
ANSWER - False
Myfico.com provides access to three "official" credit scores from the major credit bureaus for a
fee. - CORRECT ANSWER - True
Which of the following is not an app that Kobliner recommends as a budgeting tool in her book?
- CORRECT ANSWER - not prosper daily
Kobliner believes obtaining health insurance should be everyone's number one financial priority.
- CORRECT ANSWER - True
and CORRECT Answers
While there are exceptions, generally you need at least $1,000 to open an account in a fund. -
CORRECT ANSWER - True
In general, debt payoff documentation is something that should be ________. - CORRECT
ANSWER - saved forever
To keep your electronic filing system safe, you should back them up securely in the cloud. -
CORRECT ANSWER - False
It is ok to place money you absolutely need to be there into stocks and bonds because they rarely
lose money. - CORRECT ANSWER - False
Employers sometimes offer more than health plan to their employees. - CORRECT
ANSWER - True
A good rule of thumb is to keep rent or mortgage payment less than ______% of your monthly
take-home pay. - CORRECT ANSWER - 30
The first rule for debt management is to make sure debt payments take up less than _____ of
your monthly take-home pay. - CORRECT ANSWER - 20
If you do not have access to employer-sponsored health insurance, Kobliner recommends you
first try to obtain coverage through a family member. - CORRECT ANSWER - True
Someone who has a very serious health problem but does not have insurance could be
bankrupted by medical bills. - CORRECT ANSWER - True
,Kobliner listed the following expenses as possible tax deductions except - CORRECT
ANSWER - 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. - CORRECT ANSWER - True
Kobliner says employer-sponsored health insurance will always cost less than one you purchase
on your own. - CORRECT ANSWER - 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. - CORRECT ANSWER - 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. - CORRECT ANSWER - False
Ideally, you should make a down payment of 10% when purchasing a home. - CORRECT
ANSWER - False
When you buy a house, you will also need to pay closing costs worth around _______ % of the
home's total price. - CORRECT ANSWER - 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. - CORRECT ANSWER -3
Everyone should save all discretionary income to meet his or her goals. - CORRECT
ANSWER - 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. - CORRECT ANSWER - 59 and 1/2
, IRAs may sometimes come with employer-matched contributions just like 401(k) plans. -
CORRECT ANSWER - False
Kobliner says that people's financial management skills generally improve with age. -
CORRECT ANSWER - False
. If you choose to automate bill payments, you lose the ability to review them before making a
payment. - CORRECT ANSWER - 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. - CORRECT
ANSWER - false
If you have several different types of debt, you should pay off the one with lowest interest rate
first. - CORRECT ANSWER - 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. - CORRECT
ANSWER - False
Myfico.com provides access to three "official" credit scores from the major credit bureaus for a
fee. - CORRECT ANSWER - True
Which of the following is not an app that Kobliner recommends as a budgeting tool in her book?
- CORRECT ANSWER - not prosper daily
Kobliner believes obtaining health insurance should be everyone's number one financial priority.
- CORRECT ANSWER - True
