Test 3 - Avoiding Debt.

Please read each statement carefully, then indicate if it is "True" or "False". When done, click on the button "Check Answers".

 

1. Make sure that your primary residence is affordable.

True  False
 

2. Do not shop at super stores like Costco or Walmart.

True False

 

3. With good financial planning, going into to debt to finance your children’s upbringing can be avoided.

True False

 

4. Start by making a budget as this is an essential element for financial health.

True False

 

5. Do not take advantage of the company savings or retirement plans.

True False

 

6. One of the most widely used misconceptions for saving is that you should save at least 10% of your income.

True False

 

7. The best defense to creating debt is to prevent yourself from accumulating too much in the first place.

True False

 

8. Start preparing in advance for a debt free retirement by preparing an investment plan.

True False

 

9. Earning interest is not a good way to avoid debt.

True False

 

10. Savings is an essential function for each of us to perform in order to prevent an escalation of debt and maintain our financial health.

True False

 

11. Having a large amount of debt means you automatically mean you have bad credit.

True False

 

12. Use many credit cards since this eliminates the possibility of running up charges on multiple accounts.

True False

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