CA Real Estate Finance Course » 2021 » Sec 16 Unit 3 Exam

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Question #1
How much should the emergency fund hold, according to the recommendation for creating a responsible financial plan for personal finances?
A.   One month
B.   It depends on how much credit the individual has available
C.   Three months
D.   At least six months
Question #2
What time of year is recommended for performing an annual review of your personal financial plan?
A.   After filing annual income tax
B.   January 1
C.   On the anniversary of the day you received your real estate license
D.   July 1
Question #3
Why do some financial experts recommend that those with outstanding debt on several credit cards pay off the card with the lowest balance first, regardless of interest rate?
A.   Because financial experts make money from the outstanding credit, and don't want large balances to be paid off
B.   Because getting a card paid off quickly is motivating, and the lowest balance will be paid off soonest
C.   Because a card without an outstanding balance can be used to pay bills, so it's good to get one paid off quickly
D.   Because you can then take cash out from that card to pay off other cards
Question #4
Brandi is determined to pay off her outstanding credit card debt. She has four credit cards with outstanding balances: Card 1 has $1,500 dollars on it and a 12% rate, Card 2 has $2,000 on it and an 8% rate, Card 3 has $800 on it and a 15% rate, and Card 4 has $330 dollars on it and a 22% rate. Which one should she pay off first?
A.   Card 1
B.   Card 3
C.   Card 2
D.   Card 4

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