Debt Management Basics: Chapter 3 quiz

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

If you think you’ve mastered the material in this chapter, take our quiz. After you click the ”submit” button, the answers will appear below.

  1. When canceling a credit card, it’s important not to:

    Cancel credit cards before you apply for a mortgage or car loan.
    Cancel a card with a balance.
    Ignore balance fees stipulated in your credit card agreement.
    All of the above.
  2. True or false: The rule of 78s is a simple interest rate calculation.

    True
    False
  3. Which of the following statements is true?

    The loan payments on a 401(k) loan are deducted from paychecks before taxes.
    The amount borrrowed using a 401(k) can be much as 75 percent of your vested balance.
    If the loan is not repaid, the outstanding loan balance is treated like an early withdrawal.