How Smart Are You With Money? Pt.8

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Put your financial knowledge to the test and win $20! (THIS WEEK ONLY)

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1. Which of the following factors has the LEAST impact on the interest rate you'll receive on a real estate investment loan?

1 point

a) Your credit score

b) The loan-to-value ratio (LTV) of the property

c) The type of property (residential, commercial, etc.)

d) The current market interest rates

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2. What is the minimum down payment required for an FHA loan?

1 point

a) 0%

b) 3.5%

c) 10%

d) 20%

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3. Which of the following types of properties are NOT eligible for FHA financing?

1 point

a) Single-family homes

b) Condominiums

c) Townhouses

d) Investment properties

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4. What are the three main types of credit card rewards programs?

1 point

a) Cash back, travel points, and airline miles

b) Fixed points, flexible points, and bonus categories

c) Travel rewards, loyalty programs, and store-specific rewards

d) None of the above

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5. Which are the two most common types of retirement accounts offered in the US?

1 point

a) Savings accounts and brokerage accounts

b) Individual Retirement Accounts (IRAs) and 401(k)s

c) Roth IRAs and Traditional IRAs

d) Annuities and pensions

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6. When can you start withdrawing money from your retirement accounts without penalty?

1 point

a) Age 55

b) Age 59 1/2

c) Age 62 1/2

d) Age 67

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7. What is the main advantage of contributing to a 401(k)?

1 point

a) Higher maximum contribution limits

b) Employer matching contributions

c) Tax-free withdrawals in retirement

d) Ability to pass the account to heirs tax-free

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