Suze Orman's America's Money Class Final Exam is now over. Thank you to everyone who participated! Keep checking back on oprah.com/moneyclass in the coming weeks for announcements about the winning entries.


Find out the answers to the questions you missed!

FINAL EXAM MULTIPLE CHOICE ANSWERS


1. What is the first step Suze says you must do to tackle your debt?
A. Correct: Stand in your truth and confess your total debt.
B. Donate needless items to charity.
C. Sell needless items in a garage sale.


2. What debt does Suze think is the most dangerous debt of all and should be paid off first?
A. Correct: Student Loans
B. Credit Cards
C. Mortgage


3. What does Suze think is the worst kind of student loan?
A. PLUS loans
B. Correct: Private student loans
D. Balloon loans

4. What is the lowest FICO score you can have?
A. 760
B. 500
C. Correct: 300

5. How many months of savings does Suze say you should have in your emergency fund?
A. Correct: Eight
B. Twelve
C. Eighteen

6. What is Suze’s favorite retirement plan?
A. IRA Rollover
B. Nondeductible IRA
C. Correct: Roth IRA

7. What is a 529 Plan?
A. Correct: College Savings Plan
B. Mortgage Loan
C. Home Foreclosure

8. What does Suze think is the best way to invest in gold?
A. Buy as much 14K gold jewelry as possible
B. Correct: Invest in Gold Exchange Traded Funds (ETFs)
C. Remove and sell gold fillings

9. When does Suze say it is okay to co-sign a loan?
A. Correct: You should never co-sign a loan
B. For a down payment for child's mortgage
C. Anytime, because you won't be held accountable

10. What is Chapter 7 Bankruptcy?
A. Permits individuals to reorganize their debts and pay in monthly installments.
B. Allows individuals to always keep their homes and cars.
C. Correct: Allows individuals to liquidate their debt and it's wiped away.

11. If you are in serious financial need, why does Suze say you should never take a loan from your 401k?
A. Correct: Because the money in your 401k is protected against bankruptcy.
B. Because you'll owe a 10% penalty.
C. You'll miss out on the growth of your 401k.

12. What does Suze believe is the best way to leave money to your minor aged children?
A. Name them as beneficiaries in your will.
B. Correct: Names them as beneficiaries in your trust account.
C. Name your child as the beneficiary on your life insurance plan.

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