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1. Which of the following is the best way to start a successful savings programme? A. Set a goal of saving 10% of your net income. B. Set up an automatic monthly transfer from your net income to your savings account C. Make one large lump sum contribution. D. Total savings as a variable expense. 2. A savings account pays 6% interest compounded monthly. The effective rate of interest is A. 6.07% B. 6.17% C. 6.27% D. 6.37% 3. Which of the following is generally the most expensive source of consumer credit? A. Unsecured loans from banks B. Credit card loans C. Pawnshops D. Life Insurance companies 4. A single person is looking for a new apartment. Which of the following is more likely a want rather than a need? A. Modern kitchen appliance B. Convenient and safe location C. Energy efficient heating and cooling system D. A second bathroom 5. Which of the following statements is INCORRECT concerning a $100,000, 7.5% 30-year housing loan? A. You repay half the loan after 15 years. B. The total interest over the life of the loan is more than the amount you initially borrowed. C. Your monthly payment remains the same for the entire loan term. D. All the above are incorrect. 6. Which of the following statements in incorrect? A. Balance sheet alone cannot be used to idently the needs of an individual. B. Cashflow statement alone cannot be used to idently the needs or an individual. C. Nel cashflow or an individual should always be D Ralio analysis is used to analyse the linancial health of an individual,