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Financial Literacy 2019 Review Flashcards | StudBud
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Financial Literacy 2019 Review
Which forms of a business have unlimited liability?
What is a Tariff?
Financial Literacy 2019 Review
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2019
Flashcards
48 cards
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Questions
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Answers
1
What is a Tariff?
Limitation on the number of imports from China
Tax on imports
Special Property Tax in Oak Park and River Forest.
Tax on exports
2
Which forms of a business have unlimited liability?
None
Corporation
All
Partnership and Proprietorship
3
Loans that require collateral are know as
Required
Unsecured
Secured
A nice deal
4
How long was the Hundred Years War?
101
100
116
99
5
Debt Load
How much money is in your wallet
FICO Score
The amount debt a consumer has at a point it time
The balance of your car loan
6
Globalization is?
The process of becoming worldwide in scope
Off Shoring
on shoring
Moving to New Zealand
7
One Pound is equal to?
One Dollar
50 Grams
453.92 Grams
I Kilo
8
What is an Opportunity cost?
Trade with Mexico
A choice given up when a different choice is made
The value of the option that is given up
Deciding which Kim you like better, Kardashian or jong un
9
What does it mean to be Creditworthy?
Have a good credit report
Having a Co-Signer
You are a nice person!
Having the assets, income and willingness to repay debt
10
What does not appear on a check
Name of the payee
Balance in the Account
Amount of the check written in words
Checking Account Number
11
The three C's of credit are
Capacity, caring, capital
Caring, complete, confusing
Character, capacity, capitol
Character, capacity, capital
12
How much one currency buys in another currency
Bonnie Raitt
Exchange Rate
Lower rate
APR
13
The party extending credit is the
Host
Creditor
A lot of Fun
Creditee
14
A numerical Measure of your Creditworthiness is
Credit Score
Report Card
Batting Average
Credit Report
15
What is a disadvantage of renting a residence?
Having to fix a broken toliet
Living with parents
More Mobility
No tax advantages
16
What are the consequences of having a low credit score?
Shorter life span
Higher interest rates, fewer housing job opportunities
Higher Credit Score
Low self esteem
17
What is 5 X 12
12
752
84
60
18
A Debit Card is
Never requires a PIN
Is only used with a savings account
Acts very similar to a Check
The same as a credit card
19
A country that can produce a product more efficiently than another county has a
Absolute Advantage
Competitive Advantage
Loss Leader
New Deal
20
An example of a brick and mortar store is
Target
Uber
Debit Card
Amazon
21
Money that can be easily accessed is
Mine
Fluid
Secured
Liquid
22
A country specializes in producing a product more efficiently than another county what exists?
Loss Leader
Comparative Advantage
New Deal
Absolute Advantage
23
What is one type of debt that cannot not be wiped out in bankruptcy?
Student Loan
Loan from a Parent
Title Loan
Mortgage
24
The FDIC insures bank deposits for:
$1,000,000.00
$100,000.00
Fun
$250,000.00
25
What is the safest type of endorsement for a check?
One from kim kardashian
Special
An endorsement in black ink
Restrictive
26
What are the Four Factors of Production
Land, Labor, Capital, Entrepreneurship
Land, labor, Customs, Entrepreneurship
Land, Profit, Loss, Sleep
Labor, Capital, Entrepreneurship, Profit
27
Which is the best served use of credit
Justin Beiber tickets
New refrigerator
Lunch
Groceries
28
The person or business to which a check is written is
payee
payor
Lucky
Lessor
29
The legal process to remove a tenant that is not paying rent
Changing the locks/bagels
gifting
Reposession
Eviction
30
Offshoring is
Building a House on an Island
Next to Lake Shore Drive
Moving sections of a business to another country
Drilling for Oil on Lake Michigan
31
Which team is Better?
Sox
Cardinals
Cubs
Brewers
32
What is not an example of a Credit Card Fee
Over Credit Limit
Late Payement
Parking Fee
Cash Advance
33
A check is
Ensures you have enough money in your bank account
Written order to pay a specific amount to a specific person
A person born in the Czech Republic
Must be written in pencil
34
When researching buying a product it is important to be?
18 or older
Skeptical
Carefree
Awake
35
What is a trade off?
A choice given up when a different choice is made
Deciding which kardashian you like better
The value of the option that is given up
Trade with Canada
36
The Airline Passenger Bill of Rights
Only applies to adults
Is a schedule of flight times
Protects the rights of all passengers
Is no longer used
37
A method in which a particular range of products and services is produced is called
Lucky
Opportunity Cost
Specilization
Trade barrier
38
What is the meaning of "Caveat Emptor"
Let the buyer beware
Buy low sell high
Let the Seller beware
I am the emperor
39
Spending more money than a person can afford is called
Underspeeding
Overspending
Stupid
Bankruptcy
40
Which is most likely to incur a fee from a lender?
closing the account
Having a zero balance
making an early payement
Exceeding a credit limit
41
What is 60 divided by 5
5
20
10
12
42
How should credit cards be used?
When you have no money and no job
Buy a expensive gift for a friend
To go on a wild vacation
For everything, if you can pay the bill off each month.
43
A place to keep track of all transactions in your checking account
Your happy place
Note book
Check register
Your arm
44
What are the other 2 of the 5 categories used to determine a FICO Score
Eviction and Foreclosure
New Credit and Types of Credit Used
over and under spending
Ball and Strike
45
What is a Market Place
Anyplace where buyers and sellers meet
Pete's
Lake Street
Signage for a Store
46
What are 3 of the 5 categories used to determine a FICO Score
Moe, Larry, Curley
Capital, character,capacity
Faith, hope and charity
Payment History, amounts owed, length of credit history.
47
Why would a nation restrict trade?
No trade clause
lower interest rates
insure domestic tranquility,
protect domestic industries and domestic jobs,
48
A Title Loan is a loan that
Is from a loan shark
Has a nice name
Is the same as a Home loan
Requires a Vehicle as collateral
