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Money Management Review 2019 Flashcards | StudBud
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Money Management Review 2019
Money Management Review 2019
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A #ibt test review unit 9
Flashcards
27 cards
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Practice quiz
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Questions
27
Answers
1
Which of the following best defines: the FDIC
A federal banking plan set up by the to supervise banks
A federal agency that protects money in case of bank failure
A user-owned, nonprofit cooperative financial institution
A bank that offers a full range of financial services
2
The money that is promised to be paid is called the ______________.
Payee
Amount
Principal
Interest rate
3
The financial institution most likely to charge the highest rate for a loan would be a
Credit union
Pawnshop
Bank
Mortgage Company
4
You borrow $165 at 10% for 2 years, how much will pay for this loan?
10
33
38
23
5
Which of the following best defines: Federal Reserve System
A federal agency that protects money in case of bank failure
A federal banking plan set up by the to supervise banks
A bank that offers a full range of financial services
A user-owned, nonprofit cooperative financial institution
6
An IRA is which type of income source that can be used during retirement?
Annuities
Social security
Retirement account
Pension
7
Which of the following is a fixed expense?
Clothing
Food
Utilities
Rent
8
What is the amount of your paycheck after taxes and deductions are taken out is called your?
Total Pay
Gross Pay
Net Pay
Cash Outflow
9
Which of the following is a variable expense?
Mortgage
Gasoline
Insurance
Car loan
10
Which of the following is not a credit bureau in the United States?
Credit Karma
Equifax
Experian
Transunion
11
A personal check with a guaranteed payment is called a ______________.
Certified check
Cashiers check
Travelers check
Money order
12
This is attached to your paycheck and summarizes your pay and deductions.
Pay Summary
Pay Stub
Pay Receipt
Pay form
13
A reputation for paying bills on time relates to a person's________________
Capital
Collateral
Capacity
Character
14
Which of the following best defines: a credit union
A user-owned, nonprofit cooperative financial institution
A federal banking plan set up by the to supervise banks
A federal agency that protects money in case of bank failure
A bank that offers a full range of financial services
15
Another term for "net pay" the amount of a paycheck after taxes and deductions is:
Net worth
Earned income
Take home pay
Cash inflows
16
American Express is an example of which type of credit card
Charge card
Affinity card
Retail store card
Bank card
17
What is the first step for creating a budget?
Set financial goals
Maintain financial records
Evaluate your budget
Plan budget categories
18
Which if the following is true about effective budgets?
It should be evaluate frequently
It should have a simple format
All of the above is true
It must be realistic
19
The main activity of a credit bureau is to______________________.
Contact the government when lenders over charge for credit
Report information on the use of credit by consumers
Calculate the cost of credit for lenders and borrrowers
Determine when a person is overusing credit
20
Which of the following statements best describes the use trade credit?
When a company receives goods and pays for them later
Charging a purchase at the time you buy the service or good
A loan that is repaid in specific amounts over time
Borrowing money for a special purpose
21
If deposit insurance is most important to you, then you are most concerned with
Fees
Services
Convenience
Safety
22
Which of the following is not a type of checking account
Electronic-mobile account
Interest-earning account
Share draft account
Activity account
23
Monthly balances are - Mar. $176; Apr. $57; May $475. How much did will you pay in bank fees?
6
12
14
10
24
If your bank statement balance does not match the check register balance it most likely due to:
Bank misplace money
Outstanding checks
Checks that have not cleared
Incorrect math
25
The first document that must be completed when opening a checking account is the
signature card
deposit slip
reconciliation statement
check register
26
Which of the following is an advantage of using credit?
Lower credit rating
Higher prices
Overbuying
Convenience
27
Which financial statement includes assets, liabilities and equity?
Balance sheet
Financial plan
Cash flow statement
Budget plan
