Financial Responsibility 1

Question 1

A Budget is what?

Accepted Answer

A plan that shows earning, spending & savings.

Question 2

A debit card and a _________ can also serve as forms of identification.

Accepted Answer

Library Card, Credit Card

Question 3

Cash is better than credit because ...

Accepted Answer

Cash serves as a form of identification., You don't have finance charges with cash., People won't steal your money.

Question 4

If you write a check for more than you have in your account, this is called a(n) _________?

Accepted Answer

Overdraft

Question 5

Money paid for the use of someone else's money is called what?

Accepted Answer

Interest

Question 6

Credit cards are good because ______.

Accepted Answer

If it's lost or stolen, you just report it., There is no name listed on the card., The designs are cool.

Question 7

Money that is withdrawn from an ATM comes from your ________ account?

Accepted Answer

Checking

Question 8

Debit Cards are safer to use than cash because...

Accepted Answer

Debit cards help you keep track of your expenditures.

Question 9

Writing a check is the same as using a __________

Accepted Answer

Debit Card

Question 10

When using a credit card, which choice is best?

Accepted Answer

Paying the amount due in full when you get the first bill.

Question 11

Spreading out your payments when repaying your credit card is the ____________way to buy items.

Accepted Answer

WORST

Question 12

When using a credit card, how can you use it to show you are financially responsible?

Accepted Answer

Pay off everything each month.

Question 13

If you make a million dollars, then...

Accepted Answer

You still need to live within your means.

Question 14

What is money that is earned in exchange for work called?

Accepted Answer

Income

Question 15

Sophie wants a new TV but needs to buy a new washing machine instead. Not getting the TV is her

Accepted Answer

Opportunity Cost

Questions 15