What is the benefit(s) of direct deposit?

You don't have to spend time and energy depositing a check.

Saving accounts differ from checking accounts in that...

Money in a saving account can be used to fund a bank's loans

How can you build a positive credit history as a college student?

Become an authorized user on an adult's card

Overdraft protection...

can keep you from overdrawing but charges a high fee.

The best advice or managing credit card debt is to:

Pay off highest interest debts first.

The price you pay for using someone else's money.

How are a credit score and credit report related?

A credit score is determined by the factors in your report

What information can you find on a credit report?

Inquiries you've made on new lines of credit

The purpose of the Federal Deposit Insurance Corporation (FDIC) was to...

insure bank depoists of individual citizens

What is the first step of the budgeting process?

List expenses in order of importance

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FL Final Exam S1-2024

30 termsStudBud Administration336 plays

Final exam for 1st semester financial literacy.

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Questions 30

Answers

1
What is the benefit(s) of direct deposit?
You get a tax benefit from the Federal government.
You don't have to spend time and energy depositing a check.
Any overdraft fees are waived.
The funds from your paycheck are available 3-5 days later
2
Saving accounts differ from checking accounts in that...
Saving accounts let you withdraw $ an unlimited # of times
Saving accounts come with more fees than checking accounts
Checking accounts offer higher interest rates
Money in a saving account can be used to fund a bank's loans
3
How can you build a positive credit history as a college student?
Become an authorized user on an adult's card
Get a credit card but don't use it to avoid more debt
Spend up to your credit limit each month
Make only the minimum payment each month
4
When you use a credit card, you
pay interest on purchases.
buy now, pay now
buy now, pay later
pay in cash.
5
Overdraft protection...
brings in a few hundred dollars each year to banks.
is a fee-free service that prevents you from overdrawing.
is a service offered only for premium checking accounts.
can keep you from overdrawing but charges a high fee.
6
The best advice or managing credit card debt is to:
Stop all payments and hide from creditors.
Pay off highest interest debts first.
Make only minimum monthly payments.
File for bankruptcy.
7
Which answers qualify as needs for budgeting?
iPhone
Water
Food
Electricity
8
Two types of cryptocurrencies?
Durant Coin
Bitcoin
DOGE Coin
Bulldog Coin
9
Which of the following are credit agencies?
Equifax
Transfaxion
Experian
TransUnion
10
Your ___________________ _______________ helps determine whether or not you get credit.
Credit Score
Annual Salary
Hourly wage.
Years worked.
11
Under the law, you are allowed a free credit report anytime you want?
False
True
12
Net worth is the same as
Income
Cash
Financial Position
Wealth
13
Having a credit score of zero means...
You have no rizz.
You have no debt.
You are broke.
You are a scrub.
14
What is budgeting?
All of the above
Tracking income and expenditure
A financial plan
Financial management
15
What is interest?
A way to buy on credit,
A place to nuy on credit.
The price you pay for using someone else's money.
How much you like momney.
16
A checking account is best used for...
Investing money
Saving money
Storing money to spend
Placing money you earn
17
Which of the following is a retirement vehicle?
401 k
FBI
YOLO
IRS
18
Why is financial literacy important?
to understand how to build wealth.
All of the above.
to understand how to build wealth.
to understand credit, risk amd money management.
19
How are a credit score and credit report related?
A credit report is determined by the factors in your score
A credit score is determined by the factors in your report
They're not related at all
Credit reports are less important than your credit score
20
How can you protect your checking account when using online and mobile banking?
Opt-out of alerts to notify you of unusual activity
Share your pin # with only 1 person in case you forget it
Connect to a secure WiFi network
Use a strong password
21
Credit cards are directly linked to your bank account.
False
True
22
What Influences your financial decisions?
Your location.
Values, Needs, Wants
The weather.
Your height.
23
Where can you get a free copy of your credit report?
creditreport.gov
getmycreditreport.com
freecreditreport.com
annualcreditreport.com
24
What information can you find on a credit report?
Your medical insurance information
Your education level
Your parents' and siblings' contact information
Inquiries you've made on new lines of credit
25
An excellent credit score is...
740-799
300-579
800-850
26
The purpose of the Federal Deposit Insurance Corporation (FDIC) was to...
increase governmental control over the economy
ensure Americans in poverty had money when they retired
insure bank depoists of individual citizens
inspect the financial transactions of important businesses
27
Stocks always go up in price.
True
False
28
A federal law that prohibits discrimination in credit transactions?
Regulation X
RESPA
Equal Credit Opportunity Act
Regulation Z
29
How much money is insured by the FDIC?
$200,000,000
$150,000
$250,000
$1,000,000
30
What is the first step of the budgeting process?
record income for the budgeted time
List expenses in order of importance
make changes to the budget if neccesary
write down an estimated cost

FL Final Exam S1-2024 Flashcards | StudBud