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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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Flashcards
29 cards
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Questions
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Answers
1
What is the least amount of money you can pay on your credit card each month called?
minimum payment
minimum installment
minimum apr
minimum amount
2
What should you NEVER place in your wallet or purse?
Credit Card
Social Security Card
Picture of Your MOM
Driver License
3
Which of the following is not considered personal information?
Telephone #
Age
Gender
4
What is pre-approved credit which can be used for the purchase of goods now and payment later?
debit card
car loan
credit card
5
What is another term for a spending plan?
wants list
needs form
budget
6
Which is NOT an example of fiscal policy?
taxes
spending
interest rates
7
The point where supply and demand meet is called?
equilibrium price
shortage
surplus
8
What is all the money you have coming in called?
income
expenditures
outcome
scarcities
9
What document tells lending institutions your credit worthiness?
paycheck
tax return (1040)
credit report
10
The amount of money borrowed by the consumer is called?
Fixed Cost
APR
Interest
Principal
11
What is the interest on a credit card called?
ART
CPR
APR
NPR
12
Which one does not belong?
paying only minimum payment
paying balances in full
paying bills on time
keeping track of all charges
13
Why should one have a budget?
to make big purchases
to make small purchases
to make medium purchase
14
Fixed cost + variable cost = ???
total cost
marginal revenue
marginal cost
dividend
15
Which one does not belong?
savings account
CD
checking account
16
Car insurance rates (premiums) are higher for teenage boys than girls, because?
Boys tend to have less accidents
Girls tend to one their cars
Boys tend to have more accidents
17
Adam Smith believed the market would fix itself how?
raising taxes
by government intervention
intervention by the invisible hand
lowering taxes
18
Should you be a co-signer for a loan?
yes
no
19
Which is REQUIRED by all drivers in NC?
transversal
liability
disabilty
comprehensive
20
the maximum dollar amount that can be charged on a card?
stadler limit
loan limit
maximum limit
credit limit
21
Which of the following is a fixed cost?
gas bill
mortgage
wages
car expenses
22
What usually happens if you make a late credit card payment?
APR increases
APR is unaffected
APR decreases
APR Remain Same
23
This occurs when someone wrongfully acquires your financial information?
money theft
identity theft
criminal theft
24
Which one does NOT belong?
Diverting Mail
Skimming
Dumpster Diving
Detering
25
Which of the following has the LEAST liability? Is the SAFEST investment.
Mutual Fund
Stocks & Bonds
26
What is true about loans?
The lower the APR, the more interest is paid
The APR does not effect the interest paid
The higher the APR, the more interest is paid
27
Which type of insurance protects your dependents?
Homeowner's
Disability
Health
Life
28
Which of the following affects your credit report the most?
payment history
outstanding debt
types of credit in use
length of credit history
29
Why would one use credit?
purchase big ticket items
purchase small ticket items
