stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
BSA Personal Management Merit Badge Requirements 3, 4, 5, 6, and 7 Flashcards | StudBud
Explore
/
BSA Personal Management Merit Badge Requirements 3, 4, 5, 6, and 7
BSA Personal Management Merit Badge Requirements 3, 4, 5, 6, and 7
42 terms
·
StudBud Administration
·
182 plays
Requirements 3-7 for Personal Management Merit Badge
Flashcards
42 cards
F
Practice quiz
P
Host live
L
Questions
42
Answers
1
Stocks are shares in companies that
Mean you earn money when the company earns money
Higher risk than savings bonds and CDs
All of these
Mean you lose money when the company loses money
2
You need a good credit report to
Get a car loan
Rent an apartment or home
Get good car insurance
All of these
3
Which form of money management do you earn money with, but also carries some risk?
Savings
Investment
4
What lenders charge borrowers for temporarily using the lender's money is called
Finance Charge
Interest
Principal
Installments
5
It is easy to pay off a credit card paying the minimum balance only
true
false
6
What are ways to invest for long term goals?
All of these
Education
Stocks & Bonds
Real estate
7
Savings bonds are safe, low risk investments…
Earn a fixed or mix of fixed/variable interest
All of these
Backed by the federal government
Charge a penalty if cashed out before end of the terms
8
What is the amount of money you invest called?
Principal
Initial Investment
Principle
9
Shopping while hungry can make you overspend or make a hasty decision
True
False
10
Borrowing money can be called
None of these answers
Answers 1 and 2
A Loan
Buying on Credit
11
Which is true of Compound Interest
All of these
Earns more the longer principal/interest stays invested
Interest is paid on pincipal plus intereset earned
12
Collectibles such as baseball cards, coins, Star Wars figures, are
Always increase value in time
Low risk
High risk
13
What are ways to reduce debt?
All of these
Make and stick to a budget
Pay with cash
Stop buying things you don’t need
14
What is not a safe way to save your money?
Invest your money
Hide it in your dresser drawer
Put it in a Savings Account
15
The Annual Percentage Rate (APR) is:
Takes into account fees and costs over a year
Is always higher than the simple interest on a loan
Reflects the true percentage rate of a loan
All of these
16
Mutual Funds are
Are high risk as they are all start up companies
A group of stocfks that spread risk over several companies
Stocks from one company
A group of stocks from real estate
17
Health Insurance
All of these
May not pay for care until a "deductible" amount each year is paid.
Covers medical expenses
Is often paid by a monthly fee, and may be provided by an employer
18
Compound interest earns more than Simple interest over time.
true
false
19
Credit cards typically inlcude fees and others costs in the APR
false
true
20
What are the 2 general types of investments?
Simple and complex
Local and Distant
Loaned and owned
21
Car insurance costs the same: if you accidents, get tickets, or have a "clean" driving record
True
False
22
Why would you want to save money?
I have too much to spend
All of these
To have on hand in case of emergency
To put is aside for buying something in the future
23
A Credit card is a loan from a bank.
True
False
24
What is your understanding of how the amount of money you have with you affects your spending habits?
It is easier to save money by not carrying it with you
People spend more money with credit cards than using debit cards or cash
All of these
Online buying seems easy because you don't hand over cash
25
Buyer's remorse is when you look back and think to yourself you probably should not have bought what you did.
True
False
26
Which insurance is less expensive and pays only if you die within a certain age range?
Term Life Insurance
Whole Life Insurance
27
A credit report
All of these
If you have borrowed more than you can pay
Shows if you have paid your bills on time
Will be reviewed before you are loaned money
28
What is the term for what an investment pays?
Interest
Payout
Yield
29
With a Credit Card
You pay interest on balance not paid off
You pay monthy
All of these
Has a charge limit based on income and credit history
30
What emotions do you feel when receiving money?
Any one, two or all three of these answers
Ready to spend it right away
Joy and Excitement
Prepared to spend and save as needed
31
What can you do to better manage your money?
Start saving and investing extra money
Form a budget and keep expenses below income
Both of These
32
Which card allows you to use money in your bank account?
Bank Card/Debit Card
Credit Card
33
Diversification means putting all of your investments in one place
False
True
34
The Lender must disclose the total cost of the loan
true
false
35
Home owners or Renters insurance can protect your personal property in case it is destroyed, damaged, lost or stolen.
True
False
36
Life insurance will provide security to immediate family members, after the person's death.
False
True
37
Which is true of Simple Interest investments?
Interest is paid on principal plus interest earned
Interest is paid only on the principal
38
What investments tend to earn more money?
Low Risk
High Risk
39
Insurance means, if you pay a monthly amount, insurance will pay you enough to handle the situation.
True
False
40
If a car accident is caused by another driver who does not have insurance, your insurance will cover the cost.
True
False
41
If you are at fault for a car accident, car insurance covers:
The cost of the other vehicle repair
The cost for medical care if anyone is hurt
The cost of your vehicle repairs
All of these
42
A CD (Certificate of Deposit)
Generally pay less interest than a savings account
Are low risk, so have a low return
All of these
Are offed by finanical instititions like a bank
