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Money Management Intro Flashcards | StudBud
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Money Management Intro
Money Management Intro
31 terms
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A brief review of terms we will use during our money management unit #moneymanagement
Flashcards
31 cards
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Questions
31
Answers
1
One major difference between a checking and savings account is:
A savings account is active
A savings account is your money
A savings account uses a debit card
A savings account earns interest
2
The amount of money a person earns after taxes and other deductions are taken out is called
Gross income
Net income
3
Paying the
minimum payment
on a credit card bill leads to the most interest charged
True
False
4
Which of the following tends to have the highest interest rate for a loan?
Student Loan
Auto Loan
Credit Card
Debit Card
5
"Good" interest is money that you..
Pay
Earn
6
How often should you review your checking account to look for errors?
Weekly
Monthly
Daily
Yearly
7
A budget looks at...
How much debt you have
Income vs. Expenses
Gross Pay
Credit Cards
8
A monthly cost that tends to stay the same is called?
Fixed expense
Flexible Expense
9
If a person is over budget frequently, it will be difficult to save money for future goals
True
False
10
An hourly rate a person is paid is called?
$9.00
salary
money
wage
11
A factor that can influence a person's salary is..
Tips
Commission
They all can influence a salary
Overtime
12
The amount of money a person earns before taxes and other deductions are taken out is called
Net income
Gross income
13
A monthly cost that can change is called?
Flexible Expense
Fixed Expense
14
An account linked to your cash used for everyday purchases is called?
checking account
bank account
ATM
savings account
15
One major difference between a credit and a debit card is:
They are both your money
A debit card earns good interest
A debit card is plastic
A credit card is a loan
16
Which of the following is not a type of loan?
Cell Phone
Auto
Personal
Student
17
Which type of expense would be easiest to modify/change if you needed to save money?
Fixed expenses
Flexible expenses
18
A credit score shows the world..
How responsible you are with money
All are true
How trustworthy you are with money
If you make payments on time
19
You can do all of the following with online banking except which of the following banking actions?
Buy concert tickets
Deposit a paycheck to your account
Check your account balance
Receive alerts when your account information has been changed
20
Which of the following are major credit card companies?
Visa
Bank of America
ESL
Mastercard
21
The rise in the cost of goods and services each year is called..
Net income
Recession
Inflation
Price modification
22
Entertainment, food, water, electricity are all examples of...
Flexible expenses
Fixed expenses
23
An account linked to your cash that's purpose is to let your money sit and grow?
bank account
checking account
taxes
savings account
24
"Bad" interest is money that you..
Earn
Pay
25
A car loan, a student loan, rent for an apartment are all examples of...
Flexible expenses
Fixed expenses
26
The first thing you should do when creating a budget is write down ALL of your expenses
False
True
27
Comparing how much you make vs. how much you spend per month is called?
Working
Budgeting
Financing
Credit Scoring
28
Each of the following is a benefit of using online and mobile banking EXCEPT...
You can keep an ongoing record of your deposits and withdrawals
You can check your balances before you make a purchase
You can eliminate overdraft fees
You can transfer money electronically between accounts
29
How often should you review/adjust your budget?
Daily
Yearly
Monthly
Weekly
30
A sum of money earned over the span of a year is called?
salary
taxes
money
wage
31
A card that is used to receive cash from your checking account or to pay "as cash" is called?
debit card
bank card
rewards card
credit card
