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Financial Literacy - Final Review Flashcards | StudBud
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Financial Literacy - Final Review
Financial Literacy - Final Review
15 terms
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StudBud Administration
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A review of critical terms for the Financial Literacy final exam.
Flashcards
15 cards
F
Practice quiz
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Questions
15
Answers
1
The longer the term of your loan, the _________ your payment will be.
Lower
Higher
2
The amount of time before you have to make a payment on your credit card is called...
the payment waiver period
the late fee
the loan term
the grace period
3
"Pay yourself first" means...
set aside money in your budget for everything you want
write yourself a check each week for spending money
none of these is correct
your budget should prioritize setting aside money for saving
4
The amount of time you are given by a lender to repay your loan (i.e. the life of the loan) is:
the amortization schedule
the principal
the term
the payment period
5
Reasons to check your credit report annually are...
it reduces your credit score
to prevent identity theft
to ensure the recorded information is correct
ensure credit will be available when you need it
6
When you take a loan, the amount that you borrow and that is outstanding at any time is...
principal.
the closing cost.
the term of the loan.
interest.
7
How well you manage your credit is measured by...
what kind of car you drive
your social security number
your income
your FICO score
8
The shorter the term of your loan, the _________ your payment will be.
Higher
Lower
9
Costs you are obligated to pay at specific times, regardless of other events are:
fixed expenses
contractual expenses
non-negotiable expenses
variable expenses
10
The amount lenders charge to use their money is...
an expense
interest
an asset.
profit
11
Which of these do NOT impact your FICO score?
payment history
your gender
amount you owe lenders compared to your available credit
Length of time you've had credit
12
A loan to purchase real estate is a(n)...
lease
stock
bond
mortgage
13
The longer the term of your loan, the more you will pay in
Interest
Principal
Rate
Taxes
14
The amount of money you take home in your paycheck is
Hourly Wage
Gross Pay
Salary
Net Pay
15
You buy lunch each day-it costs a different amount every day. Your lunch costs are a...
long-term liability.
fixed expense.
variable expense.
discretionary expense.
