A debt snowball is....

When your debt grows out of control

What is annual percentage rate (APR)?

The interest rate expressed as an annual amount

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Coll 101 Financial Literacy

15 termsStudBud Administration119 plays

A Quiz for review of Exam #4

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
What category would a budget item called "Food" go into?
Fixed expenses
Variable expenses
2
What category would a budget item called "Entertainment" go into?
Variable Expenses
Fixed Expenses
3
What category would a budget item called "Rent" go into?
Fixed Expenses
Variable Expenses
4
A debt snowball is....
When debt freezes your budget
When your debt grows out of control
When your debt starts "melting away"
What's a snowball?
5
Why do you need a good credit score?
To get a car loan
All of these
To get the best interest rates
To get the apartment you want to rent
6
Which is more?
Gross income
Net income
7
What describes debt that is sensible to take on?
Bad debt
Cash flow
Good debt
Debt snowball
8
What is cash flow?
The amount of money you spend
The money you give your roommates that they never repay
The amount of money you make
The cycle of income and outgo
9
What is/are consumer protections related to credit and debt?
Fair Debt Collection Practices Act
All of these
Fair Credit Reporting Act
Equal Credit Opportunity Act
10
What is annual percentage rate (APR)?
The interest rate expressed as an annual amount
The rate at which you pay back a loan
The amount you are required to pay back
Who knows?
11
Which would be considered good debt?
All of these
A home store credit card for home improvements
A department store credit card to buy a new job wardrobe
A mortgage to buy a home
12
Which is/are financial decision-making tools?
Calculating Future Expenses
Cost Comparison
Cost-Benefit Analysis
All of these
13
When you use a credit card...
Credit card? What's a credit card?
you are making a credit mistake
you can buy whatever you want
you are taking out a loan
14
Which of these is a tool for identifying the cost of meeting future needs and goals?
Cost-Benefit Analysis
Budget
Calculating Future Expenses
Cost Comparison
15
Which of these is a plan for future spending and saving?
Cost-Benefit Analysis
Cost Comparison
Calculating Future Expenses
Budget

Coll 101 Financial Literacy Flashcards | StudBud

Coll 101 Financial Literacy

15 termsStudBud Administration119 plays

A Quiz for review of Exam #4

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
What category would a budget item called "Food" go into?
Fixed expenses
Variable expenses
2
What category would a budget item called "Entertainment" go into?
Variable Expenses
Fixed Expenses
3
What category would a budget item called "Rent" go into?
Fixed Expenses
Variable Expenses
4
A debt snowball is....
When debt freezes your budget
When your debt grows out of control
When your debt starts "melting away"
What's a snowball?
5
Why do you need a good credit score?
To get a car loan
All of these
To get the best interest rates
To get the apartment you want to rent
6
Which is more?
Gross income
Net income
7
What describes debt that is sensible to take on?
Bad debt
Cash flow
Good debt
Debt snowball
8
What is cash flow?
The amount of money you spend
The money you give your roommates that they never repay
The amount of money you make
The cycle of income and outgo
9
What is/are consumer protections related to credit and debt?
Fair Debt Collection Practices Act
All of these
Fair Credit Reporting Act
Equal Credit Opportunity Act
10
What is annual percentage rate (APR)?
The interest rate expressed as an annual amount
The rate at which you pay back a loan
The amount you are required to pay back
Who knows?
11
Which would be considered good debt?
All of these
A home store credit card for home improvements
A department store credit card to buy a new job wardrobe
A mortgage to buy a home
12
Which is/are financial decision-making tools?
Calculating Future Expenses
Cost Comparison
Cost-Benefit Analysis
All of these
13
When you use a credit card...
Credit card? What's a credit card?
you are making a credit mistake
you can buy whatever you want
you are taking out a loan
14
Which of these is a tool for identifying the cost of meeting future needs and goals?
Cost-Benefit Analysis
Budget
Calculating Future Expenses
Cost Comparison
15
Which of these is a plan for future spending and saving?
Cost-Benefit Analysis
Cost Comparison
Calculating Future Expenses
Budget