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Financial Literacy: Getting Started Review Flashcards | StudBud
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Financial Literacy: Getting Started Review
Financial Literacy: Getting Started Review
30 terms
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StudBud Administration
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A #review covering #financial literacy in #banking and #finance course. This is our Unit 2 review.
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
In which order SHOULD you pay your expenses?
discretionary, fixed, then variable expenses
fixed, variable, then discretionary expenses
discretionary, variable, then fixed expenses
variable, fixed, then discretionary expenses
2
What should you do with all deposit receipts for purchases until reconciliation happens?
trash them
keep them
burn them
shred them
3
Which is a type of goal can you achieve in more than 12 months, but less than five years?
an intermediate goal
a long-term goal
a short-term goal
a personal goal
4
What is the primary purpose of providing a bank statement to a customer?
to show how much money they made
to show how much money they owe
to show an itemized list of all credit card charges
to show activity during a specific time period
5
What do brokerage firms offer as their main business?
bank reconciliation
online investments
partial investment services
full investment services
6
What is the first step in developing your goals?
figuring out how long you will live
decide which type of goal you want to achieve
identify your personal goals
find good sources on the internet to help you
7
What is the most common form of working without getting paid?
volunteering
teaching
pan handling
earning interest
8
What do virtual banks not have?
physical locations
virtual locations
checking accounts
savings accounts
9
Which of the following is NOT one of the main components of a bank statement?
the opening balance
listing of deposits made during the previous three months
the closing or ending balance
listing of withdrawals made during the previous one month
10
What type of expense SHOULD you treat your savings account as each month?
a difficult expense
a variable expense
a fixed expense
a discretionary expense
11
What is the most common example of a variable expense for your house or apartment?
rent or mortgage payment
a plumbing bill
a monthly utility bill
home improvement bill
12
What is the primary purpose of a spending plan?
to check your monthly balance
to save money in the bank
to see how much money your next purchase will cost
to waste time
13
What is the largest disadvantage of online and mobile banking?
The internet has to be accessible.
Manual bank reconciliation is still required.
You have to download a phone app.
Complex investments cannot be made.
14
What is anything which saves or simplifies work, adds to one’s ease or comfort, etc.?
convenience
simple machine
convention
conventional
15
Customers had limited access to their money because banks used to maintain what type of hours?
topical banking hours
physical banking hours
standard banking hours
virtual banking hours
16
What is a primary feature of online and mobile banking?
security
convenience
investments in government bonds
standard banking hours
17
Which is a type of goal can you achieve in less than than 12 months?
a personal goal
an intermediate goal
a long-term goal
a short-term goal
18
What is the best way to get rid of information you receive in the mail?
shred it
read it
burn it
trash it
19
Which type of bank is most widely used?
virtual banks
brokerage firms
credit unions
commercial banks
20
Donating to your favorite charity is an example of which type of expense?
savings expense
fixed expense
discretionary expense
variable expense
21
Who is responsible for restoring your credit when you identity is stolen?
identity theft bureau
government
life lock
yourself
22
What is the most common way a thief pursues to steal your information?
shoulder surfing
dumpster diving
hacking
robbery
23
What is the most common example of a fixed expense for your house or apartment?
rent or mortgage payment
a monthly utility bill
a plumbing bill
home improvement bill
24
What type of purchase is it when you buy small and inexpensive items near checkout lines?
a rapid purchase
a compulsive purchase
a sales purchase
an impulse purchase
25
Bookkeeping account information to be consistent with bank’s bookkeeping of the same account
reconciliation
accounting
matching
budgeting
26
What are customers of credit unions also considered?
banking geniuses
bank investors
bank owners
the minority consumers
27
The opening balance of your most recent statement should equal what on your last statement?
the closing balance
the account number
the last transaction
the opening balance
28
How SHOULD you achieve discretionary spending goals?
spend less money each month
set discretionary spending goals
don't pay other bills
save money each month
29
Thieves can only access your records by using which type of information?
parental information
personal information
electronic information
government information
30
What does the acronym for PIN stand for?
Personal Identity Name
Personal Identification Number
Professional Identification Name
Potentially Incapacitated Narwhal
