Credit reports detail...

how a person has used credit in the past

The amount you pay to use someone else's money

A tool to buy something now and pay for it later

A value can be described as

A belief or idea you consider important or desirable

The money someone is willing to loan you

The total amount that a person owes to others

are methods used to deposit payroll checks into your account

When using a debit card, your money comes from...

Your checking account immediately

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Final Review - Financial & Computer Literacy

25 termsStudBud Administration72 plays

Read the questions carefully. Select the option that best fits the question.

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Questions 25

Answers

1
Car repairs represent...
A variable expense
A periodic expense
A fixed expense
2
Your risk tolerance changes with your goals and financial situation
False
True
3
The basic rule of a risk to return relationship is 'the higher the risk, the higher the return'
True
False
4
Wealth is what you accumulate, not what you make.
False
True
5
Compound interest will earn more than simple interest
True
False
6
The "5 C's of Credit" are used to establish your credit worthiness
False
True
7
Diversifying your investments means putting all of your eggs in one basket
False
True
8
Investing is setting aside money with the possibility of it growing in value
False
True
9
How often should you reconcile your checking account to monitor for bank errors and fraud?
Once a month
Everyday
Once a year
It's not necessary anymore because of online banking
10
Credit is neither good or bad; How we use credit is what's good or bad
False
True
11
A credit score is a ten digit number based on a person's academic career
True
False
12
Certified or cashier's checks will not bounce and will clear quickly
True
False
13
Credit reports detail...
how a person has used credit in the past
what your personal assets and liabilities are
how you will use credit in the future
what your parents are willing to loan you
14
What is interest?
None of the above
What you're willing to pay for a purchase at a later date
The money you get paid by your employer for doing your job
The amount you pay to use someone else's money
15
What is credit?
A tool to buy something now and pay for it later
A card used to lend someone money
A way to save money
A term used to charge someone for a purchase
16
Budgets...
all of the above
are spending plans detailing how you're going to spend money
should include a plan to pay yourself first
shouldn't be restrictive and help your stick to goals
17
A value can be described as
A belief or idea you consider important or desirable
Something basic for your survival
A willingness to give up something now for a future benefit
Something you desire to make your life more comfortable
18
A car payment represents....
A periodic expense
A variable expense
A fixed expense
19
Overdraft protection is a source of income for the bank
False
True
20
Groceries represent...
A periodic expense
A variable expense
A fixed expense
21
What is principle?
The money you would like to save
The money someone is willing to loan you
The money you pay to borrow money from someone
The money you are willing to give up for a service
22
Debt is...
The total amount that a business owes you
The total amount that a person owes to others
Something that will be forgiven if you ask
A good thing and you should get as much as you can
23
What does PYF stand for?
Planning Your Future
Pay Your Finances
Pay Yourself First
Prepare Your Finances
24
Direct deposits...
require you to sign forms at the bank to withdraw your money
are methods used to deposit payroll checks into your account
are generally an inconvenience
are used to pay off bills
25
When using a debit card, your money comes from...
Your checking account immediately
Your checking account after a few days
Your savings account after a few days
Your savings account immediately

Final Review - Financial & Computer Literacy Flashcards | StudBud