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Financial Skills 3 - Checks, Budgets and Insurance Flashcards | StudBud
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Financial Skills 3 - Checks, Budgets and Insurance
Financial Skills 3 - Checks, Budgets and Insurance
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Answers
1
What is the additional fee you have to pay when you borrow money and can't repay it on time?
Sales tax
Debit
Interest
Stock
2
What is GROSS monthly income
the amount you actually earn, before taxes are taken out
money made from a part-time job
money given as a gift
your take-home pay, what you actually get to keep
3
You pay interest (a fee for using your bank's money) on your credit card fees if your payment is late.
True
False
4
A Debit Card is handy when you
DON'T
have the money in your bank account
True
False
5
Which one would be considered a WANT rather than a NEED?
eyeglasses
clothes
insulin
expensive designer shoes
6
Buying something the moment you are seeing it for the first time is called...
opportunity cost
time management
budgeting
impulse buying
7
an example of a NEED is...
food
car
phone
music
8
Writing a check is the same as ____________
using your debit card
using your credit card
using cash
getting your item for free
9
Risk is...
the possibility of financial loss or harm
playing it safe
something you will never experience
a guarantee that you will fail
10
Insurance means...
Stolen property cannot be replaced
life will always be problem-free
you'll never have an accident
you are proctected financially if you have an accident
11
If you have to get braces, this insurance will cover the costs
auto
dental
health
home
12
What do both debit and credit card have in common?
the money is taken out of your bank account
making online purchases
make purchases even if you don't have the money in the bank
you pay for your purchase later
13
Which of these best describes a budget?
a record of your income and spending
a tool to track how much you need to save
all of the above
a plan for managing your money
14
In insurance, a
co-pay
is...
when you have someone else pay for your insurance
the fee you pay before the insurance covers the rest
the penalty for not having insurance
the overall cost of the insurance
15
Which one can you use instantly, which takes the money you spend from your checking account?
Debit card
Stock
Credit card
Interest
16
Using a debit card is most like...
using a credit card
getting your purchase for free
writing a check
asking the bank for a loan
17
Your NET income is...
the amount you make before taxes are taken out
money you borrow
money you actually have to spend
money given to you as a gift
18
When you pay the extra 5 cents on a bag of chips at the 7-11, you are paying...
income tax
medicare tax
social security tax
sales tax
