stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Financial Literacy Flashcards | StudBud
Explore
/
Financial Literacy
Financial Literacy
30 terms
·
StudBud Administration
·
16 plays
Imported from external platform
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
It is ok to skip payments on bills, as long as you pay them next month.
False
True
2
When should you use a credit card if you do NOT have enough money to cover the item?
Never
Emergencies
Everyday Food
3
What is a mortgage?
A Percentage of the Price of a House
A Type of Loan
A Law
4
In order to not gain interest it is important to pay the minimum amount on the monthly statement.
True
False
5
What type of interest accumulates the most money.
Variable
Simple
Compound
Mixed
6
What is one type of Federal Student Loan?
Federal Washington Loan
Federal Hamilton Loan
Federal Plus
7
APR stands for annual prime rate.
True
False
8
What is the first step of making a budget?
Develop Goals
Estimate Income
Estimate Expenses
9
If you have a co-signer on a credit card who is responsible for the card’s balance?
Co-Signer
Both
You
10
What is the 50/20/30 rule?
Budgeting
Income
Spending
11
When putting a budget together what should you include?
All of the Above
Grocery Money
Fixed Expenses
Savings
12
Interest rates can?
Both
Make you loose money.
Make you money.
13
Expenses that remain the same are called what?
Static
Level
Fixed
Constant
14
Your credit score is important because.
All of the above
It can impact if you can finance major purchases.
It can determine whether you can get credit cards.
It can affect your interest rates.
15
If a credit card goes unpaid for a month a purchase of $100 could end up costing what using the average APR?
$123
$116
$139
$155
16
What should savings be used for?
Retirement Fund
Emergency Fund
Rent Fund
A and C
17
Which is an example of a fixed expense?
Gas
Food
Mortgage
Gifts
18
What is the average rate of inflation for college tuition?
8
10
2
4
19
What is credit?
Reputation as a guarder.
Reputation as a buyer.
Reputation as a borrower.
Reputation as a lender.
20
In the 50/20/30 rule what is the 50% for?
Wants
Savings
Needs
21
What is the most likely reason for a budget to fail?
Buying Clothes
Not Using a Budgeting Software
Not Making an Emergency Fund
Not Making Enough Money
22
Your student loan payment should be no more than what percent of your future net monthly income?
20
15
5
10
23
How long do you have after you graduate to start paying off student loans?
12 Months
9 Months
3 Months
6 Months
24
What is the average annual credit card interest rate?
17
15
21
19
25
When starting a budget what do you need to know?
Long Term Goals
Short Term Goals
Both
26
How old do you have to be to open a credit card without a co-signer or proof of income?
25
21
18
24
27
A credit card issuer can change interest rates at any time if given a 15 day notice.
False
True
28
What percent of credit card holders carry debt?
50
30
40
60
29
When using the 50/20/30 rule. What percent should you save?
50
20
30
30
What percent of Americans’ can’t afford a $400 emergency expense.
40
60
80
20
