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Math Money Management 1 Flashcards | StudBud
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Math Money Management 1
Math Money Management 1
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Test 1 Review Money in the Real World & Basics of Building Credit
Flashcards
55 cards
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Practice quiz
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Questions
55
Answers
1
what creditors look at along with your credit score to decide if they should loan to you is:
budget
outstanding debt
payment history
credit
2
the money you have to pay the government when you buy an item is:
taxes
wants
inflation
interest
3
debt that has not been paid for over 30, 60, or 90 days is:
outstanding debt
credit score
credit
bad credit
4
putting money back to use later on is:
saving
wants
budget
interest
5
Your allowance is $10 a week, you pay $1 a day for lunch, how much will you have after 5 days?
$0
$10
$20
$5
6
a plastic card that represents an account is:
cosigner
credit card
debit card
prepaid card
7
You want to buy a bike that costs $50, how many weeks will you have to save to get it?
4 weeks
6 weeks
5 weeks
7 weeks
8
money you get by promising to pay it back is:
barter
loan
interest
paycheck
9
different from a credit card, similar to a debit card; issued by a credit card company
debit cards
credit card
budget
prepaid card
10
things that you would like to have but do not need to survive:
needs
wants
interests
donuts
11
the yearly increase of prices on all goods and services is:
inflation
taxes
barter
interest
12
things you have to pay for that you did not originally know about is:
deposit
wants
unexpected expenses
loan
13
What would a 622 credit score be considered?
fair
bad
excellent
good
14
to exchange one item for another without using money is to:
barter
deposit
loan
taxes
15
Which of these people has bad credit?
a 40 year old who has never had a loan or credit card
a 22 year old who has never missed a payment on anything
a person who just turned 18
non of these
16
an overall plan for your money
loan
savings goals
interest
budget
17
What does it take to keep a good credit score with credit cards?
thinking about making your payments but actually not
never making your credit card payments
making most of your payments most of the time
making your monthly payments on time
18
Will credit cards ever hurt your credit score?
no, just having them makes your credit score go up
yes, but only if you miss a payment
yes, but only if you have a huge credit card balance
yes, because they are considered as debt
19
Who is responsible for printing money?
the bank
Office Depot
Federal Reserve
U.S. Treasury
20
If you want a $10 item and tax is 8%, what will you have to pay for the whole item?
$8.00
$10.80
$10.00
$0.80
21
If you don't have money to pay for an item, can you still get it?
No, you have no options
Yes, but you have to steal it
Yes, but only if the person is willing to trade you for it
22
A person who puts their name on a loan with a person, offering to make payments if they fail:
parent
cosigner
credit
loaner
23
When do you need credit?
when you apply for a house
all of these
when you apply for a loan
when you apply for a credit card
24
Which one of these is
not
something you need?
water
sunglasses
electricity
food
25
things that you have to have to survive
unexpected expenses
needs
budget
wants
26
What range of cores describes people with "bad" credit?
720-850
660-719
350-619
620-659
27
Why does the government need loans?
don't know ho two print money
printing more money decreases value of existing money
not enough paper to print money on
need loans to keep value of money high
28
What would a 425 credit score be considered?
excellent
good
bad
fair
29
Which person probably has the lowest credit score?
a woman who has missed 3 credit card payments in a row
a man who has had 3 car repossessions
a woman who has a $125,000 house loan
30
What is the national average credit score?
720
561
455
691
31
What is your income?
amount of money you find in the couch
the amount of money you have in the bank
amount of money you can spend on what you want
amount of money you make
32
You put $50 into a savings account, interest is 1%, how much money will you have in one year?
$49
$50
$50.50
$51
33
How do people earn money?
deposit a check
get a job
ask for it
find it on the street
34
What does good credit say about you?
that you have many credit cards
that you have a lot of Facebook friends
that you make a lot of money
that you are easy to trust with a loan or credit card
35
What does bad credit say about you?
that you do not make much money
that you are young
that you are hard to trust with a loan or credit card
that you watch a lot of bad movies
36
What does credit measure?
how likely someone is to pay back a loan
how trustworthy someone is with money
how well someone has made payments in the past
All of these
37
a number that represents how good or bad a person's credit is:
credit card
bad credit
credit score
loan
38
Who is responsible for getting loans for money in the government?
U.S. Treasury
Federal Reserve
Vice PResident
the President
39
Making all payments on time, which of these people has the bad credit score?
a woman who owes money for a house, car and loan
a man with 5 credit cards
a college freshman with $15,000 in student loans
none of these
40
Paying regular monthly payments, which of the following probably has the highest credit score?
an 18 year old college freshman
a 20 year old waitress with 2 active credit cards
50y.o. w/ 5 credit cards who rents his house
40y.o. business owner w/ 2 cars, a house, & 4 credit cards
41
a check issued to an employees as payment for work
paycheck
taxes
wants
loan
42
money added to the cost of a loan or to the balance of a savings account
inflation
interest
taxes
deposit
43
a measure of how likely a person is to pay back a loan or manage a credit card is:
credit
payment history
debit card
budget
44
something, like money, which is entrusted for safe keeping, such as in a bank
deposit
budget
needs
wants
45
Who of these options is
NOT
a way to get money?
deposit a check
got to a bank
plant a money tree
use a credit card
46
Different from a credit card, but similar to a prepaid card. Usually associated with a bank.
debit card
credit card
gift card
prepaid card
47
Bad credit is better than no credit.
true
false
48
What makes a person a good cosigner?
all of the above
a high credit score
a steady income
the ability to pay for your loan if you can't
49
What is the most important part of making a budget?
dreaming about shopping
finding the right pen to write with
calculating your income
figuring out what bills you have to pay
50
When you start a job, how are you paid?
in gum
paycheck
mom or dad
51
the amount of money you are trying to save for, representing an item you want or need is:
taxes
inflation
savings goal
budget
52
If you can save $5 a week, how many weeks will it take to save $25?
2 weeks
5 weeks
1 week
10 weeks
53
someone that has no credit history. not good or bad credit.
prepaid card
no credit
credit score
bad credit
54
What is the difference between wants and needs?
a want you have to have; a need you'd like to have
a need you have to have; a want you'd like to have
there is no difference between wants and needs
55
What range of scores describes people with "good" credit?
720-850
620-659
350-619
660-719