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Money Smarts Flashcards | StudBud
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Money Smarts
Money Smarts
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Questions
29
Answers
1
If you PAY OFF your credit card expenses each month, you will be charged interest.
False
True
2
If I purchase a package of meat and take it home to find out that it's rotten...
I should call my lawyer immediately.
none of these
it's my bad luck, and there's nothing I can do about it.
I can take it back to the store and get my money back (or another package)
3
Use caution when using an ATM because...
There could be a fee
Neither of these
You are at risk for theft
Both of these
4
What can money NOT buy?
all of the following and more
friendship
happiness
love
5
The longer it takes to pay off a loan, the more money you ultimately shell out.
True
False
6
What is the Consumer Right to Redress?
Having problems fixed if something goes wrong by the seller (if at fault)
Putting my clothes back on after the bath.
Acknowledging that I did not read directions.
Calling my friend to complain about how I was treated at the restaurant
7
When you get a loan for a purchase, you are also responsible for paying interest (above the cost of the item).
True
False
8
"Interest" is awesome - when you're earning it through your investments
False
True
9
Which of the following is NOT required when filling out a check?
A signature
Accurate date and money amounts
A social security number
The name of person receiving the check
10
Just because you can afford to BUY a car, it doesn't always mean you can afford to keep it.
False
True
11
"Financial Literacy" is ...
Knowing how to get money
Knowing how to manage your money once you have it
Neither of the following
Both of the following
12
Which of the following are ways to prevent your identity from being stolen?
Give our your social security number freely
Use the same easy password for all your private business
Shred documents, use updated software protection, hide passwords and pins
Provide personal information to sketchy people on the internet
13
How do we borrow money?
Both of these
By using credit cards
By applying for loans from the bank
Neither of these
14
Your credit history starts when you begin using a credit card.
False
True
15
Before buying a car, it is my responsibility to research the best deals and find the best interest rate on a loan.
False
True
16
When we deposit money into a savings account, we are loaning the bank the use of that money.
True
False
17
When making a purchase with a debit card, the amount of the sale comes directly out of your checking account.
False
True
18
Signing a credit card receipt is a legal agreement: with our signature, we acknowledge we must pay back this loan.
False
True
19
I put Gorilla Glue in my hair. I have to get it surgically removed. I can sue the Gorilla Glue company and win.
True
False
20
Is the sticker price on a used car the actual price you'll pay to drive it off the lot?
Yes - the price is the price, no matter what.
No - you'll have to pay taxes and fees as well
21
Being Smart with Money is a very important skill for being comfortable in our society.
True
False
22
Which of the following are included in a car's "true cost to own"?
Car loan payments, gas prices, insurance payments
None of the following:
All of the following:
Routine maintenance and repairs, license fees, and registration fees.
23
Some money lenders will attempt to scam you out of your money with high interest rates and/or long loan terms.
False
True
24
When it comes to building wealth, TIME is your most valuable asset.
False
True
25
You must be 18 to apply for a credit card or bank loan by yourself.
True
False
26
As consumers, we act as both borrowers and lenders of money
False
True
27
Advertisers tap into our emotions to convince us to spend money on their products
False
True
28
Putting money into a savings account... (READ ALL FIRST!)
helps increase your wealth
is a good habit to start as early as possible
is a good planning strategy
all of these are correct
29
Interest is yucky - when you have to pay back a loan
True
False
