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Unit 3: Money & Credit Management Flashcards | StudBud
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Unit 3: Money & Credit Management
Unit 3: Money & Credit Management
12 terms
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Study set for unit test
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
Which of these accounts can make the most amount of money through interest?
Savings Account
Checking Account
Certificate of Deposit
Money Market
2
How long does a missed payment stay on your credit report?
1 year
10 years
3 months
7 years
3
If you pay more on your monthly mortgage you will pay down your debt more quickly.
True
False
4
Which of the following payments does not come out of your checking account?
Credit card
Debit card
Venmo
Paypal
5
Which of the following does NOT help you build your credit?
Get a pre-paid credit card
Become an authorized user on someone else's credit card
Someone co-signing a loan for you
Get a secured credit card
6
Estate planning:
Will increase the time, effort and cost to survivors
Does nothing to help you provide a legacy
Benefit survivors by saving them time, effort, and cost
Is a pain in the neck and not worth the trouble
7
Which of the following is NOT a benefit of using a credit union?
You can access your money from anywhere in the world
They have low-interest rates & fees
They will offer you the best financial advice
They are a non-profit organization
8
Life insurance covers you in the event you are out of work for an extended period of time.
False
True
9
The individual who receives something from a will or trust
Testator
Administrator
Beneficiary
Executor
10
Which of these would be the easiest to adjust in a monthly budget?
Car payment
Rent
Groceries
Student loan
11
If you select debit at the checkout that money comes out of your checking account.
True
False
12
The two most important factors in calculating your credit score are payment history and card utilization.
True
False
