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Finance #1 Flashcards | StudBud
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Finance #1
Finance #1
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math
Flashcards
20 cards
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Questions
20
Answers
1
What is a 401(k)?
checking account
Savings account
Retirement account
2
For how long does credit information typically stay on your credit report?
1 billing cycle
6 months
15 years
7 years
3
A credit balance is
Money that you owe your lender
the amount of money in your checking account
Money you can borrow interest-free
Money you receive as a gift
4
Define Delinquency:
Money you are entitled to receive as a refund
Money you still owe and haven’t paid for
Money you have set up payment arrangements with
Money you make you monthly payments with
5
Does a savings account increase in amount or stay the same if you do not deposit any more money
Decreases
idk
Stays the same
Increases
6
What is an IRA?
retirement/savings account
An investment account
All of the above
A checking account
7
In order to avoid identity theft, you should use caution when sharing which of the following
Your credit card number
Your social security number
All of the above
Your birthday
8
If you are broke and file for Bankruptcy you may still have to pay this debt
auto loan
mortgage
student loans
medical bills
9
What is the cost of attending a 4-year PRIVATE Texas university? (only cost of classes)
~$20,000
~$80,000
~$40,000
~$60,000
10
A credit line is
Money a credit card company is willing to advance
Money you can borrow interest-free
Money that you owe your lender
Money you receive as a gift
11
What is the most important information to look at when getting a credit card?
Annual percentage rate
The designs of the credit card
The amount of the credit line
Minimum payment
12
Which of the following can help you start establishing a positive credit history?
Opening a savings account
Getting good grades
Applying for a loan
Open a secured credit card
13
Does it hurt your credit score to have multiple credit cards?
No
Yes
14
Define Charge Off: The debt you owe is sent to a collection agency after
150 days
120 days
90 days
180 days
15
Can you take out money at an ATM with a credit card?
Yes
No
16
What percentage of your income should you save for retirement? (What the experts say)
35%
20%
50%
10%
17
What is the cost of attending a 4-year public Texas university? (only cost of classes)
~$30,000
~$20,000
~$40,000
~$60,000
18
To increase your credit score you should only use
80% of your credit limit
75% of your credit limit
25% of your credit limit
50% of your credit limit
19
A high-tech scam that deceives consumers into disclosing their personal information is called
Spamming
Phishing
A pyramid scheme
A shell game
20
Can you take money out a retirement account before you retire?
No
Yes
