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Finance MP1 Test Review Flashcards | StudBud
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Finance MP1 Test Review
Finance MP1 Test Review
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1
What does it mean to be underbanked?
People that use banks but not other financial services
People that rob banks
People that dont use a bank and use other financial services
People that have use a bank but use other financial services
2
When did the Freedmans Bank Collapse?
1870s
1890s
1900-19
1860s
3
What is the appropriate attire for a job interview?
Whatever expresses your creativity
Business suit
Tuxedo everytime
Clean and approprite to the postion
4
What is an unsubsidized student loan?
A loan that starts charging interest from the time the loan is made
A loan on which the student pays no interest until he or she has graduated
Money given to pay for educational expenses that does not have to be repaid
Money you receive from an outside source to help for education
5
Cognitive bias is an error in thought.
False
True
6
Behavioral Finance
Degree of financial market development
Accept the risk on loans provided
Volume of funds transferred from surplus to deficit units
the application of psychology to make financial decisions.
7
What is the difference between a bank and a credit union?
Both are nonprofit,
Both are for profit.
Banks are non profit, credit unions are for profit.
Banks are for profit, credit unions are non profit.
8
How should you shake hands?
softly
Ensure you are standing and meet the other persons hand with equal pressure
put your hand on your chest and say peace
long time
9
How can you access money in your checking account?
Your friend who gave you a person to person payment
Use your debit card to pay for gas
Take out cash with your credit card
Deposit a paycheck
10
Which of these describes commodity money?
It is the most modern form of money
It is another word for privately issued vouchers
It is money made of something precious like gold or silver
It is a certain kind of money only used to buy commodities
11
What does a subsidized federal student loan mean?
You are responsible for all of the interest payments
You do not have to pay it back
The government makes the interest payments for you while you are in school
You have to start making interest payments as soon as school starts
12
What is another term for "net worth"?
gross income
equity
net income
wealth
13
How can you protect your checking account when using online and mobile banking?
Opt-out of alerts to notify you of unusual activity
Use a strong password
Share your pin # with only 1 person in case you forget it
Connect to a secure WiFi network
14
Which of the following is representative money?
A banknote exchangeable for a fixed amount of silver
A €10 banknote
A pure silver coin
A unit of cryptoassets
15
Which is an example of a hard skill?
A professional license or certification
The ability to communicate
Time management
Leadership
16
Where did redlining begin?
1944 in New Jersey
1909 in Chicago
1954 in Virginia
1936 in Philadephia
17
What is 'generational wealth'?
none of the previous
the money and property passed from one generation of a family to another
the assets owned by one member of a family
the money one generation takes from another
18
What is another cost to consider when buying a car?
new stereo
going on a date
steering wheel cover
insurance
19
$5000 at 10% for 5 years. Compound Interest.
8051
8053
8052.55
8052.56
20
What is it called when the purchasing power of a dollar decreases and the price of goods increases?
Inflation
Not good
Fraud
Interest
21
Examples of Soft Skills are ________________
Achieved level 99, master gamer
Not flexible, unable to cope or manage stress
Punctual, reliable, and very motivated
Typing and filing
22
On which denomination of US currency is this man pictured?
$100 bill
$50 bill
$2 bill
$20 bill
23
When does FAFSA open this year?
Nov. 1
Dec. 1
Jan. 1
Oct. 1
24
What does FAFSA stand for?
Federal Assistance Free Student Aid
Free Assistance for Federal Student Aid
Federal Application for Free Student Aid
Free Application For Federal Student Aid
25
What happens to a new car as soon as you drive it off the lot?
get gas
nothing
It loses value
You take it for a joy ride because you just got a new car!
26
What do banks do with the money in your savings account?
Use money to upgrade bank locations
Make sure no one touches the money
Lend the money to people
Invest the money back into the bank
27
How is compound interest different than simple interest?
It is simple interest - interest earned on that interest
It's not different; they are one and the same
It is double the simple interest earned on an investment
It is simple interest + interest earned on that interest
28
What does fiat money mean?
money has value because of course it does
money is used to buy a FIAT car
money has value because my teacher says so
money has value because government says so
29
What is one cost to consider when buying a car?
going to school
savings account
repairs
going out to eat
30
Who broke the “40 acres and a mule” promise?
President Abraham Lincoln
President Thomas Jefferson
President Andrew Jackson
President Andrew Johnson
31
How much should be in your Emergency Fund?
2 Months of salary
6 months of salary
6 Months of expenses
2 Months of expenses
32
What is the process of making connections and building relationships?
Malingering
Going to meetings
Networking
Socializing
33
October 1 is the traditional date for FAFSA
False
True
34
What is the 50/20/30 rule?
50% goes to savings, 20% goes to wants and 30% goes to needs
50% goes to wants, 20% goes to needs and 30% goes to savings
50% goes to needs, 20% goes to savings and 30% goes to wants
50% goes to needs, 20% goes to wants and 30% goes to savings
35
Bobert saved $500 at 7% interest for 6 years. Use simple interest to find his new total.
$350
$840
$210
$710
36
What is the formula for net worth?
Assets / Liabilities
Assets + Liabilities
Liabilities - Assets
Assets - Liabilities
37
What type of financial aid do you want to receive first?
Credit Card Advance
Work Study
Student Loans
Grants and Scholarships
38
What is the average fee for an overdraft?
$25 - $35
$75
$100
$0
39
What type of currency do we use in the United States?
Fiat
Cryptocurrency
Representative
Commodity
40
What is leasing a car?
The name of a car loan
A fancy name for a test drive
Where you basically rent a car for a decided term
Where you will own the car outright
41
What are reparations?
Defecit in government spending
Payment by a gov't to a group of people for loss or damage
large army and navy
buildings and roads
42
What is "Cryptocurrency"?
A type of currency strictly used in South America
None of the above
A legal tender that is backed by the U.S. government
Encrypted currency used to verify transaction and make money
43
What is the difference between net price and sticker price for college?
There is no difference
Net price is what you pay after student loans
Net price is what you pay after scholarships and grants
Sticker price is what you pay after scholarships and grants
44
What does it mean to be unbanked?
Prefers to use onlycash
Have an account with a bank that fails
Not able to participate in the banking system
Have a checking account but usuallu use alternative finacnial services
45
Why does having money in a savings account not count as investing?
Because savings doesn't make you money
Because you aren't buying anything
Inflation normally cancels out the low interest on savings accounts
An investing account should be separate from savings accounts
46
What is redlining?
Lines drawn around districts for political advantage.
All of these.
Lines drawn by banks around areas where they refused to loan money.
Lines drawn to separate the city from the suburbs.
47
What is “40 acres and a mule”?
The first published children’s book by an African-American author
Civil Rights manifesto
Classic plantation song
Post Civil War reparations plan
48
What should be consistent throughout a resume?
How awesome you are
Demands for a certain salary
Formatting
You hobbies and interest
49
What is the purpose of a checking account?
To build interest
To borrow money
It is a secure place to store money for spending
Save money
