Financial Literacy 20 Final

Question 1

How long do credits inquiries affect your credit?

Accepted Answer

6 months

Question 2

The four budgeting plans are: 50/30/20, envelope, zero based budgeting plan, and two account plan

Accepted Answer

True

Question 3

Who was the sub while Mr. Taylor was in Hawaii

Accepted Answer

Mr. Moser

Question 4

The two types of personal bankruptcy filings you can make are: filtered and unfiltered

Accepted Answer

False

Question 5

What kind of credit card can you get with bad credit or no credit score?

Accepted Answer

Secured

Question 6

The formula for compound interest is A=P(1+r/n)^nt

Accepted Answer

True

Question 7

The top scams in Canada are: mass marketing fraud, line trapping, and phishing

Accepted Answer

True

Question 8

The first big assignment was: dice budgeting assignment

Accepted Answer

True

Question 9

Bi-weekly means every other week

Accepted Answer

True

Question 10

How old do you have to be to get a credit card?

Accepted Answer

18

Question 11

What is Mr. Taylors first name?

Accepted Answer

Brett

Question 12

What are the three steps to stick to a budget?

Accepted Answer

be realistic, plan ahead, and use credit cards responsibly

Question 13

How is net worth calculated?

Accepted Answer

Assets – Liabilities

Question 14

What are three examples of important ID

Accepted Answer

birth certificate, social security number, and health card

Question 15

APR stand for annual percentage rate

Accepted Answer

False

Question 16

The formula for simple interest is I=PRT

Accepted Answer

True

Question 17

How much money should you put into savings each month?

Accepted Answer

10% of paycheck

Question 18

What are the 3 C’s of credit worthiness?

Accepted Answer

Capacity, character, collateral

Question 19

How long does it take for an account to go into collections?

Accepted Answer

6 months of non-payment

Question 20

What can you do to protect yourself from scams?

Accepted Answer

go paperless/shred paper after us, check bank accounts often

Question 21

Three examples of fixed variables are: eating out, buying new clothes, and entertainment?

Accepted Answer

True

Question 22

What holiday is made to make people spend money?

Accepted Answer

black friday

Question 23

What was the first game we played in class?

Accepted Answer

Hit the road

Question 24

Three examples of fixed expenses are: rent, insurance , and entertainment

Accepted Answer

False

Question 25

What is the purpose of CPP investments?

Accepted Answer

manage money for when we retire

Financial Literacy 20 Final

Questions 25

Financial Literacy 20 Final

Questions 25