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Kruses Personal Finance Review Flashcards | StudBud
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Kruses Personal Finance Review
Kruses Personal Finance Review
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Review personal finances exam - 8th grade #personalfinancereview
Flashcards
27 cards
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Questions
27
Answers
1
the type of account that is easy to withdraw from on a daily basis, and does NOT earn interest
checking account
savings account
CD
mutual fund
2
T or F. When you choose to have a smaller payment, you usually pay more in the end
TRUE
FALSE
3
Which of the following does NOT effect your credit score directly
payment history
your job salary
number of loans out
amount of money owed
4
Which of the following is not a main banking service of a bank
savings account
stock market
checking account
credit
5
A person goes into DEBT when
they spend more money then they actually have
they save more then they spend
they spend their first paycheck
they save up all their money and make it grow
6
Total sum of money a person brings in, from a job or doing chores
debt
income
mortgage
interest
7
Which of the following is a long term goal
buying a new cell phone
buying a new pair of basketball shoes
buying a car when you're 16
paying for your trip to Washington D.C.
8
What of the following are the ways to get money out of your checking account?
checks, ATMs, transfer
ATM & Checks only
ATM
checks only
9
Which of the following would be considered a short term goal?
buying a cell phone
my retirement plan
paying for college
buying a house
10
Which of the following will you NOT find on your check
Name & Address
Signature
Social Security Number
Checking Account Number
11
a timed deposit - longer the time of deposit - higher the interest
mutual fund
bond
Savings account
CD
12
Which of the following is an example of a flexible expense?
groceries
rent
house mortgage
car loan
13
Which of the following is NOT true about the First Bank of the United States?
gave the U.S. the ability to establish credit
It helped the U.S. get out of war debt
helped the U.S. win the Civil War
it helped create a stable economy
14
T or F. A sign you may be in financial trouble is if you stay under your credit card limit
TRUE
FALSE
15
A periodic charge (what you pay) in exchange for the use of credit (the money you borrow)
annual rate of money
annual percentage rate
annual amount due in interest
16
T or F. The greatest disadvantage of using a credit card is being tempted to overspend
FALSE
TRUE
17
Explain how a DEBIT card works
you put money on a card to use like a credit card
you use it to access money in checking or savings account
it is a form of a loan
it is just like a credit card
18
When you take out more money then you have in your checking account...
withdraw
overdraft
deposit
service fee
19
The price of borrowing money; or a return on savings
interest
collateral
capital gains
dividend
20
ATM stands for
Auto Tech Mechanic
Automatic Teller Machine
Arrange To Money
Autmatic Tell All Machine
21
The longer the length of the loan:
the less expensive it will be in terms of interest
themore expensive it will be in terms of interest
Interest does not affect the cost of loan l
22
Which of the following is an excellent FICO credit score?
795
655
350
955
23
purchasing stock is basically
donating money to a company
purchasing a share of a corporation/company
how government raises moeny
the safest investment to make
24
T or F. You might be in financial trouble if you borrow money to pay other debt
FALSE
TRUE
25
one benefit of credit is...
you can only spend the money you have
you don't have to worry about interest
you cant pay off your debt
you can spend more then you have
26
a measure of a person's ability and willingness to make credit payments on time
credit application
credit score
loan score
27
A budget is best defined as -
a limit on how much money you can borrow
a place to store your money
spending more money then you make
person/business monthly/yearly plan, saving& spending money
