What is a financial institution?

a company in the business of money

A store credit card can only be used OUTSIDE of that store if:

The store works with a credit card company (Visa, Mastercard, AmerEX, etc.)

What is the purpose Mrs. Tran's Tips for High School Survival?

To have a healthier & happier high school experience

a company that gives customers buying power, trusting in later payment

How do credit bureaus generate your credit score?

financial behaviors are calculated in an algorithm

What is a debit card?

A card that allows purchases to be transferred from your bank

Which is responsible credit card behavior?

Keeping available credit higher than the balance

How is a debit card different from a credit card?

Allows purchases with funds from a checking account

When do you begin writing your self-reflection?

as soon as you enter and take your seat

What does "Make a Good Impression" mean?

Develop positive relationships to make your life easier at school

A credit score is ___________________.

a 3-digit number that shows your financial responsibility

What is a credit card statement?

A detailed monthly record of ALL activity on a credit card account

Finance means ______________________.

managing money or funding/paying for something

What does balance mean?

amount of money you have or owe in/on an account

When you open an account with a bank, you are:

doing business with the bank by managing your money there

A checking account is primarily used for:

spending or paying for expenses

What are the 3 types of credit cards discussed in the unit?

Bank issued cards, Travel/Entertainment cards, & Store cards

What does the acronym, AVID, mean?

Advancement Via Individual Determination

buying power given to a customer allowing payment at a later date

How is a credit card different from a debit card?

Credit cards allow you to buy now but pay at a later date

a plastic card issued by a financial institution used to buy goods/services

studbud

Period 2 AVID Sem 2 FINAL EXAM

80 termsStudBud Administration33 plays

Imported from external platform

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Questions 80

Answers

1
When does the calculation of your credit score begin?
Bank account is opened
Property is rented
A credit card account is opened and used
ALL answer choices are correct
2
Mrs. Tran earned her Bachelor's degree from UC Santa Barbara.
False
True
3
How are travel/entertainment credit cards different from other cards?
ALL answer choices are correct
may offer unlimited credit limit
have discounts, rewards, & membership perks
higher interest, fees, & penalties
4
What part of your statement tells how much you can charge to your card?
minimum payment
New balance
finance charge
available credit
5
What is a financial institution?
the system of money and world trade
a government organization that investigates money fraud
an organization that investigates how money is made and earned
a company in the business of money
6
People who have a lot of money have good credit scores.
False
True
7
A store credit card can only be used OUTSIDE of that store if:
If the customer has a good credit score
The credit limit is over $1000
If the full balance is paid monthly
The store works with a credit card company (Visa, Mastercard, AmerEX, etc.)
8
What is the purpose Mrs. Tran's Tips for High School Survival?
To keep you safe
To have a healthier & happier high school experience
To keep you organized
To help you find your way on campus
9
A creditor is:
a factory that make credit cards
A company that collects information to create a 3-digit credit score
a company that records credit card activity
a company that gives customers buying power, trusting in later payment
10
If an apartment manager or cell phone carrier needed to check your credit score, where would they find it?
Call your bank
Call your mom
Call one of the credit bureaus
run a background check with law enforcement
11
If you are inside the classroom when the bell rings you are on time for class.
True
False
12
How do credit bureaus generate your credit score?
financial behaviors are calculated in an algorithm
100 points is earned for every bill paid on time
Banks report the financial behaviors of customers & assign points
everyone begins with a score of 800 & points are subtracted for non-payment
13
What does a PhD do as their main occupation?
practice medicine
teach medical school
examine & treat patients
research
14
Cell phone carrier companies like AT&T and Verizon check your credit scores before you can open an account.
True
False
15
What is a debit card?
A card that allows purchases to be transferred from your bank
A card that is swiped to keep track of your charges
Business card
A card that allows purchases to be paid back at a later date
16
Which is responsible credit card behavior?
Going above your credit limit
Keeping available credit higher than the balance
Charging more than you can pay
Keeping the balance higher than available credit
17
A savings account is used for spending.
True
False
18
How can your credit score be damaged?
Late payment of loans, credit cards, utilities, & more
ALL answer choices are correct
Over-spending on your bank account (overdraft)
Non-payment of any bills
19
How is a debit card different from a credit card?
Allows purchases made to be paid back at a later date
Allows purchases with funds from a checking account
Allows customers to collect rewards with each purchase
Allows the purchases of goods/services
20
On what day is Weekly Planning and prep in AVID class?
Monday
Thursday
Tuesday
Wednesday
21
Travel/Entertainment credit cards may require the FULL balance be paid every month.
False
True
22
Your spouses bad credit score can lower your credit score.
True
False
23
What information is needed on a credit card application?
Date of Birth
Name, contact info
ALL answer choices are correct
Annual Income
24
Mrs. Tran has used cooking, household repair, & building friendship skills in her professional teaching career.
False
True
25
What color ink is required for notes?
Red
Pencil
Any color of your choice
Black/blue
26
When do you begin writing your self-reflection?
after you get your Chromebook and/or charge your phone
after the Pledge of Allegience
as soon as you enter and take your seat
After your finish your independent work
27
Credit cards give you a sense of power & made lead to spending addictions.
False
True
28
It's OK to walk around the room when a speaker is addressing the class.
False
True
29
What does "Make a Good Impression" mean?
Brown nosing will get you good grades
Develop positive relationships to make your life easier at school
Make lots of friends
Don't get in trouble
30
If you are walking through the door as the bell rings, you are on time for class.
True
False
31
Credit scores range from 300-800.
False
True
32
A credit score is ___________________.
the number that you score from applying for loans
the amount of credit you are given by a creditor
a 3-digit number that shows your financial responsibility
your credit card grade
33
A year of a language other than English will meet A-G requirements.
True
False
34
What is a credit card statement?
A detailed monthly record of ALL activity on a credit card account
ALL answer choices are correct
A report of all the purchases made on your credit card
A list of payments made on your balance
35
Finance means ______________________.
to borrow or lend money
managing money or funding/paying for something
Making money to make money
to use money for investments
36
What does balance mean?
amount of money you have or owe in/on an account
the amount of interest paid monthly
the amont of money paid monthly
the amount of money borrowed
37
Visa & Mastercards are travel/entertainment credit cards.
False
True
38
When you open an account with a bank, you are:
getting a credit card
getting a home loan
getting an auto loan
doing business with the bank by managing your money there
39
AVID students are required to take _______ years of math.
5
2
3
4
40
A checking account is primarily used for:
saving money
spending or paying for expenses
growth of funds
making loan payments
41
What are the 3 types of credit cards discussed in the unit?
Bank issued cards, Travel/Entertainment cards, & Store cards
Bank issued cards, Loan cards, & Travel cards
Entertainment/Travel cards, GIft cards, & Bank cards
Visa, Mastercard, & Discover
42
What does the acronym, AVID, mean?
Advancement Via Internet Dependency
Advancement Via Individual Determination
Alternative Virtual Interpersonal Domain
Association for Interdependence on Disney
43
Credit means:
the number of classes needed to graduate
buying power given to a customer allowing payment at a later date
a plastic card issued by a credit card company
the number of units that make up the value of money
44
A Target store credit card is the same as a Target store Mastercard.
True
False
45
How is a credit card different from a debit card?
Credit cards are swiped or inserted in an electronic terminal to pay
Credit cards allow you to buy goods and services
Credit cards are small and made of plastic
Credit cards allow you to buy now but pay at a later date
46
What method of note-taking is required in AVID?
2-column notes
1-column notes
Focused Note Taking
Cornell notes
47
A debt is __________________________.
favors grated in return for someone's trust and good behavior
money that is lent
money that is owed
money used to pay what is owed
48
Some dating websites will reject you if you have a bad credit score.
True
False
49
You must fill out an application to get a credit card.
False
True
50
Student credit cards are best for young people because:
ALL answer choices are correct
Cash advances available
Activity reported to 3 credit bureaus for more accurate credit scoring
lower interest rates & no annual fees
51
A credit card is:
a plastic card used to record financial behavior
a plastic card issued by the government for groceries
a plastic card issued by a financial institution used to buy goods/services
a plastic card used to give discounts on purchases of goods/services
52
Which is NOT an effective life skill discussed in class?
how to cut hair
managing finances
household repairs
cooking
53
The amount of money in a savings account can be grown.
False
True
54
How is interest charged on a credit card?
A fee is added for full payment of the balance
An annual fee is added to the balance
A percentage of the recent charges is added to the balance
A percentage of the remaining balance is added to debt if not paid in full
55
What is a minimum payment?
the late fee
the lowest amount you are required to pay by the due date
the monthly finance charge from interest
the lowest amount you can afford to make on the balance
56
You have to be 16 years old to be a primary credit card account holder.
True
False
57
Who or what calculates your credit score?
The stock market
Credit bureaus
The government
Banks
58
A credit bureau is:
An organization that reports fraud to the federal government
A government organization that works with financial institutions
A company that investigates credit card use
Company that collects, records, & reports financial information
59
Credit card statements are sent on a monthly basis.
False
True
60
If you are absent, you are still required to write a Self Reflection for that day.
False
True
61
Interest is:
amount of money borrowed
money paid over time that is added to the amount borrowed
the amount of time it take to pay back money that is borrowed
ALL answer choices are correct
62
Which of the following is NOT a category in your AVID grade?
Participation
Binder, Notes, & Organization
Communication
ID, Collaboration, & Leadership
63
You can rent an apartment in any city with bad credit.
False
True
64
How are purchases with debit cards different from credit card purchases?
A PIN must be entered to process the debit card purchase
A signature is required on the sales slip of a debit card
A debit card requires you to show your ID to verify purchases
A debit card must be inserted AND swiped into a terminal
65
Employers look to hire people with effective life skills because:
no one has life skills anymore
no extra time is needed for their training
they make a good professional impression
people with life skills are fun
66
How many years of English are required for high school graduation?
4
3
2
1
67
Which part of your statement shows you the maximum amount you can charge to your card?
line of credit
cash advance
credit limit
previous balance
68
A bank issued credit card allows the holder to make purchases that are financed by that bank.
True
False
69
How does the credit card company pay for your purchases?
the customer contacts the credit card company
The merchant's bank contacts the credit card company
The merchant contacts the credit card company's bank
the merchant contacts the customer's bank
70
How do financial institutions make most of their profits?
interest
service charges
late fees
customer satisfaction
71
On your notes, you should write details from visual aids/presentations and ____________.
underline everything
all of the words displayed on slide shows
highlight everything
what is verbally explained or discussed
72
Store credit cards can be used in ANY stores.
False
True
73
Apartment managers need to check your credit score because:
It shows that you can be trusted to pay your rent
It shows the size of your family to prevent overcrowding
They want to make sure you don't damage the property
You need a credit card for automatic rent payments
74
Effective life skills make you _________________.
kind
smart
employable
efficient
75
How does someone fill out an application for a credit card?
Mail
ALL answer choices are correct
Online
Phone
76
Why do credit card companies love customers who make only minimum payments?
keeps customers happy
more money is made from the interest from the remaining balance
credit card limits can be increased
more can be charged for annual fees
77
What should you have in addition to your red due date on your planning sheet?
The day you will complete the assignment in black/blue ink
the materials you will need for the assignment
the date the assignment was given in red ink
the day it's due in black/blue ink
78
Bad credit can prevent you from:
buying a house
ALL answer choices are correct
buying a car
getting a cell phone
79
You can lose a job opportunity if you have a bad credit score.
True
False
80
What are general education classes in college?
high school classes
upper division classes
vocational classes
lower level college classes

Period 2 AVID Sem 2 FINAL EXAM Flashcards | StudBud