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gphi financial literacy liv Flashcards | StudBud

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gphi financial literacy liv

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Questions 10

Answers

1
Credit score only matters if you plan on getting a loan in the future.
False
True
2
What is the best strategy for paying a credit card bill
Don't pay
Pay the monthly payment
Never have a credit card
Pay the card's full balance
3
Declaring bankruptcy clears all debt
False
True
4
Why is it important to save and invest in your 20s
Compound interest
Early retirement
To save for a house and other goals
It is not important
5
What is not a recommended budgeting strategy
Pay-yourself-first Rule
Singular Save Method
50/30/20 Rule
Envelope method
6
What is the most important step in budgeting?
Tracking your expenses
Setting spending limits
Realizing your financial goals
Creating a budget
7
What does APR stand for?
Average Principal Rate
Annual Percentage Rate
Average Payment Rate
Annual Payback Rate
8
What does not affect your credit score?
Closing old credit accounts
Late payments
Paying off a loan early
Bank account balance
9
What is the recommended amount for an emergency fund?
12 months of living expenses
3-6 months of living expenses
1 month of living expenses
10% of annual income
10
You can budget without a consistent income
False
True