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SAT Prep Banzai Review Flashcards | StudBud
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SAT Prep Banzai Review
SAT Prep Banzai Review
26 terms
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StudBud Administration
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30 plays
Review from Banzai.org Financial Literacy program.
Flashcards
26 cards
F
Practice quiz
P
Host live
L
Questions
26
Answers
1
What do most people use loans for?
buying a car
all of the above
paying for college
buying a house
2
You don’t have to pay back interest when you borrow money.
True
False
3
You need insurance because it…
helps pay for regular bills.
Helps pay for college expenses.
Helps pay for funeral expenses.
Helps pay for accidents and emergencies.
4
What is a teller?
a person who works in a bank
a person who teaches school
a person who works in a store
a person who works in a car repair shop
5
Jerome decides to use his _____ for small purchases so that he can start building up his credit score.
debit card
student loan
credit card
mortgage
6
What is the monthly payment for insurance called?
the premium
the deductible
the emergency fund
the maximum
7
What is a budget?
a list of all your income sources
a list of all your expenses
a plan for how to spend and save your money
a plan for your summer vacation
8
Dan wants to start earning interest on his money so he opens a_____.
credit card
savings account
student loan
mortgage
9
A debit card is...
a way to buy something now and pay for it later.
a way to avoid having to pay bills
a way to spend more money than you have
a way to pay with money from your bank account
10
A credit card is...
a fun way to pile up debt
an identification card
a plastic card with free money
a way to buy something now and pay for it later
11
Sam and Jen talk to their financial institution about what they need to do to qualify for a and start looking for homes.
savings account
mortgage
debit card
credit card
12
Borrowing money is usually free.
True
False
13
How is using a credit card helpful?
Responsibly using credit cards can improve your credit score.
Using credit cards is like having free money.
Paying interest on your charges increases the value of your purchases.
Using a credit card will impress your friends.
14
What kinds of expenses can insurance pay for?
Repairs after an natural disaster
A wrecker to pick up your car after an accident
All of the above
medical expenses
15
Maleah uses her____ at the grocery store, so she doesn't have to worry about paying the money back later.
debit card
student loan
credit card
savings account
16
Paying bills late is a good way to save money.
False
True
17
A bank account is a safe place to store your money.
False
True
18
Borrowing money often means paying more for purchases. Why do people still do it?
They don’t care about their financial futures.
They think they must have the items or they’ll die of embarrassment.
They need to make major purchases and pay them off over time.
They have to give their kids everything they want.
19
The two most common types of borrowing are...
Credit cards and loans
Library cards and credit cards
Loans and library cards
Debit cards and loans
20
When you deposit money, you...
give money to someone else
add money to your bank account balance
pay bills
take money out of your bank account
21
What is a minimum payment on a credit card?
The amount of money you pay to keep from paying interest.
The amount of money you need to have to pay your bills.
The most you are allowed to pay at a time.
The least you can pay to stay current on your credit card.
22
Lara is headed to the college of her dreams, but she’ll be using a____ to help pay for tuition.
student loan
debit card
credit card
auto loan
23
Emma applies for an ____ so that she can afford to buy a new car for her commute to work.
auto loan
credit card
checking account
student loan
24
You can cash or deposit a check at your bank.
False
True
25
What happens if you don’t have insurance?
Nothing happens to you.
You get in trouble with your mother.
You get arrested.
You have to pay for emergencies out of pocket.
26
How can using a credit card be harmful?
You can get in a lot of debt quickly.
You can borrow money up to your credit limit over and over.
There is no interest on credit card purchases.
You can purchase something and pay for it over time.
