Savings, Investing, Credit, & Budgeting

Question 1

Budgeting helps you achieve what types of goals?

Accepted Answer

Both

Question 2

T/F: When you make just the minimum payment on your credit card bill, you end up paying more in the end due to interest.

Accepted Answer

True

Question 3

Paying rent is an example of what type of expense?

Accepted Answer

Fixed

Question 4

True/False: With a certificate of deposit account, you can take out money anytime without being charged a fee.

Accepted Answer

False

Question 5

What are profits that you earn from selling stock at a higher price than what you paid for it?

Accepted Answer

Capital Gain

Question 6

When you invest in the stock market there is always the chance that you can lose money on your investments.

Accepted Answer

Risk

Question 7

What is the last step in developing a budget?

Accepted Answer

Any money you have left will and should be your savings.

Question 8

Which of the following would NOT be considered a deduction on your paycheck?

Accepted Answer

Wages

Question 9

What is involved in your credit history?

Accepted Answer

All of These

Question 10

What type of income is the amount you make before deductions?

Accepted Answer

Gross

Question 11

What is the term for part of the company's earnings that is paid back to the stockholders?

Accepted Answer

Dividends

Question 12

What is a financial plan for dividing up your income among spending and saving options.

Accepted Answer

Budgeting

Question 13

Which statement is FALSE about savings accounts?

Accepted Answer

You need to pay interest on the amount in your savings account.

Question 14

Type of interest is only applied to the initial amount of money (principle) that you deposited in to your account.

Accepted Answer

Simple

Question 15

What category of stock is know to be with younger corporations and involves greater risk?

Accepted Answer

Growth Stock

Question 16

When you sell your stock at a lower price than what you paid for it, this is called...

Accepted Answer

Capital Loss

Question 17

Your workplace will pay you a set income during retirement after committing a dedicated amount of time to them.

Accepted Answer

Pension

Question 18

What is a co-signer?

Accepted Answer

Someone who agrees to pay the debt if the original owner does not pay.

Question 19

True/False: The banks pays YOU interest by keeping money in a savings account because you are lending money to the bank.

Accepted Answer

True

Question 20

401k is a retirement account that is commonly set up through your employer. No tax is paid on until money is taken out.

Accepted Answer

True

Question 21

What is an example of a need?

Accepted Answer

Rent

Question 22

A budget could/should be made for which time frame?

Accepted Answer

All of These

Question 23

This type of interest is applied to the new balance in your account after previous interest amounts are added over time.

Accepted Answer

Compound

Question 24

True/False: A stockholder is someone who holds ownership in a company because of purchasing shares (stock).

Accepted Answer

True

Question 25

T/F: Your credit history/credit score does not impact your chances of getting a loan or your interest rates.

Accepted Answer

False

Question 26

Which phrase applies to credit?

Accepted Answer

"Buy now, pay later"

Question 27

An IRA account is an account you set up on your own and not through an employer. IRA stands for....

Accepted Answer

Individual Retirement Account

Question 28

True/False: Once you create a budget for yourself, you should never change or make adjustments to it.

Accepted Answer

False

Question 29

What category of stock is known to be with well established corporations and involves lower risk?

Accepted Answer

Blue Chip Stock

Question 30

Which below are true about Bonds?

Accepted Answer

All of These

Question 31

With a traditional IRA, you are choosing to pay taxes on the amount NOW rather than during retirement like a ROTH

Accepted Answer

False

Question 32

What is the first step in developing a budget?

Accepted Answer

List your needs

Question 33

How can you build credit history?

Accepted Answer

All of these

Question 34

Buying groceries is an example of what type of expense?

Accepted Answer

Variable

Question 35

What is the term for investing in various businesses with different levels of risk?

Accepted Answer

Diversification

Question 36

What is the time between when your credit card bill is processed and due?

Accepted Answer

Grace Period

Question 37

What is an example of a want?

Accepted Answer

Unlimited phone data

Question 38

The SMART Goals in budgeting stands for...

Accepted Answer

Specific, Measurable, Achievable, Relevant, Time Based

Question 39

What is the term for when you earn income on an investment?

Accepted Answer

Return

Question 40

What type of income is your actual take home pay?

Accepted Answer

Net

Savings, Investing, Credit, & Budgeting

Questions 40

Savings, Investing, Credit, & Budgeting

Questions 40