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Financial Literacy Final Exam Review Flashcards | StudBud
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Financial Literacy Final Exam Review
Financial Literacy Final Exam Review
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1
Voter registration records are considered to be:
public records
company records
private records
a database profile
2
An example of public records would be:
an employment application on file with a company
a telephone directory
a credit card statement
medical records
3
A _______ is used to add funds to a bank account.
withdrawal slip
deposit slip
check
signature card
4
The charges for settling a real estate transaction are also called ______costs.
mortgage
closing
possession
selling
5
Bankruptcy refers to the process of:
using court action to have payments owed deducted from your paycheck
obtaining assistance from a credit counseling service
obtaining permission to be late with credit payments
using court action to reduce or eliminate your debts
6
The first step a person with a consumer complaint should take is to:
return to the place of purchase
write to the headquarters of the company
contact a consumer agency
obtain legal assistance
7
A program-length commercial is commonly called:
"bait and switch"
an infomercial
an auction guarantee
a perpetual contrast
8
Which of the following is NOT a type of insurance coverage?
warrranty
comprehensive
liability
collision
9
What is an account that allows deposits and withdrawals and usually pays interest?
Saving Account
Investments
Stocks
Checking Account
10
The __________ rule helps determine how much you can afford when it comes larger life purchases.
20-10
50-50
30-20
70-30
11
What is the first step in the home-buying process?
pricing the property
determining homeownership needs
obtaining an appraisal of the property
locating and evaluating a home
12
A credit report would include a person’s:
balances for installment accounts
balances for electric bills and other utilities
federal income tax data
salary history
13
What is the agreement between and renter and landlord called?
lease
secutity deposit
mortgage
deed
14
What is something that is essential to life or the successs of your life?
Credit
Money
Want
Need
15
A persons regular income is referred to as:
character
collateral
capacity
capital
16
A common deduction on a person's pay stub would be:
gross pay
excise tax
federal income tax
unemployment tax
17
The purpose of a consolidation loan is to:
pay off one credit card amount before others are paid
deduct amounts owed from a person’s paycheck
combine several debts into one payment
reduce the amount owed for federal income taxes
18
When using an ATM, your PIN is designed to:
indicate your credit rating
provide security as an authorized user
indicate your current balance
provide the bank access to your financial records
19
______ is an amount of money owed?
Bills
Debt
Money
Expense
20
What is a plan for maintaining cash flow; a record of income and expenses?
Bank
Bugdet
Cash Flow Plan
Check Register
21
Advertisements using a well-known person are examples of the _____________ advertising technique.
peer approval
status
unfinished comparison
endorsement
22
What is a loan to buy real estate?
Credit
Loan
Mortgage
Rent
23
What is a card that accesses open-ended credit; that charges interest?
Credit Card
Frequent Flyer Card
Debit Card
Pre-Paid Card
24
What is a common cause of financial difficulties?
poor money management
not having enough life insurance
preparing your tax return late
a need for additional career training
25
What is a valuable possession such as property, business equipment, real estate or stocks?
Income
Asset
Checking Account
Savings Account
26
What a person gives up when making a decision is commonly known as:
an opportunity cost
the time value of money
a personal risk
spontaneity
27
The auto insurance coverage for a damage to your vehicle as a result of an accident is called:
property damage
comprehensive
collision
liability
28
The first phase of the career planning process is to:
identify specific job opportunities
apply for employment
interview for available positions
assess personal interests and abilities
29
Which is an example of a fixed expense?
clothing
educational expenses
an electric bill
auto insurance
30
What would be an example of a long-term goal be?
saving for retirement
an annual vacation
buying a used car
completing college within the next six months
31
The most reliable source of consumer information would be from:
an advertisement
a salesperson
a product label
an executive of the company
32
A _______ deposit refers to money held to cover possible damage(s) in an apartment.
security
utilities
telephone
cleaning
33
A _______ account allows for withdrawals and deposits. Money can be accessed at ATMs, using checks, and other methods.
saving
checking
credit
mortgage
34
What is money earned by working or investing?
Deposit
Income
Asset
Checking Account
35
Utility companies and medical service organizations commonly offer _________ credit
installment credit
single-payment
retail
revolving
