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Money Explained Flashcards | StudBud
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Money Explained
Money Explained
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Questions
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1
The tendency for our brain to favor the first piece of information we’re offered is called
Harboring Habits
First Prejudice
Credit/Debit
Anchoring Bias
2
What type of card user does the industry actually lose money on?
Deadbeat
Businesses
Transactor
Hacker
3
What type of school has taken advantage of this new type of higher ed environment?
For-profit colleges
Colleges
Universities
Private Post-Secondary Institutes
4
Dice have dots instead of numbers because they predate our numbering system.
True
False
5
“On average, if you double the credit line, you ________ the _________.”
Quarter the debt
Half the debt
Triple the debt
Double the debt
6
What has been the most recent version of the advanced fee scam?
Ponzi Scheme
Pump/Dump
Fee Fraud
Nigerian Prince
7
___ % of Americans can’t cover a $400 emergency expense.
50%
40%
30%
60%
8
Why did Nevada legalize casinos?
The mob influenced them to do so
Because civilians formed a blokade
It was the Great Depression and they wanted to raise revenue.
They needed to increase property taxes
9
“Get Rich Quick” schemes began with the internet
True
False
10
“The gambling industry is built on ___, and it’s one of the biggest industries in the world.”
Trust
Losers
Players
Winners
11
How much money did social casinos make in 2019?
5.3billion
5.3million
6billion
6million
12
All of these types of schemes rely on similar tactics, and they all tend to thrive at certain moments:
Moments of oppurtunity
Moments of Finance
Moments of money
Moments of Change
13
Which neurotransmitter is associated with pleasure?
Dopamine
Serotonin
Adrenaline
Yesimine
14
Ponzi schemes are often confused with ______________________ schemes, but they’re different
Madoff
Cylinder
Prism
Pyramid
15
What is a “Revolver” in terms of credit cards
Does not pay in full every month
Owns many credit cards
Pays in full every month
AKA a Transactor
16
Multi-level marketing businesses are legitimate as long as most of the money comes from outside customers.
False
True
17
How much money did Gregor MacGregor make, in today’s dollars, from his scam?
over $100million
$10 million
over $20 million
$100 000
18
Why do some stores choose to be “Cash Only” retailers?
Don't want to pay business fees
Don't want to pay customer fees
Don't want to pay credit fees
Don't want to pay merchant fees
19
What does “credere” mean in Latin?
To owe
To trust
To be credible
To lend
20
What can cause a Ponzi scheme to collapse?
The stock is sold off
Too many investors flood the market
Investors ask for their money back
The auhorities are called in
21
What is it called when someone exaggerates the values of an item in a vague and suggestive way?
Floofery
Poofery
Puffery
Fluffery
22
In a Coaching Scheme you pay money for
Knowledge
Stocks
Goods & Services
Atheletic Skill
23
Only ___ of fraud victims report it to authorities.
30%
10%
20%
40%
24
Name two hardships people might experience that impact their retirement:
medical bills, never owning a home
bouts of unemployment and/or low wages,
student loans & credit card debt
all of these are reasons
25
“The Law of Large Numbers” can be explained with this saying
“Luck of the draw”
“the house always wins”
“Ace in the hole”
“All bets are off”
26
Give me an example of a credit score number that would deem you high risk
100
400
300
200
27
“Experts suggest that to retire comfortably, a middle-class American should save at least __.”
$100K
$1mill
$1bill
$2mill
28
How did computers begin to determine who could get a loan?
Statistics
Linear Functions
Trigonometry
Calculus
29
Government loans, in almost all cases, have lower interest rates, around 2.5%
True
False
30
What does APR stand for?
Average Percentage Rate
Annual Percentage Rate
Animated Percentage Rate
Actual Percentage Rate
31
Lower-income families are more likely to be “Revolvers”
True
False
32
More than 1 in ____ Canadians report being a victim of financial fraud or a scam within the last 2 years.
10
4
5
12
33
Someone who uses the company’s tricks against them to maximize rewards, skirt fees, and never pays interest
Credit Monger
Super User
Hacker
Live Wire
34
Canada has introduced student debt relief program in order to alleviate pressure from students (due in part by COVID)
True
False
35
What percentage of Canadians have credit card debt?
50
20
40
30
36
How much credit card interest was paid by Americans in 2019?
$121 per person
$121 traillion
$121 billion
$121 million
37
The belief that you can increase your odds in the face of pure chance is known as the _________ of _______.
window of the soul
mirror of fate
dream of chance
illusion of control
38
What percentage of Americans have credit card debt?
50
40
30
20
39
Total student debt in Canada is at least
$18 billion
$2billion
$1billion
$10billion
40
What is the
easiest
way to have a credit history?
Own a house
Own a business
Own a credit card
Own a debit card
41
Missing multiple loan payments is called
Dead loaning
Transacting
Defaulting
Bankrupsy
42
Why do people now need to save more money for retirement?
People are living longer
The banks can't be trusted
Inflation
The government is paying a lower percentage
43
What is the first decision one must make in the game of Life?
Graduate university
Have kids
Get married
Go to college
44
Most people will be able to maintain their standard of living into retirement.
False
True
45
What did Dr. Francis Townsend want to eradicate?
Pension Plans
Old age poverty
Retirement savings
Social Security
46
The average student debtor owes at least
$26 000
$36 000
$40 000
$30 000
47
Persuading people to invest in something to increase its price, & then getting rid of stock when it’s at its peak is
Ponzi Scheme
Pyramid Scheme
Fee Fraud
Pump & Dump
48
The most common form of fraud (18%) to Canadians was through
scams involving providing information by email/phone
unauthorized use of a bank account or credit card number
Pyramid or Ponzi schemes
investing in a financial product that turned out to be worthless
49
Students of medicine and related fields have the biggest loans.
True
False
50
The average time to pay off student loans in Canada is between
12 and 20 years
9 and 15 years.
5 and 7 years
2 and 5 years.
51
Anxiety disorder, major depressive disorder, or drug or alcohol abuse do not increase the risk of issues with gambling
False
True
52
Which individual was in the news after thier Ponzi scheme was discovered in 2008?
Bernice Murray
Bernadette Meegan
Bernie Madoff
Mr. Burns
53
One of the best ways to make sure you're not incurring uncessary debt is to automate your payments
False
True
