Setting Financial Goals & Compounding Interest

Question 1

This money function is money that is used as a benchmark to designate the price of goods

Accepted Answer

Unit of Measure

Question 2

True or False: Low Risk = Low Return

Accepted Answer

True

Question 3

Buying a financial product with the expectation of favorable returns

Accepted Answer

Investing

Question 4

When speaking of Risk vs. Return, which one refers to "what you get back?"

Accepted Answer

Return

Question 5

What does BBB Stand for?***

Accepted Answer

Better Business Bureau

Question 6

Paper Document Signed making it a 'negotiable instrument'

Accepted Answer

Check

Question 7

The use of money with the hope of making money

Accepted Answer

Investing

Question 8

Merchant or Service provider pays for purchase, then you pay back the balance.

Accepted Answer

Credit Card Company

Question 9

How long will it take to double $100 if the interest rate is at 6%? (Hint: Use the Rule of 72)

Accepted Answer

12 Years

Question 10

This is what EFT stand for.

Accepted Answer

Electronic Funds Transfer

Question 11

This is the assignment of probability

Accepted Answer

Risk

Question 12

A cost or benefit that motivates a decision or action by consumers, businesses, etc. in economy

Accepted Answer

Incentive

Question 13

These R what U believe R important, good, & desirable; these exert major influence on behavior

Accepted Answer

Values

Question 14

This is earning interest on interest.

Accepted Answer

Compounding

Question 15

Which set falls under the category of "Functions of Money"?

Accepted Answer

All of the Above

Question 16

True or False: High risk = Low Return

Accepted Answer

False

Question 17

Provides access to loans from card issuers.

Accepted Answer

Credit Card

Question 18

This is what PIN (clears through the ATM Network) stands for

Accepted Answer

Personal Identification Number

Question 19

Which one of these is NOT a benefit of using a Debit Card?

Accepted Answer

Card Theft

Question 20

this is part of a person's income that is not spent

Accepted Answer

savings

Question 21

Which of the following is not a benefit of checks?

Accepted Answer

Overdrawing Account

Question 22

These are rewards that serve as a motivational device for a desired action or behavior

Accepted Answer

Incentives

Question 23

This is the most popular form in the U.S. at the point of purchase.

Accepted Answer

Debit Card

Question 24

Beg Bal. $200. Interest Rate is .50%. What is ending balance after two months?

Accepted Answer

$202.01

Question 25

This is the Money Function that is accepted in exchange for goods and services.

Accepted Answer

Medium of Exchange

Question 26

What does FTC Stand for?***

Accepted Answer

Federal Trade Commission

Question 27

Which of the following is not a component of Electronic Funds Transfer?

Accepted Answer

1-3 Day Hold

Question 28

This money functions as a means of payment in the future; promise to repay a loan with money

Accepted Answer

Standard of Deferred Payment

Question 29

Which of these is NOT a consequence/caution of using Credit Cards?

Accepted Answer

Emergency Access to Cash

Question 30

money function used as a means of postponing, or obtaining goods/services until a later time

Accepted Answer

Store of Value

Question 31

This will be applied to any unpaid balance on a credit card/loan.

Accepted Answer

Interest

Setting Financial Goals & Compounding Interest

Questions 31

Setting Financial Goals & Compounding Interest

Questions 31