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2020/2021 MM/BMA FINAL REVIEW Flashcards | StudBud
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2020/2021 MM/BMA FINAL REVIEW
2020/2021 MM/BMA FINAL REVIEW
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final review
Flashcards
39 cards
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Practice quiz
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Questions
39
Answers
1
It is important to take care of your car to maintain its resale value.
True
False
2
As your car gets older, maintenance and repair costs usually drop.
True
False
3
Which choice indicates what the manufacturer will do if their product doesn't perform as it should.
Warranty
Instructions
Receipt
Registration
4
What is the official retirement age according to the US government
70
67
59
5
The use of the money on a debit card is most like:
Borrowing money
Lending money
using a check
using a credit card
6
A lot of car-purchase information can be found on Web sites.
False
True
7
It is good time management to wait until the end of the day to study when all of your other activities are done.
True
False
8
Installment loan (i.e. mortgage, car) payments usually vary from month to month
False
True
9
Gasoline and oil are variable operating expenses for an automobile
True
False
10
Which of the following is NOT considered personal information?
Social Security Number
Place of employment
Credit card number
Date of birth
11
You forgot to pay last month's credit card bill. Your creditor will probably
Cancel your account
Add finance charges and late fees
Send you a reminder to pay the bill
Reduce your minimum payment
12
There are _____ credit reporting companies
Five
Three
None of these
all banks and credit card companies are reporting companies
13
ALL investments eventually increase in value if held long enough
True
False
14
Your credit history tells the history of
your saving, borrowing, and repayment performance
the formation of the experian and equifax companies
your grade report cards
your parents' saving, borrowing, and repayment performance
15
Most landlords require the renter to pay a security deposit, it can
None of these
never to be greater than $100
be used by the landlord to cover his management costs
be used to repair damage caused by the tenant
16
A hybrid is a type of vehicle that uses alternate energy sources in addition to/in place of gas
True
False
17
Keeping a car in the garage will protect it from weather damage (cold and heat) and the sun.
True
False
18
A credit union is a good place to start when looking for a loan/credit card/savings account.
False
True
19
Most new car dealers offer financing for the purchase of new cars.
False
True
20
Another word meaning to balance your checking account
Debit
Equalize
Rebalance
Reconcile
21
Which is NOT a MONEY management skill?
Estimating expenses
Formulating a budget
Managing your time in a healthy manner
Saving for emergencies
22
If YOU crashed
your car
into someone's house, which kind of insurance would you use?
Life
Auto
Disability
Home
23
For consumers, a credit card offers convenience
True
False
24
Which of the following is not a cost of
operating
a car?
Sales Tax
Depreciation
Gasoline
Maintenance
25
A major payroll tax is called
SSN
Business tax
Capital gains tax
FICA
26
To ensure you don't forget your password, you should use one unique and safe password for everything
True
False
27
You must be at least ____ years old to get a credit card
18
Any age
65
21
28
A FICO score is a number between
300 and 830
100 and 800
300 and 800
0 and 800
29
Title, registration fees and sales tax must be paid each year after a car is purchased.
True
False
30
The last day to file your income taxes is
January 31
April 1
April 15
December 31
31
You ALWAYS want the lowest possible deductible because it means you will pay less out of pocket in case of a loss.
True
False
32
Secure URL's begin with
https://
http:/
www
33
Oh no! Your bank failed. You has all your life savings in that bank - $55,000 You should
None of these
Sue the bank
Nothing. The FDIC protects you
File bankruptcy
34
It is important to balance your checkbook every month because:
Banks calculate interest by hand, and sometimes they forget
Otherwise you are likely to spend more money than you earn
Even auto check readers can misread amounts on checks
35
If you fail to file a tax return
The IRS will contact you by phone
The IRS will penalize you in the form of a dollar amount
Nothing will happen
You can call the IRS and apologize
36
This will allow you to borrow money to buy a car, but you will have to pay it back with interest over time.
Gift
Lease
Loan
Lend-Lease
37
The most secure internet access is through
Wi-Fi at a coffee house
Wi-Fi at a public library
Cable modem, DSL, or dial-up internet
38
The key to smart investing is investing ALL your assets into a single stock.
False
True
39
Credit card minimum payments usually vary from month to month
True
False