Money Management

Question 1

When a person has to purchase a product in order to join acompany. Money is made by recruiting

Accepted Answer

Pyramid scheme

Question 2

The amount of moneyborrowed.

Accepted Answer

principal

Question 3

It is unlawful todiscriminate against one of these groups.

Accepted Answer

protected classes

Question 4

Interest paid or to be paidboth on the principal and on accumulated unpaid interest.

Accepted Answer

compound interest

Question 5

A cost for goods orservices that is paid regularly

Accepted Answer

fixed budget category

Question 6

A network ofmember financial institutions that assess the risk of openingnew accounts

Accepted Answer

Chex-Systems

Question 7

Advertising a low price toget consumers in, then offering another (more expensive) deal.

Accepted Answer

bait & switch

Question 8

Attempting to make money byspending money when you have the potential to get nothing in return

Accepted Answer

gambling

Question 9

A financial plan used to forecast and track income and expenses.

Accepted Answer

budget

Question 10

When items are bought oncredit and paid for over a long period of time, the cost to the buyer:

Accepted Answer

is more than if the itemswere bought with cash

Question 11

True or False: Some charities are fraudulent.

Accepted Answer

True

Question 12

When a person pays money to someone higher up to join an “investment opportunity".

Accepted Answer

Ponzi scheme

Question 13

A schedule of paymentsshowing the amounts of principal and interest that make up each payment.

Accepted Answer

amortization schedule

Question 14

A cost for goods or services that changes in amount from week toweek or month to month.

Accepted Answer

variable budget category

Question 15

Fees paid at the closing ofa real estate transaction.

Accepted Answer

closing costs

Question 16

A budget management systemwhere you keep your cash in separate envelopes is called...

Accepted Answer

the envelope system.

Question 17

Which of the following isNOT a protected class?

Accepted Answer

smokers

Question 18

What a bank does when arequest for payment comes and the money isn't there to coverthe expense

Accepted Answer

overdraft processing

Question 19

The crime of obtaining thepersonal or financial information of another person.

Accepted Answer

identity theft

Question 20

An expenditure is...

Accepted Answer

a good or service that youspend money on.

Question 21

Cost which occur on an irregular basis, rather than monthly.Examples include insurance premiums

Accepted Answer

periodic budget category.

Question 22

From a statistical point of view, why is it best to avoid gambling(including the lottery)?

Accepted Answer

Whoever runs the gamblingwins most of the time.

Question 23

The following person can always declare that you are nolonger bound to a contract.

Accepted Answer

a judge

Question 24

Examining different brandsor models of a product before deciding what to buy.

Accepted Answer

comparison shopping

Question 25

A month-to-month deal thatexchanges property for money without a contract is called ...

Accepted Answer

renting

Question 26

Setting up a fake web site or e-mail to steal a person’s login information.

Accepted Answer

phishing

Question 27

The cost of money that isborrowed, which is usually a percentage of the borrowed amount.

Accepted Answer

interest

Question 28

When you check a bank’srecords against your own to make sure they match.

Accepted Answer

reconciliation

Question 29

Which of the following is a control method for spending plans?

Accepted Answer

all of the above

Question 30

All of these are good waysto avoid identity theft EXCEPT

Accepted Answer

not using your real namefor most transactions.

Question 31

Deceiving people intogiving up their money.

Accepted Answer

fraud

Question 32

A mortgage is...

Accepted Answer

the loan for purchasing ahome.

Question 33

Stealing someone’scredit/debit card information at the point of sale.

Accepted Answer

skimming

Question 34

If you think the otherparty has violated a contract, you should...

Accepted Answer

contact a lawyer.

Question 35

The act of giving money to an organization that benefits society rather than individual.

Accepted Answer

charity

Question 36

If expenses were to exceedincome on a spending plan, what would be a financially smart solution

Accepted Answer

decrease expenses

Question 37

An acronym used in banking to signify that there are "non-sufficient funds" inan account...

Accepted Answer

Non-sufficient Funds (NSF)Handling

Question 38

What governmentorganization provides state and local consumer protection offices?

Accepted Answer

Bureau of ConsumerProtection

Question 39

To recover from identitytheft, you should all of these EXCEPT

Accepted Answer

pay money to TransUnion,Equifax, or Experian

Question 40

A spending plan formanaging money during a given time period is a:

Accepted Answer

budget

Question 41

A long-term deal thatexchanges property for money according to the terms of a contract is...

Accepted Answer

leasing

Question 42

Laws made to protect aconsumer from fraudulent and/or unfair activities.

Accepted Answer

consumer protection laws

Question 43

Jill pays $375.93 everymonth for her car payment. This paymentis a

Accepted Answer

fixed expense

Question 44

Affinity fraud is fraudcommitted...

Accepted Answer

by someone you already know

Question 45

Paying off small debts, then adding the money to larger debts asthe smaller ones are paid off.

Accepted Answer

debt snowball

Money Management

Questions 45

Money Management

Questions 45