Financial Literacy

20 termsStudBud Administration18 plays

Test your knowledge on various financial concepts and terms related to banking and loans

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
What is it called when a business gets help from a bank?
Getting funds
Interest counting
Money saving
Score checking
2
Why do banks charge service fees?
For advertising
For paperwork help
For new loans
For supplies
3
What do banks NOT consider for loans?
Your situation
Popularity
Trustworthiness
Backup offers
4
What is "startup money"?
Emergency funds
Money to start business
Daily costs
First year earnings
5
What is the highest credit score possible?
850
700
900
500
6
What does "creditworthy" mean?
Cash payments only
Trust to repay
Lots of savings
Many possessions
7
How much do closing costs usually add?
10-15% more
7-10% more
2-5% more
15-20% more
8
What is "net worth"?
Assets minus liabilities
Everything owed
Yearly earnings minus spending
Everything owned
9
What is a charge account?
Buy now, pay later
Savings account
Checking account
Type of loan
10
What is a regular loan paid back over time?
Set payment loan
No schedule loan
Quick loan
Daily payment loan
11
What does "solvency" mean?
Having cash
Good credit score
Paying small bills
Paying long-term bills
12
What's the main difference between banks and credit unions?
Banks don't give loans
Banks profit, unions help
Banks only help businesses
Banks are bigger
13
What is "collateral"?
Business expense
Valuable promise
Type of score
Extra payment
14
How much does a bank usually charge to process a loan?
2-5% extra
0.5-1% extra
5-10% extra
0.25-0.5% extra
15
What does "capacity" mean for loans?
Assets owned
Business size
Ability to repay
Number of workers
16
How can a business raise money by sharing ownership?
Personal funds
Borrowing from bank
Selling shares
Using saved money
17
What does "liquid" mean in finance?
Amount owed
Easily turned to cash
Total assets
Annual income
18
What happens with bad credit?
More fees and interest
Better rates
Pay less upfront
Easier plans
19
What is a late fee?
Extra interest
Processing cost
Fee for missed payment
Yearly fee
20
What is a "capital purchase"?
Buying cash only
Bank money
Quick investments
Valuable business asset

Financial Literacy Flashcards | StudBud

Financial Literacy

20 termsStudBud Administration18 plays

Test your knowledge on various financial concepts and terms related to banking and loans

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
What is it called when a business gets help from a bank?
Getting funds
Interest counting
Money saving
Score checking
2
Why do banks charge service fees?
For advertising
For paperwork help
For new loans
For supplies
3
What do banks NOT consider for loans?
Your situation
Popularity
Trustworthiness
Backup offers
4
What is "startup money"?
Emergency funds
Money to start business
Daily costs
First year earnings
5
What is the highest credit score possible?
850
700
900
500
6
What does "creditworthy" mean?
Cash payments only
Trust to repay
Lots of savings
Many possessions
7
How much do closing costs usually add?
10-15% more
7-10% more
2-5% more
15-20% more
8
What is "net worth"?
Assets minus liabilities
Everything owed
Yearly earnings minus spending
Everything owned
9
What is a charge account?
Buy now, pay later
Savings account
Checking account
Type of loan
10
What is a regular loan paid back over time?
Set payment loan
No schedule loan
Quick loan
Daily payment loan
11
What does "solvency" mean?
Having cash
Good credit score
Paying small bills
Paying long-term bills
12
What's the main difference between banks and credit unions?
Banks don't give loans
Banks profit, unions help
Banks only help businesses
Banks are bigger
13
What is "collateral"?
Business expense
Valuable promise
Type of score
Extra payment
14
How much does a bank usually charge to process a loan?
2-5% extra
0.5-1% extra
5-10% extra
0.25-0.5% extra
15
What does "capacity" mean for loans?
Assets owned
Business size
Ability to repay
Number of workers
16
How can a business raise money by sharing ownership?
Personal funds
Borrowing from bank
Selling shares
Using saved money
17
What does "liquid" mean in finance?
Amount owed
Easily turned to cash
Total assets
Annual income
18
What happens with bad credit?
More fees and interest
Better rates
Pay less upfront
Easier plans
19
What is a late fee?
Extra interest
Processing cost
Fee for missed payment
Yearly fee
20
What is a "capital purchase"?
Buying cash only
Bank money
Quick investments
Valuable business asset