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Financial Literacy Final Exam Review Flashcards | StudBud
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Financial Literacy Final Exam Review
Financial Literacy Final Exam Review
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1
What is the agreement between and renter and landlord called?
mortgage
secutity deposit
deed
lease
2
What is the first step in the home-buying process?
obtaining an appraisal of the property
pricing the property
locating and evaluating a home
determining homeownership needs
3
______ is an amount of money owed?
Debt
Money
Expense
Bills
4
When using an ATM, your PIN is designed to:
indicate your current balance
indicate your credit rating
provide security as an authorized user
provide the bank access to your financial records
5
Utility companies and medical service organizations commonly offer _________ credit
revolving
retail
single-payment
installment credit
6
Bankruptcy refers to the process of:
using court action to reduce or eliminate your debts
obtaining permission to be late with credit payments
obtaining assistance from a credit counseling service
using court action to have payments owed deducted from your paycheck
7
A _______ deposit refers to money held to cover possible damage(s) in an apartment.
cleaning
utilities
security
telephone
8
The __________ rule helps determine how much you can afford when it comes larger life purchases.
70-30
30-20
20-10
50-50
9
What is a valuable possession such as property, business equipment, real estate or stocks?
Checking Account
Asset
Savings Account
Income
10
What is a common cause of financial difficulties?
a need for additional career training
preparing your tax return late
not having enough life insurance
poor money management
11
An example of public records would be:
a credit card statement
medical records
a telephone directory
an employment application on file with a company
12
What is something that is essential to life or the successs of your life?
Credit
Want
Money
Need
13
The purpose of a consolidation loan is to:
deduct amounts owed from a person’s paycheck
reduce the amount owed for federal income taxes
combine several debts into one payment
pay off one credit card amount before others are paid
14
A _______ is used to add funds to a bank account.
deposit slip
check
signature card
withdrawal slip
15
The first step a person with a consumer complaint should take is to:
write to the headquarters of the company
contact a consumer agency
return to the place of purchase
obtain legal assistance
16
What is a plan for maintaining cash flow; a record of income and expenses?
Check Register
Cash Flow Plan
Bank
Bugdet
17
The auto insurance coverage for a damage to your vehicle as a result of an accident is called:
collision
property damage
liability
comprehensive
18
Which is an example of a fixed expense?
auto insurance
clothing
an electric bill
educational expenses
19
A _______ account allows for withdrawals and deposits. Money can be accessed at ATMs, using checks, and other methods.
checking
saving
credit
mortgage
20
Which of the following is NOT a type of insurance coverage?
liability
comprehensive
warrranty
collision
21
The most reliable source of consumer information would be from:
a salesperson
an executive of the company
an advertisement
a product label
22
Voter registration records are considered to be:
company records
public records
a database profile
private records
23
What a person gives up when making a decision is commonly known as:
the time value of money
spontaneity
an opportunity cost
a personal risk
24
What is money earned by working or investing?
Deposit
Checking Account
Income
Asset
25
A credit report would include a person’s:
federal income tax data
salary history
balances for electric bills and other utilities
balances for installment accounts
26
What is an account that allows deposits and withdrawals and usually pays interest?
Saving Account
Checking Account
Stocks
Investments
27
A program-length commercial is commonly called:
"bait and switch"
an auction guarantee
a perpetual contrast
an infomercial
28
The first phase of the career planning process is to:
apply for employment
assess personal interests and abilities
identify specific job opportunities
interview for available positions
29
What is a loan to buy real estate?
Loan
Credit
Mortgage
Rent
30
What would be an example of a long-term goal be?
saving for retirement
an annual vacation
buying a used car
completing college within the next six months
31
Advertisements using a well-known person are examples of the _____________ advertising technique.
status
endorsement
unfinished comparison
peer approval
32
A common deduction on a person's pay stub would be:
unemployment tax
excise tax
federal income tax
gross pay
33
What is a card that accesses open-ended credit; that charges interest?
Pre-Paid Card
Debit Card
Frequent Flyer Card
Credit Card
34
A persons regular income is referred to as:
capacity
capital
collateral
character
35
The charges for settling a real estate transaction are also called ______costs.
selling
closing
mortgage
possession
