Money Matters Final Review

Financial plan should be monitored & modified when goals change, or with unexpected expenses.

An example of a long term goal would be:

__ is when someone uses your personal information  to commit fraud or other crimes. 

A number, roughly between 300 and 850, that reflects the credit history 

Credit problems stay on your credit for 15 years.

Which of the following will increase the cost of a car loan?

It is better to maintain low balance on credit card & pay off each month than to have 0 balance

Charge imposed for not paying your credit on time

Automobile insurance is not a luxury.  It’s Texas law.

Which of the following is considered a need?

A plan for spending or saving money during a specific period.

A document containing financial information about a person

How do you know you have developed healthy money habits?

Which of the following is an advantage to buying a used car?

A common long-term goal may involve saving for college for parents of a newborn child.

Fee charged for using a credit card, even though you pay off the loan balance in full

What is a loan called that is paid in equal monthly installments with a fixed interest rate?

Which type of financial institution is member owned & generally offers best interest rates? 

Which of the following is a benefit of using credit?

Unspent income is called

_____________ is commonly considered a flexible expense.

An individual who agrees to pay back a loan if the borrower defaults is called the

What hurts your credit score the most?

Check endorsement when receiver writes, “For Deposit Only” and the account number 

Oh no!  Lost your job?  What’s the best thing to do?

Which of the following instruments is NOT typically associated with spending?

What are the three credit reporting agencies?

Money paid for the use of money.

Giving up something you want now for something better in future is delayed gratification.

An overdraft occurs when a consumer withdrawal from a bank exceeds the available balance.

If you save $60 a month for 2 years instead of buying video games, how much $ would you save?

Something extra that isn’t essential, or that steps up a basic need is called a 

Most short term goals are based on activities over the next five or six years.

Rent is considered a variable expense.

Every time you apply for a credit card, it goes on your credit report.

Aunt sells you car for $3500.  You put $1500 down and pay for next 40 weeks. How much weekly? 

Lisa needs 2 tires 3 months from now. Each costs $75.  How long to save?

A great credit score is 400.

A yearly rate of interest that includes fees and costs paid to aquire a loan is called

The budgeting process starts with monitoring current spending.

A regular payment to an owner or a landlord for the right to occupy or use property.

A charge for the use of a credit card each year is called an annual fee.

Which is NOT a personal money management tool you should master?

What would be a 10% downpayment on a $17,000 car?

When would it be beneficial for you to borrow money to buy something now and repay it later?

Making regular deposits to your savings account helps your credit history.

How you manage your cash flow affects, if, when, and how you reach our goals.

A credit card company can increase your interest rate when: