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H&R Block Budget Challenge Rules Flashcards | StudBud
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H&R Block Budget Challenge Rules
H&R Block Budget Challenge Rules
32 terms
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StudBud Administration
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Quiz to test high school students on the rules "How to Play" the H&R Block Budget Challenge
Flashcards
32 cards
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Practice quiz
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Questions
32
Answers
1
From 100% or more credit card utilization and higher, the penalty is how many points per day?
90
50
100
75
2
What is an important consideration when forecasting your Net Pay deposit for future pay days?
Cash shortfalls for paying bills will go on the credit card.
How much is a vacation to Bermuda?
When can I switch jobs?
How much will the Budget Challenge charge for a wedding?
3
Money borrowed from Overdraft Protection (ODP) is added to existing credit card balances.
True
False
4
How long must you wait before you can use the money deposited in your Net Pay to pay bills?
1 day hold
12 hour wait
No waiting period
2 day hold
5
You must keep the credit card utilization below what % in order to avoid point penalties?
50%
33%
25%
60%
6
In the Challenge, a bounced check to most vendors will cost you how many points?
$40
$60
$70
$50
7
The Cash Flow Worksheet can be completed for all vendors for the entire 10-week Challenge.
False - new vendors will be introduced throughout the game
True - all bills and bill cycle days are in the vendor tabs
8
Additional daily late fee penalties are incurred for each day some bills remains outstanding.
False
True
9
Each student's eligibility to win a scholarship is based on all of the following EXCEPT:
Parent Involvement
Real World Ready Score
Engagement Score
Leader Board score
10
When is a courtesy late fee waiver available during the Budget Challenge?
On cable bills only
It's decided randomly by the software program.
Any time you ask within 3 days
One time using the form on the Student > Help Desk tab
11
You must plan ahead to add new payments to the Online Bill Pay system in advance because:
to make it realistic the system crashes three times weekly
the Online Bill Pay system is only open Monday-Thursday
you only get paid once each month
all funds are withheld for 2 business days from Billpay
12
The Budget Challenge involves all of the following EXCEPT:
Reconcile the Cash Flow Worksheet by adding all fees
Submit all quizzes and surveys by the due date
calculate your stock market gains and losses daily
Update and review scheduled payments every 1-3 days
13
Which method is NOT available to learn about new bills and alerts during the Challenge?
Emails to the address used during student registration
The Mobile App has push-notifications (students must opt-in)
Message Center alerts located in the top right corner
Handouts from the teacher
14
True or False: Students pay bills via the Cash Flow Worksheet.
True
False - Students must pay bills at Student Home - Bank
15
If students are confused or unsure about something, they can use which resources?
The teacher
Knowledge Base
There are FAQs at the bottom of the Student Home>Help screen
all of the above
16
When a participant incurs fees and penalties, his/her score is reduced by how many points?
1 point per dollar
100 points per dollar
5 points per dollar
10 points per dollar
17
What is the total point penalty on all Vendor late fees?
5
1
10
150
18
The Information Packet will be used by students AFTER the Challenge begins to:
look up the customer service phone numbers to call
switch cell phone plans in week 4
Research vendor terms and conditions to dispute bills
Self-calculate point awards and bonuses
19
The 401k contribution % can stay the same the entire game because bills are evenly distributed.
False
True
20
True or False: Vendor bills can be paid from the 401k and Checking Accounts.
False
True
21
How many $20,000 scholarships are being granted in our round of the Budget Challenge?
1
2
5
10
22
When you write a bad check, your bank charges you a returned check fee.
False - returned check fees are from the party you bounced
True
23
From 75% - 89.99%, the penalty is how many points per day?
20
25
5
15
24
To view a Paycheck, participants should go to which tab?
bank net pay archive
Google Drive
student home tab > employer
student home tab > payroll
25
True or False: No points are awarded from the Employer Match on your 401k Contributions.
True
False
26
The point penalty for getting caught driving uninsured without auto insurance is _____?
3000
2000
1000
4000
27
In the pending check view, if you see a mistake on payment date, amount or vendor, you must
just edit whatever is wrong and click send
copy it first then delete it
delete it
none of these choices
28
If credit card utilization is from 50% - 74.99%, the penalty is how many points per day?
10
5
20
25
29
Net Income means liquid cash available to pay my due bills on time.
True
False
30
From 90% - 99.99%, the penalty is how many points per day?
50
30
40
25
31
The quizzes and surveys included in the Budget Challenge don't impact your LeaderBoard score.
True - they are only for intellectual pursuits
False - each CORRECT ANSWER is worth 1 point
32
The majority of dollar points earned in the Challenge are from:
Choices A and C
Interest Earned
Net Income
401k Contributions
