A cash card generally:

Can be bought w/ specific $ amt & used to pay for purchases

Need to be realistic, have a target date, and expected cost

The cost to use someone else’s money for a period of time is called the:

Interest rate expressed as a percentage

Which statement is FALSE about most ATM (Automated Teller Machine) cards?

You can always get cash anywhere in the world with no fee

Discretionary income is:

Difference between total income & essential living expenses

Money in the United States includes:

Checking account balances on which checks can be drawn

Financial planning is important because it helps you to:

reach financial goals and protect your assets

the basic principles that guide our actions and beliefs

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Money Management & Personal Finance 1

25 termsStudBud Administration432 plays

A quiz game to help students prepare for the Money, Money Management and Personal Finance Component of the WISE Financial Literacy Exam

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Questions 25

Answers

1
A type of electronic funds transfer (EFT) is:
An ATM transaction
Not widely used by consumers
A transaction made with a check
A deposit made with a bank teller
2
Which of the following does the Federal Reserve use to regulate the nation’s money supply?
Fiscal policy
Monetary policy
Regulations
Proposing legislation
3
Which documents should be stored in a safe-deposit box?
Copies of current and past budgets
Mortgage loan papers
Checkbook statements
Current paycheck stubs
4
Federal law requiring the cost of credit disclosed to consumers in bold print on loan agreement
Equal Credit Opportunity Act
Fair Credit Reporting Act
Fair Debt Collection Practices Act
Truth in Lending Act
5
A cash card generally:
Can be bought w/ specific $ amt & used to pay for purchases
Same as a debit card & always linked to a checking acct
Can be used the same way as a check to pay bills by mail
Is same as a credit card & can be used to pay min. on bill
6
Goals:
Need to reflect current income
Are generally the same for middle class families
Need to be realistic, have a target date, and expected cost
Remain the same year after year, throughout life
7
Another term for the dollar amount of your paycheck after taxes and other withholdings is:
Net income
Gross income
Discretionary income
Adjusted gross income
8
The cost to use someone else’s money for a period of time is called the:
Interest rate expressed as a percentage
Opportunity cost
Inflation rate
Minimum payment
9
Which statement is FALSE about most ATM (Automated Teller Machine) cards?
You can always get cash anywhere in the world with no fee
Can generally obtain account balance info at an ATM machine
You can generally get cash 24 hours a day, seven days a week
Must have account w/ a financial institution to have a card
10
Identify the background color of a U.S. $5.00 bill.
Orange
Green
Blue
Yellow
11
When choosing between two job offers with a similar salary offer, you should first consider:
Reputation of the organization
Tuition reimbursement and bonus potential
Retirement and health plans.
Travel time to work location & the size of the organization
12
New coins & currency get into the general economy through the distribution system of:
Federal Reserve System
Treasurer of the United States
Secretary of the Department of the Treasury
U.S. Federal Mint
13
Who benefits most from inflation?
Lenders
The government
Long-term fixed rate borrowers
Persons on fixed incomes
14
Discretionary income is:
Income that has been spent
Wages plus investment income
A capital gain
Difference between total income & essential living expenses
15
A debit card is lost and not reported missing for 3 mos. Max liability for unauthorized use is:
$50
$500
Unlimited liability
No liability because it was reported.
16
Which of the following will help you least in managing your money?
pay your rent/mortgage payment and utility bills on time
plan ahead for large expenses & avoid impulse buying
get advice from your friends
set goals and keep a budget for your net income
17
You want to gain control over your income & spending to save money. Which step will help most?
developing a retirement plan
developing a budget
getting advice from a friend
applying for a loan
18
Money set aside to grow is typically called:
net income
savings or investments
a budget
discretionary income
19
The following is usually considered a variable expense:
rent payment
electric bill payment
mortgage payment
car payment
20
Money received today is worth more than the same amount of money received in the future is:
Investing
Not true
The Rule of 72
The time value of money
21
If you have $1,000 in a savings account & earn $20 a year interest; rate of return is close to:
20%
5%
10%
2%
22
Financial institution that usually pays the highest interest rate on savings account balances
Savings and loan associations
Investment firm money market accounts
Commercial banks
Credit unions
23
Money in the United States includes:
Diamonds
Checking account balances on which checks can be drawn
Gold
Barter
24
Financial planning is important because it helps you to:
eliminate risk on investments
have higher expectations
reach financial goals and protect your assets
achieve all personal goals
25
Our values are:
the expectations of other people
the same as our goals
the basic principles that guide our actions and beliefs
What we want to achieve

Money Management & Personal Finance 1 Flashcards | StudBud