What does the FDIC stand for?

Federal Deposit Insurance Corporation

What is the purpose of overdraft protection?

To cover expenses if you spend more than is in your account

Takes money directly out of your checking account

A document stating what to do with your assets after you die

A Certificate of Deposit is...

an account that holds deposits for certain amounts of time

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Fin Lit Chapters 4 & 6

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Financial Literacy

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Questions 21

Answers

1
What type of insurance would you take if you lived in a unit of a larger apartment?
Health Insurance
Life Insurance
Renter's Insurance
Homeowner's Insurance
2
Which of the following is not a type of auto insurance?
Liability
Collision
Comprehensive
None of the above
3
Which offers the lowest level of interest?
Checking Account
Certificate of Deposit
Savings Account
Money Market Account
4
What does it mean to have a deficit?
None of the above
To spend more than you take in
To take in more than you spend
To have liquid assets that can be converted to cash
5
What does the FDIC stand for?
Federal Depository Insurance Chapter
Fiscal Depository Individual Charter
Federal Deposit Insurance Company
Federal Deposit Insurance Corporation
6
Who manages your will after you die?
An executive
Your mom
An executor
An executing lawyer
7
What is the purpose of overdraft protection?
To cover expenses if you spend more than is in your account
None of the other answers
Its protection for having too much money in your account
To protect your assets
8
A check written with a date to be cashed in the future is known as....
A post-dated check
None of the above
A check
A Pre-dated check
9
An asset that can be converted to cash quickly is known as....
Liquid
stuff
None of the above
Net worth
10
The location where you keep track of all the checks you write is called?
Check book
Check folder
Check log
Check register
11
What types of expenses do people generally have each month?
Fixed and Discretionary
Fixed and stationary
Fixed And variable
Income
12
The amount you pay to insurance companies for your coverage is known as what?
Premium
None of the above
Deductible
Comprehensive Coverage
13
A debit card...
Allows you to buy now and pay in installments
Takes money directly out of your checking account
Allows you the option to pay for purchases later
Takes money directly out of your savings account
14
What is it called when an asset declines in value?
A decrease in net worth
Appreciation
None of the above
Depreciation
15
Do you feel prepared for your chapter 4 & 6 Assessment?
Yes
Unsure
No
Maybe
16
What is a Will?
A document clarifying your debts
A strong determination to do something
A document stating what to do with your assets after you die
A document stating what assets you own
17
If you go out on maternity leave from work, what type of insurance covers your absence?
Life Insurance
Disability Insurance
Health Insurance
Auto Insurance
18
What is a service charge?
A fee associated with taxes
A fee associated with banking
A fee associated with money market accounts
A fee associated with buying a car
19
A Certificate of Deposit is...
Offer lower interest rates than regular savings accounts
None of the above
an account that holds deposits for certain amounts of time
very much like a checking account
20
What does CD stand for in relation to banking?
Central Deposit
Certified Deposit
Certificate of Deposit
None of the above
21
Which offers the highest level of interest...
Money Market Account
Checking Account
Savings Account
None of the above

Fin Lit Chapters 4 & 6 Flashcards | StudBud