Paying only minimum payments on a credit card means:

Final cost of item will be higher

Savings Tools are secure because:

The Federal Government secures them

Savings accounts are designed for

emergencies and short term goals

The best definition of transferable skills:

Versatile skills that can be applied to multiple settings

A low credit score might mean:

Interest rates on loans might be high

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Financial Literacy Final Exam 2018 Part 2

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Review questions for Financial Literacy Final Exam

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Questions 16

Answers

1
All of the following are contractual expenses EXCEPT:
mortgage payment
cell phone bill
student loan payment
gasoline
2
As a consumer should you look for low or high interest rates?
high
low
3
Assets - Liabilities = ?
Income
Expenses
Net Gain / loss
Net Worth
4
Paying only minimum payments on a credit card means:
You will avoid interest
Final cost of item will be higher
Pay off item in a reasonable amount of time
You will build positive credit
5
Typical deductions taken from paychecks include all of the following EXCEPT
State Income Tax
Property Tax
Medicare
Federal Income Tax
6
Savings Tools are secure because:
The Federal Government secures them
Depository Institutions have big locks
It varies with each bank
The are not secure. They are high risk
7
Steps to building credit include all EXCEPT the following:
pay bill in full
obtain a secure credit card
using small amounts of credit
obtain multiple credit cards
8
What you could realistically sell an asset for today:
Market Value
Crap
Net Price
Net Worth
9
Take home pay used for budgeting purposes
Net Worth
Assets
Gross Income
Net Income
10
Savings accounts are designed for
emergencies and short term goals
long term goals
future income
earning high interest
11
Checking Accounts are used for all of the following EXCEPT
Everyday purchases
Earning interest
Easy access to withdraws
Easy access to deposit $
12
Investing is designed all of the following EXCEPT:
Long term goals
retirement
emergency funds
future income
13
The best definition of transferable skills:
Skills that transfer
Skills that are earned by obtaining your Bachelor's Degree
Skills that transfer to someone else.
Versatile skills that can be applied to multiple settings
14
Credit Unions have all the following characteristics EXCEPT:
Owned by members
A large variety of accounts
Membership Qualification
Non for profit
15
What is APR?
Close ended credit
Cost of Credit
A real pathway
A Procedure to Renew
16
A low credit score might mean:
Interest rates on loans might be high
you will have no trouble getting loans
You listened to Mrs. Linstra when you were 18
You have good grades

Financial Literacy Final Exam 2018 Part 2 Flashcards | StudBud