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Know Your Financial Literacy? Flashcards | StudBud
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Know Your Financial Literacy?
Know Your Financial Literacy?
37 terms
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StudBud Administration
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Final Exam Review
Flashcards
37 cards
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Practice quiz
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Questions
37
Answers
1
What is a method to improve your credit score?
Close unused credit card accounts
pay credit card balances down as low as possible
Keep your credit card balances under 35%
pay credit card bills with one week of due date
2
Risk and Return?
higher the risk, higher the return
Lower the risk, higher the return
determined by amount of money investing
Higher the risk, lower the return
3
An example of identity theft is...
You open an account using your Dad as a co-signer.
You use your friend's credit card to buy a blouse.
Apply for a credit card using someone else's personal info.
You use your Mom's credit card to by lunch.
4
What is the deadline to file your taxes each year?
December 31st
April 15th
January 31st
April 1st
5
Which of the following has the higher fee?
Credit Card
Credit Union
Commercial Bank
Payday Lender
6
Costs of living expenses include
Cable
Gym Membership
Room and Board
Entertainment
7
Which step best protects your credit history if you suspect fraud?
Contact the Bank that issued your credit card
Contact the credit bureaus and report suspected fraud
Contact the local police department and file a claim
Contact the FBI
8
You must fill out a ________________ when beginning a new job.
I-9 & W-2
W-2
I-9 & W-4
Application
9
What is the application a student would complete for college aid?
FAFSA
FIDA
FICA
FADSA
10
I need to put $300 somewhere until my vacation in three years. Where?
Certificate of Deposit
Savings Account
Money Market Account
Checking Account
11
What type of account typically offers no interest?
Checking
Money Market
Savings
Certificate of Deposit
12
Being on a budget means...
earning enough money to live well
bills are generally paid by due date every month
Pay bills every month on due date
Made a plan of expenses to be less than or equal to income
13
What is the term for yearly credit card interest?
COD
APR
NPR
RATE
14
What type of information is NOT found on credit report?
Criminal Records
Current address
Insurance Information
Employment Information
15
What form is your employer required to mail to you by the end of January each year?
1040 EZ
W-4
W-2
I-9
16
Just lost your job. What expense should you eliminate first?
Phone Bill
Going to Movie on Fridays
Water Bill
Auto Insurance
17
Which could damage your credit score?
applying for a credit card
paying a credit card bill
paying a utility bill
ignoring a late payment notice
18
Which of the following is true about saving and/or investing?
It cannot easily be converted into cash
Money in both savings and investments is liquid
Investing allows cash for emergencies
A Savings Account is usually easily accessible
19
What is the highest credit score?
800
900
850
750
20
Saved $2,000 for college, starting school next year, safest place for money?
locked in safe at home
bank savings account
corporate bonds
stocks
21
Your credit card is stolen and they charged $800.00. How much will you have to pay?
$100
$50
None
$800
22
Which of the following typically has the lowest fees or cost to use?
Cash Advance
Payday Loan
Credit Card
Debit Card
23
How long does negative information stay on your credit report?
7 Years
Forever
5 Years
3 Years
24
Which provides the BEST protection against identity theft?
Never use credit cards for small purchases.
Open new credit cards every 2 years.
Never use credit cards.
Shred all documents that contain personal information.
25
Which type of account is not a savings vehicle?
Checking Account
Money Market Acct
Savings Account
Certificate of Deposit
26
Which is true about home loans?
Longer the term of the loan, lower the interest rate.
Higher the interest rate, longer the term of the loan.
Lower the interest rate, quicker the loan is paid in full.
The larger the down payment, the lower the principle.
27
How often can you get a free credit report?
Yearly
Semi-Annually
Monthly
When you request
28
When buying a stock in a company, you are
investing in a monopoly
becoming a board member
loaning money to a company
buying a portion of the company
29
What term is used for the period before your first student loan payment is due?
Promotional Period
Default Period
Introductory Period
Grace Period
30
How would you work toward buying a new home?
Use credit card to pay some expenses to save for down paymt.
Cut expenses and save for a down payment.
Continue with current financial plan.
Create a financial plan & pay for purchases w/credit cards.
31
Deductions taken from your paycheck include...
Federal WH
All are correct
State WH
FICA
32
ATM safety tips...
Report suspicious ATM transactions
Shield the ATM screen from strangers
All are correct
Choose a unique PIN
33
Example of a need is...
Home
Vacation
Cell Phone
Laptop
34
Advantage of using credit is...
lower payments
not carry large amounts of cash
pay for purchases quicker
eliminates identity theft
35
Which of the following instruments is NOT typically associated with spending?
Certificate of Deposit
Cash
Credit Card
ATM Card
36
Which of the following statements is NOT correct about most ATM cards?
Can get cash 24 hours a day
Never charges a fee when use card
must have bank account to have ATM card
Use a PIN to get cash
37
Electronic banking allows you to...
write a check to mail
make a deposit with teller help
get cash any time of day
access your investments
