Financial Literacy Review

Rule of 72: If you get 3% interest how many years will it take you to double your money?

T/F Checks are usually safer than cash and may be used to pay bills in the mail. 

Y/N Can you get a student loan when you don't have a job?

A form a bank provides when putting money into your account.

T/F Using blue or black ink is a must on a check. 

T/F The best PIN is one you won't forget, but no one will ever guess. 

What is something that determines someones credit limit?

Which typically earns more interest, a savings account or CD?

T/F Liquidity determines how accessible your money is to you. 

T or F. There is never a fee on your checking account. 

T/F If you have a score of 600 it is easy to get a loan.

___________ is a policy that protects cardholders from fraudulent charges. 

You have $100. If you save $20 a month, how long will it take you to save for a $300 computer.

An endorsement that only consists of the holders signature. 

T/F All credit cards charge an annual fee.

What is the lowest credit score you can get?

When you turn 18 what does your credit score start as?

Which is a flexible expense. 

What is the credit score range?

A CD is a good savings option if you can leave money untouched for an extended period of time.

All of the terms and conditions of a credit card account are outlined in what's called a _____.

An example of a fixed expense is:

T/F. It is easier to change your fixed expenses than your flexible expenses. 

T/F Saving accounts keep your money safe and pay interest. 

A bank account shared by two or more individuals. 

An individuals total personal income before taking taxes or deductions into account. 

A spending plan that you decide upon. 

This occurs when money is withdrawn and the available balance goes below zero. 

You need $25. If you are using an ATM. How much money would you take out to have at least $25. 

Zoe saves $50 every 4 weeks for her college fund. How much does Zoe save in 1 year?

Which is an example of a variable expense?

T/F Prepaid cards play an important role in establishing one's credit history.

Y/N Can you take out a mortgage or car loan without a job?

T/F You should expect a spending plan to change over a period of time as your lifestyle changes