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7 BCD Budget Challenge Chapter 2 Flashcards | StudBud
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7 BCD Budget Challenge Chapter 2
7 BCD Budget Challenge Chapter 2
50 terms
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StudBud Administration
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169 plays
Terms used in the Budget Challenge
Flashcards
50 cards
F
Practice quiz
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Host live
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Questions
50
Answers
1
Individual's records of income and expenses
CFS
Cash Flow & Budget Sheet
Invoice
Bank Statement
2
How many daily late fee penalties are you allowed before you lose your credit health trophy?
<500
<1000
<100
<2,000
3
guarantees issued to buyer from seller to repair or replace item.
statement
invoice
warranty
bill
4
Cost of borrowing money.
late fee
membership fee
finance charge
below minimum fee
5
Amount of money employer contributes to 401K
premium
deductible
employer match
employee match
6
To achieve the emergency fund trophy, when must the funds be transferred to savings?
7 days after start of simulation
20 days after start of simulation
11 days after start of simulation
14 days after start of simulation
7
What is the credit card utilization percentage for getting a -15 point penalty per day?
75%-89.99%
90%-99.99%
50%-74.99%
25%-49.99%
8
Day of the week bill gets generated
grace period
due date
cycle day
9
To earn the Debt Reduction trophy, how much extra should be paid on the student loan by the end of the simulation?
$750
$1,000
$250
$500
10
How many days in advance (not including Sundays and Federal holidays) must you schedule an e-check?
7
3
2
1
11
Credit card spending is project to be:
Between $600 and $900
Between $350 and $500
Between $100 and $350
Between $500 and $750
12
To achieve the credit card management trophy, the balance must be paid in full when?
By due date of second credit card statement
It does not need to be paid in full, just the minimum payment.
By due date of first credit card statement
As soon as possible
13
To earn the Saving for Retirement trophy, how much must be saved and when?
Save $1,000 in first two pay periods
Save $1,000 in first four pay periods
Save $2,000 in first three pay periods
Save $2000 by end of the simulation
14
number of days after due date bill paid without penalty
cycle day
grace period
due date
15
How many points do you earn if you had $500 in return on your 401k?
1000
500
250
1500
16
Which three goals in the game is affected by credit card management?
You have to pay your credit cad bill on time, every time.
You have tp pay off your second credit card invoice
You have to pay off your first credit card invoice
Stay under 100 credit utilization penalty points for the entire game.
17
Changing your 401k contribution percentage must be done when:
At least one week before next scheduled paycheck
At least two weeks before next scheduled paycheck
At least one day before next scheduled paycheck
401k contributions cannot be changed once the simulation starts
18
What is the credit utilization percentage range for earning +5 Reward Points Per Day?
50%-74.99%
25%-49.99%
0%-49.99%
0% - 24.99%
19
Your score in the budget challenge illustrates:
timely bill payments
resourcefulness in the application of financial concepts
the importance of anticipating future cash needs
the importance of managing current cash needs
20
Number of days after bill generated you have to pay bill
grace period
cycle day
due date
21
Amounts incurred because of late fees, insufficient funds, returned check, etc.
fees
penalties
401K
CFS
22
Plan for your money
vendor
budget
contract
invoice
23
To achieve the emergency fund trophy, how much money must be saved?
$750
$2,000
$1,500
$1,000
24
Which is the most valuable fringe benefit of a job with $45,000 annual salary?
90% employer paid health insurance with a $500 deductible
$100,000 term life insurance policy
$500 per year tuition reimbursement for approved classes
Two weeks paid vacation
25
How many points is each part of the Perfect Pay Trophy worth?
100
300
500
1,000
26
Company sponsored retirement plan.
premium
CFS
401K plan
checking account
27
To be eligible for a one-time late fee waiver: (check all that apply)
The account with the late fee must be in good standing
Waiver can be used up to three times in the simulation
Waiver can only be used once in the simulation
You must have paid the bill in full including a returned check fee
28
How is a money market account different than a regular savings account?
Has a higher minimum balance requirement
Can be accessed with an ATM card
Has unlimited transactions
Has a higher interest rate
29
Formal legal agreement.
bank statement
invoice
warranty
contract
30
To earn the Credit Health Trophy, credit utilization penalty points may not exceed:
50
75
100
150
31
Requesting a late fee waiver results in: check all that apply
reopening the perfect pay trophy (if only one late fee occurred).
A credit to the vendor account for the amount of the vendor late fee
a return of 75 of the 150 point late fee penalty points
a return of the vendor late fee daily penalty points
32
Bank pays for check when no money is in account.
overdraft protection
check fee
nonsufficient funds
returned check fee
33
Fee charge for each check written.
membesrhip fee
per check fee
check writing fee
below minimum fee
34
According to figure 2-3, what is the TOTAL contribution to the 401k per payperiod for the 4% contribution percentage.
$2,058.00
$82.32
$164.64
$1,535.53
35
Which is NOT a feature of a debit card
Allows you to purchase goods without carrying cash
Can be used at businesses that accept credit cards
Serves as an ATM card allowing you to deposit or withdraw cash
Best payment method for online purchases
36
Money add to your bank account.
credit
deposit
withdrawal
debit
37
Not enough money in your account to cover checks
nonsufficient funds
NSF
CSF
ODF
38
What is the business that distributes a good or service.
budget
vendor
bill
CFS
39
Charges that will appear on your credit card include all except:
Utilities
household items
Groceries
Entertainment
40
Checking your records with the bank's records.
employer match
checking
returned checks
balancing
41
Amount of money paid by the policyholder for insurance.
finance charge
premium
deductible
policy
42
What does CFS stand for?
Cash Flow Spreadsheet
Currency From Stockholders
Credit Financial Simulation
Cash Flow Simulation
43
According to figure 2-3, what is the net pay for a 3% 401k contribution?
$1,517.42
$1,535.53
$1,589.86
$1,553.64
44
Bill or statement of charges
NSF
invoice
CFS
contract
45
Credit card charges are the same for all participants in the game.
True
False
46
All are examples of fees in the Budget Challenge EXCEPT:
Credit Card Utilization Fee
Over credit limit fee
ODP subscription fee
Per Diem Fee
47
All are disadvantages of investing too much in your 401K EXCEPT
Not having enough $$ to pay bills in full
Not being able to establish an emergency fund
Not earning points toward your score
Not earning the employer match
48
Take-home pay or dollar amount of paycheck.
tax pay
net pay
gross pay
deposit
49
Which is NOT a drawback of using a payment app?
In order to send money to friends/family you must be using the same system.
Not all payment apps are accepted everywhere
Can pay friends/family with no transaction fee.
They may be collecting info. about your personal spending
50
Sophia loses her debit card but reports it lost the next day. What is the maximum loss she will be responsible for?
$500
$50
$0
$20
