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Financial Literacy Final Review Flashcards | StudBud
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Financial Literacy Final Review
Financial Literacy Final Review
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Questions
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Answers
1
What is the money forwarded/lended to you by a bank called?
Currency
Free money
Credit
Interest
2
What is the value of one currency for the purpose of conversion to another called?
Currency Rate
Interest Rate
Exchange Rate
Debt Rate
3
Which of the following is NOT an advantage of cash?
Assists with budgeting
Has higher risk of theft as cash is owned by the person holding onto it
Manages spending as you can only spend as much as you already have
Eliminate all hidden fees as there are no transaciton costs with cash
4
Which of the following is NOT an advantage of a buy now pay later?
Can buy things without having the money upfront
Short term loan
Need to keep track of payments will be taken from your account
Small installments
5
What is the money that a country uses called?
Currency
Credit
Loans
Exchange rate
6
Buyers borrow money from a credit card issuer and must pay back the money with interest.
Credit Card
Shopping Card
Debit card
Automatic payments
7
A physical form of payment using coins or notes.
Cash
Bank transfer
Checks
Dolla Dolla Bills
8
What is the money charged on top of your borrowing called?
Interest
Credit
Debt
Fee
9
Which of the following currency codes reprsents Vietnam?
GBP
VND
EUR
AUD
10
A short-term loan that allows consumers to make purchases and pay for them over time, usually no interest.
Mortgage
Secured loan
Credit Card Loan
Buy Now Pay Later (BNPL)
11
Which of the following is not a disadavantage for Buy Now Pay Later (BNPL)?
Usually interest free
Can have multiple BNPL loans at once - more to pay back
Expensive late fees if missed payment
Missing a payment affects credit score.
12
A digital currency where transactions are verified and records maintained by a decentralised system using cryptography
Cryptocurrency
Contactless Payments
CryptZoo
Bitcoin
13
A card to electronically access your bank accounts and make payments directly from your accounts.
Cryptocurrency
Credit Card
EFTPOS Card
Buy Now Pay Later
14
Which of the following is NOT an advantage of EFTPOS?
it allows you to access funds in your transaction account/no need for cash
It may help manage your spending by only withdrawing what is in account
it can be used at many retailers in NZ to obtain cash while making payment
EFTPOS can only be used in a face-to-face environment, not online.
15
What is money owed called?
Scary
Interest
A loan
Debt
16
Which of the following is NOT a disadvantage of credit cards.
Potential to overextend credit and incur debt
builds credit history that is used to make major purchases in the future
Impacts one's credit report when too many cards are opened.
High interest on upaid balances
17
Which of the following is NOT an advantage of Cryptocurrency?
Easily works with payee's prefereed digital currency through swapping coins
Does not have a stable value and may result in loss of capital
very fast payment processing
does not require use of a bank account, only internet conneciton
