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Money Management Unit Review Flashcards | StudBud
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Money Management Unit Review
Money Management Unit Review
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Senior Strategies Unit Review on Money Management. #FCSEM
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
What is the amount you pay out of pocket on an auto insurance claim called?
Your premium
Your down payment
Your liability
Your deductible
2
Which of the following factors can influence decisions on how you spend your money?
Your values
Your age
Your peers
All of these factors influence your decisions
3
Which is NOT a benefit of a budget?
It helps you keep track of your expenses.
It helps you save for a goal.
I lets your money control you.
It puts you in control of your money.
4
What risk level would you recommend for someone investing their money in their late 50's?
Some high risk investments, but mostly in low to moderate.
All low risk like savings accounts.
It doesn't matter.
Most of their money in high risk investments.
5
Analyzing information related to personal & financial goals to determine an action plan is
the decision making process
the financial planning process
a waste of time.
the debt recovery process
6
When decision making for financial planning, every decision made today affects future decisions
False
True
7
The safest way to deposit a check is to endorse it
as soon as you get it.
any time before depositing it.
before giving it to your mom to deposit.
at the time you are depositing it.
8
Which of these would be considered an expense?
All of these would be considered an expense.
Gas for your car
Shopping for clothes
Going out to eat.
9
Interest that grows over time is called
Fixed Interest
Compound Interest
Gross Interest
Flexible Interest
10
Shop around and get______ from car insurance companies before you choose which one to purchase.
Loans
Coupons
Quotes
Titles
11
Which of the following is considered a need?
A place to sleep
A designer outfit
A new car
A prime rib dinner
12
The numbers highlighted on this check identify the _________ numbers.
Lottery
Check
Routing
Account
13
What is the check number?
123
111
5284
555
14
Which is an example of a flexible expense.
Cable Bill
Phone Bill
Gas Bill
Rent payment
15
Which of the following investments in usually insured by the FIDC?
Mutual Funds
Collectibles
Bonds
Savings Accounts
16
A ______________ allows you to use the money you already have to pay for expenses.
Debit Card
Credit Card
17
Before committing to a credit card, one should always do this first:
Make sure it has good perks
Read the terms & conditions
Apply for as many cards as possible
Choose one with the best intro rates
18
Which of the following investment accounts has the least amount of risk?
CD's
Penny stocks
Bonds
Stocks
19
Which is not an example of income?
Finding $10 on the ground.
A paycheck
Rent payment
Weekly allowance
20
About how long will it take Tom to double his money if he earns 10% interest on his investment?
7 years
5 years
8 years
6 years
21
Your _____ are beliefs or ideas that you consider important or desirable.
Values
Needs
Thoughs
Goals
22
What is the secret to good money management?
Spend using only credit cards.
Spend less than you earn.
Buy low, sell high?
Spend more than you earn.
23
_______________ expenses are the same every month.
Flexible
Housing
Fixed
Monthly
