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Using Credit
Using Credit
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Review for Financial Literacy test
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
Income generated by selling an investment at a higher price than you paid for it.
Earned
Passive
Portfolio
Wages
2
Randy earns $22 per hour. This is an example of:
Commission
Salary
Labor
Wages
3
account that allows you easy access to your money and allows the use of checks and debit cards.
Certificate of Deposit
Savings
Checking
Money Market
4
Education, training, and experience are some factors that influence earned income.
False
True
5
Using misleading product images is an example of what type of deceptive advertising?
Deceptive pricing
Deceptive descriptions
Deceptive comparison
6
The top salary you can make
Earning potential
Career
Human capital
Productivity
7
Which influence on spending deals with a person's family, friends and cultural environment?
Personal
Cultural
Psychological
Social
8
A secured loan is backed by __________________.
a promise to repay the loan.
money from the financial institution.
collateral or something of value, posted by the borrower.
money from the government
9
The life of a CD (Certificate of Deposit) can range from a few ____________.
months to several years
days to a few months
weeks to several months
years to a decade
10
An account that allows you to save money, as well as make deposits and withdrawals
Checking
Savings
Certificate of Deposit
Money Market
11
Consumer credit can help a lender determine how much a borrower is charged to borrow money.
False
True
12
What is an interest rate?
The rate lenders charge borrowers for money
The non-interest portion of a loan.
The paying off of a debt with a fixed repayment schedule
The fee that is paid to borrow money
13
What is principal?
The non-interest portion of a loan
The fee that is paid to borrow money.
The paying off of a debt with a fixed repayment schedule
The rate lenders charge borrowers for money
14
A "want" is something _______________________.
that is important for you to have.
that is necessary for you to survive.
you do not need to survive
you would like to have
15
Wages, salary and commission are examples of what type of income?
Passive
Earned
Portfolio
16
Credit allows you to?
Receive an item right now and never pay for it.
Pay for an item right now, but receive it later.
Purchase an item right now and pay for it right now.
Purchase an item right now and pay for it later.
17
What is a credit score?
A score from a test given to borrowers by lenders
A number that represents how much money a borrower owes.
number that represents the risk a lender takes on a borrower
An average of all of a borrower's credit accounts
18
James earns 10% of every sale he makes. This is an example of:
Assets
Salary
Wages
Commission
19
A __________allows you to invest your money with a set interest rate for a pre-set period
savings
Certificate of Deposit
Money Market
checking
20
If you DO NOT have any collection accounts, does that have a negative impact on their score?
Yes
No
21
When budgeting, large expenses should be __________________.
taken from one paycheck
paid as they come up
divided equally between all paychecks
divided between two paychecks
