Which of the following financial institutions typically have the highest fees?

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Fall 2022

Exam

Term	Definition
Which of the following is NOT a common feature of a financial institution?	Access to investment products
Which of the following statements about check cashing companies is TRUE?	They charge high fees
Which of the following financial institutions typically have the highest fees?	Check cashing and payday loan companies
A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily	TRUE
Which savings account will earn you the most money?	One that compounds interest daily.
What should you do before you approach an ATM?	Check for any suspicious people lurking nearby.
A stock is ________.	A share of ownership in a company.
A mutual fund is _________.	A type of investment that invests in a mix of different types of investments.
Which of the following is a benefit of using a budget?	All of the above(Help)
What should be considered when setting a budget?	Needs, wants, and savings
Which of the following is NOT a good way to track your spending?	In your head
Which of the following expenses would be a good reason to spend money from an emergency fund?	Repair your laptop that you use for homework.
How can you ensure you don't go over your budget?	Round up your expense estimates to add a buffer
Making a good purchasing decision requires __________.	All of the above (product)
Which payment option is not accepted online?	Cash
Which payment option could have interest charged to you?	Credit Card
Which housing option gives you more freedom and more responsibility?	Buying a house.
Which method of payment actually is a form of borrowing money that needs to be paid back later?	Credit Card
Using a loan could help with the purchase of which of the following?	A house
Not managing your debt wisely can result in ________.	A decrease in your credit score
Paying only the minimum balance on your credit card can lead to...	paying more interest.
Credit cards can help _____________ when paid off on time regularly.	build credit history
Which of the following statements is true about education and lifetime earnings?	Generally, the more education you receive, the higher your lifetime earnings will be.
What is net pay?	The amount of money you're paid after all taxes and deductions are taken out of your paycheck.
What do taxes pay for?	Schools, government departments, roads, and emergency services

Created by: gp736034

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