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QuestionAnswer
All of the following would reduce Maria’s checking account balance, EXCEPT… Receiving a direct deposit from her employer
Usually, ______ are easier to reduce because they change monthly, compared to ______ which are set costs you pay monthly variable expenses; fixed expenses
To calculate the net price for a college, you... Subtract any grants and scholarships from the sticker price
A cover letter is… A part of a job application that illustrates why you would be a good fit
All of the following are common benefits of mobile banking, EXCEPT Avoid all banking fees, like overdraft fees
Which of the following is an example of a dark pattern? A subscription service that requires you to call customer service to cancel
Mia’s renters insurance has a $15 premium, $250 deductible, and $100,000 coverage limit. Her $550 bike is stolen. Who pays? Mia pays $250; her insurance pays $300
What is the benefit of compounding in savings accounts? It yields larger returns than simple interest
Shirley’s take-home pay, aka her _____, was lower than she expected because of _____ taken out for taxes and retirement. Net pay; deductions
How is putting money in a savings account different from investing in the stock market? Saving is best for short-term needs; investing is best for long-term goals
Which of the following best describes a credit report? A detailed record of your borrowing and repayment history
Compared to alternative banking services (e.g. check cashing), traditional banks… Offer more consumer protections
Which of the following actions is most recommended after a job interview? Sending a personalized thank you message
Which answer correctly pairs the type of auto insurance coverage with its description? Collision coverage: covers the cost of damages to your car from a crash
Sayeed has an extra $100 to pay down his debts. To minimize his total interest, which debt should he pay off first? His credit card: $2,500 at a 19.5% interest rate
It’s January and Tim is preparing to file his taxes. Which of the following steps is INACCURATE? Tim has until February 15th to file his taxes
Which investment automatically adjusts your asset allocation over time? Target Date Fund (TDF)
Which of the following is TRUE about a secured credit card? Secured credit cards have a spending limit equal to the deposit amount
If you are in the 22% marginal tax bracket, that means You will pay a 22% tax rate on your last dollar earned
Which step will help prevent identity theft? Fatima regularly checks her bank statements for any suspicious transactions
How are student loans different from scholarships and grants (S&G)? Loans need to be repaid; S&G do not
Which of the following correctly pairs the term with its definition? Interest rate: the rate charged for borrowing money
Risk pooling is a process where... Insurance companies spread risk out over a large group of people
All of the following strategies will reduce how much interest you pay on a loan, EXCEPT… Extending the loan term
Which of the following is an example of the Pay Yourself First budgeting strategy? Keith automatically deposits 15% of his paycheck into savings each month
The minimum payment on a credit card tells you the lowest amount you can pay that month in order to ___________________. Remain in good standing with the credit card company
Why would someone review your credit report? To evaluate how responsible you are with borrowing and repaying money
Which person is using the comparison shopping strategy? Mei checks prices at multiple stores before deciding which phone to buy
Which of the following is TRUE when taking out an auto loan? The amount of money you borrow is called the loan principal
Why is it important to fill out the FASFA? It determines your eligibility for federal financial aid, grants, and loans
Created by: random567
 

 



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