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