Unit 4 Summative Quiz
Quiz by Jessica Fitzgerald
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- Q1Which of the following is a characteristic of debit cards?potential for debtconnected to checking accountimprove credit scorepayments in the future30s
- Q2What is not a characteristic of online banking?brick and mortar bank (physical bank)secured paymentseasy money transferdigital wallet30s
- Q3What does the 50% of the 50/20/30 budget refer to?needsretirementsavingswants30s
- Q4Why should your budget change over time?gas costs moreyou like to travelyour financial goals are constantly changingyou have more kids30s
- Q5How could having a roommate improve your life?you would have less less privacyyou could have to clean up their messesyou could share costs and billsyou might have different sleeping routines30s
- Q6Which of the following is a fixed expense?a cost that you know is going to happen but the amount varies each timea cost that only happens once or twice a yeara cost that comes out of nowhere and surprises youa cost or bill that comes out on the same day of each month and is always the same amount30s
- Q7Which of the following examples is the Zero Balance budget?John allots himself $1000 of his $2000 income for needs, $600 for his wants, and $400 for his savingsTara stuffs envelops at the beginning of each month and that money is her spending budget for the whole monthKathy allots all of her expenses at the beginning of each month, making sure that every single dollar of income she has is given a purposeDarren makes sure that he puts money into his savings account as soon as he gets his monthly check so that he can make all his financial goals for the month30s
- Q8Which of the following is not a key characteristic when choosing where you would want to move?number of Chipotle locationscost of livingcommutejob availability30s
- Q9Which of the following is not a way to tell if a US $100 bill is fake?raised printing on the billcolor shifting on the liberty bell in newer billsglow in the dark eyes on the figureswatermark when bill is held up to the light30s
- Q10Which characteristic of money matches the following definition: restrictions on the amount of money in circulation ensure that the value of the money remains relatively stable (Federal Reserve System)divisibilityuniformitydurabilitylimited supply30s
- Q11
___________ refers to the amount of money you borrow when you start a line of credit.
Interest Rate
Principle
Term
Collateral
30s - Q12
APR is the _______________ over a year long period and represents the money you pay for borrowing the money in the first place.
Interest rate
Collateral
Term
Principle
30s - Q13
Secured lines of credit utilize _____________ so that if a borrower defaults on the loan, the lender has something of value to recoup their losses.
Interest Rate
Collateral
Principle
Term
30s - Q14
A ___________ rate loan is a loan where the interest rate will change over the lifetime of the loan depending on market conditions.
Variable/adjustable
Taco
Pancit
Fixed
30s - Q15
Credit card reward programs are designed to do…?
Provide a way for companies to get rid of their excess profits
Give back to the customers out of the kindness of a lenders heart
Attract customers who will maintain revolving balances on their credit cards that the company can charge interest on
Attract customers who will pay off their bills each month so they get the rewards without having to pay interest
30s