Question 1 options:

cash flow statement

budget plan

financial plan

balance sheet

Question 2 (1 point)

Saved

Which of the following is true about effective budgets?

Question 2 options:

It should have a simple format

It must be realistic

It should be evaluated frequently

All of the above are true

Question 3 (1 point)

Saved

Which of the following best defines a Credit Union?

Question 3 options:

a user-owned, not-for-profit cooperative financial institution

a nationwide banking plan set up by the federal government to supervise banks

a bank that offers a full range of financial services

a federal agency that protects deposited money in case of bank failure

Question 4 (1 point)

Saved

Suppose you borrow $125 at a rate of 12% for 2 years. Calculate the amount of interest using the formula for simple interest. How much interest will pay for this loan?

Question 4 options:

35

30

25

45

Question 5 (1 point)

Saved

Which of the following is a Fixed Expense?

Question 5 options:

food

Car payment

utilities

clothing

Question 6 (1 point)

Saved

What is the first step for creating a budget?

Question 6 options:

maintain financial records

plan budget categories

set financial goals

evaluate your budget

Question 7 (1 point)

Saved

American Express is an example of which type of credit card?

Question 7 options:

retail store card

charge card

bank card

affinity card

Question 8 (1 point)

Saved

Which of the following is an advantage of using credit?

Question 8 options:

overbuying

lower credit rating

higher prices

convenience

Question 9 (1 point)

Saved

This is attached to your paycheck (or sent to you electronically) and lists your gross pay, net pay, and taxes paid for a specific time frame.

Question 9 options:

tax return

paycheck stub

pay receipt

cash flow statement

Question 10 (1 point)

Saved

Which of the following best defines the Federal Reserve System?

Question 10 options:

a user-owned, not-for-profit cooperative financial institution

a federal agency that protects deposited money in case of bank failure

a nationwide banking plan set up by the federal government to supervise and regulate banks

a bank that offers a full range of financial services

Question 11 (1 point)

Saved

The first document that must be completed when opening up a checking account is the .

Question 11 options:

deposit slip

reconciliation statement

signature card

check register

Question 12 (1 point)

Saved

The remaining amount of your paycheck after taxes and deductions are taken out is called your .

Question 12 options:

net pay

total pay

cash outflow

gross pay

Question 13 (1 point)

An IRA is which type of income source that can be used during retirement?

Question 13 options:

social security

pension

annuities

retirement account

Question 14 (1 point)

Which of the following best defines the FDIC? (Federal Deposit Insurance Corporation)

Question 14 options:

a user-owned, not-for-profit cooperative financial institution

a federal agency that protects deposited money in case of bank failure

a nationwide banking plan set up by federal government to supervise banks

a bank that offers a full range of financial services

Question 15 (1 point)

The main activity of a credit bureau is to .

Question 15 options:

calculate the cost of credit for lenders and borrowers

report information on the use of credit by consumers

determine when a person is overusing credit

contact the government when lenders over-charge for credit

Question 16 (1 point)

The money that is promised to be paid is called the .

Question 16 options:

principal

deposit

interest rate

payee

Question 17 (1 point)

Which of the following is a variable expense?

Question 17 options:

car payment

insurance

water bill

mortgage payment

Question 18 (1 point)

A legal process that reduces or eliminates ALL amounts owed. This is the last and final option to use when you can not pay your bills and credit cards. You claim .

Question 18 options:

Financial Emergency

Bankruptcy

Monetary Crisis

National Financial Debt

Question 19 (1 point)

A reputation for paying bills on time relates to a person's .

Question 19 options:

capital

collateral

character

capacity

Question 20 (1 point)

Another term for the amount of a paycheck after taxes and deductions are removed.

Question 20 options:

net worth

take home pay

cash inflow

earned income

sorry about all this