Personal Finance Fundamentals - Banking, Budgeting, and Credit

University:
California State University, Northridge
Course:
FIN 302 | Personal Finance
Academic year:

2021
Views:

294

Pages:

1
Author:

Carissa Thomas

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