問題一覧
1
which of these is an example of a fixed expense?
the insurance premiums you pay every month
2
your apartment rent,tickets to a concert, a pepperoni pizza, and your cell phone bill are all examples of…
expenses
3
which of the following items has the lowest unit price?
a 39oz bag of generic cereal for $4.68
4
on the first day of every month, Raina sat down at her computer, builds a spreadsheet, and allocates ALL of her income toward expenses or saving. There’s no dollar that is unaccounted for in her budget. Which strategy is Raina using?
zero-based budgeting
5
when making your budget, you realize that you will not earn enough money to cover all of your expenses. All of the following are suggested ways of balancing your budget, EXCEPT…
borrowing money from your friends every month to make up the difference
6
which piece of advice about budgeting for variable expenses is most useful
track your variable expenses for a few months to find your average monthly costs
7
which of these statements accurately describes fixed expenses in a budget?
they are often *hard to change and they usually make a *large impact on your budget
8
which of these housing is typically the largest single expense for American households?
housing
9
a household is defined as hours-burdened if their housing cost are greater than…
30% if their income
10
all of the following are benefits of hourly work, EXCEPT..
consistent paycheck
11
which statement best describes the main function of using the cash envelope system of budgeting?
you allocate your spending cash for wants into labeled envelopes so you are spending intentionally and sticking to your budget
12
if you receive inconsistent income, the best advice for budgeting is:
save a lot in months when you make a lot of money
13
jamari is working in a grocery store where he makes $22 and hour as an assistant manager. His work hours are irregular depending on the time of the year, so he has kept track of his total hours worked for the last 6 months. Use the table to calculate jamari’s average gross monthly income. Round your answer to the nearest whole dollar
$3,348
14
vanessa is a 56 year old lawyer, married, and a mother of 3 teenagers. Pierce is a 26 year old single dad to a toddler and a retail store manager. How would their needs and wants budgets compare.
their budgets would have different needs and different wants
15
How can compounding increase your investments growth?
by reinvesting your earnings to gain additional returns
16
which statement accurately describes the historical trends of the stocks market since its inception?
the value has gone up and down a lot, but overall has increased over time
17
if the one day performance of Super Duper Stock shows a -11.4% return, what can you assume about the longer term historical performance of their stock?
one day returns are far too short a time frame to make any assessment about past or future performance of Super Duper
18
if you want to maximize your investment returns, which of these suggestions would be the WORST advice?
make frequent trades and withdraw your short term earnings
19
how does a bond differ from a stock in your investment portfolio?
Bonds typically have lower returns and lower risk than stocks
20
when it comes to investing in the stock market, which of the following statements is TRUE?
the whole stock market value can go up even if some stocks values go down
21
the price per share for each of her investments today
22
what does it mean to have an investing portfolio that is diversified?
investing in different assets to spread out the risk to different markets
23
what is a dividend
a dividend is a payment a company makes periodically to owners of its stocks
24
which of the following is TRUE about investing?
it can help you grow your money through the power of compounding
25
which of these terms regarding bonds is NOT correct?
maturity: the recommended age a buyer should be when they purchase a given bond
26
all of these are true about late credit card payments, EXCEPT..
they are extremely rare occurrence among american credit cardholders
27
meghan asks 4 friends for advice on how to raise her credit score, which is currently at 650. which is the strongest piece of advice?
pay your credit card bill on time each month
28
which of the following actions would be included in your credit report?
you made your student loan payment on time
29
struggling to pay off excess debt can lead to all of these consequences, EXCEPT..
being fired from your job if your employer finds out you have too much debt
30
which student is most likely to have the highest credit score?
kareem has 3 credit cards that they pay in full every month and recently applied for a new line of credit
31
all of the following statements about predatory lending are TRUE EXCEPT…
they have a federally mandated maximum APR of 25%
32
why is it important to check your credit report regularly?
to identify potential errors for fraudulent activity
33
how is a secured credit card different from the the far typical unsecured credit card?
a secured credit card requires the borrower to put down a deposit to create their credit limit
34
theo reviews his credit report and decides to put a “red flag” on it. what does that mean?
new lenders will double check theos identity before approving a credit application
35
what is the highest FICO credit score you can obtain?
850
36
what is the purpose of a credit report?
to help lenders determine if you are qualified candidates for credit
37
a person has a credit utilization ratio of 25% and they open a new credit card without changing their spending. Which statement correctly describes what will happen to their utilization ratio?
utilization will go down because they are increasing their credit limit
38
if a potential lender checks your credit score and finds out it is above 750, which is most likely outcome?
you will receive a loan with low interest
39
which of the following statements about wages and household american debt is true?
wages have increased less than prices, and debt has increased
40
which of these parties is least interested in checking your credit score?
a college admissions office
41
which term refers to the maximum amount your insurance policy will pay out for covered claims in a given year?
coverage limit
42
the premium and deductible for your renters insurance policy have inverse relationship. what does that mean?
if u pay a higher premium, you will receive a lower deductible
43
which of the following people is likely to have the LOWEST auto insurance premium?
celine: 26 year old with a cheap car and no tickets
44
list these amounts in order from least to greatest
copay, deductible, out of pocket maximum
45
elijah has car insurance that includes collision coverage with deductible of $1,500 and a coverage limit of $25,000. after having an accident, he files a valid claim for car repair cost totaling $5,750. who pays?
elijah pays $1,500; the insurance pays $4,250
46
if nessa buys an umbrella policy of $2 million, she will…
have $2 million extra liability coverage over the liability limits of her auto and homeowners insurance
47
owen’s car was recently damaged while parked outside during a big hail storm. it will cost $425 to repair. what type of coverage would help owen pay for the repairs?
comprehensive coverage
48
what is a health insurance deductible?
the cumulative amount that you have to pay for medical cost before your insurance pays anything
49
insurance companies operate by charging each insured individual regular premiums and then using the collected money to make payments when people file a claim (for example, someone is an auto accident or needs to see a doctor). this concept is a known as..
risk pooling
50
a standard renters insurance policy will pay for each of the following claims EXCEPT…
a new roofing for the building