Money Matters Semester 1 Exam

Front

A social media influencer is someone who …

Back

has many followers who pay attention to their opinions.

Front

Banks make money by taking in deposits, making _______, and charging _______.

Back

loans, interest

Front

To take more money out of your account than is available​ is called?

Back

Overdraft

Front

What agencies insure banks and credit unions?

Back

FDIC and NCUA

Front

A sum of money borrowed for a certain amount of time is called a....

Back

loan

Front

When you take out a loan, ________ is added on to your total expense. The longer you have your loan, the more of this you will have to pay.

Back

Interest

Front

How are credit unions and banks different?

Back

Banks are owned by shareholders while credit unions are owned by members.

Front

Why is opening a bank account a smart way to save money?

Back

You can earn interest on money you place in a savings account, you can cash checks without paying a fee to a currency exchange, you can make sure your money is safe from theft.

Front

The more credit cards you have, the higher and better your credit score is?

Back

False

Front

The cost of credit expressed as a yearly interest rate is known as:

Back

Annual Percentage Rate (APR)