Financial Literacy Final Review

Front

All of the following would reduce Maria’s checking account balance, EXCEPT… Writing a check to pay her rent, Using her debit card to buy groceries, Setting up an automatic payment for her utility bill

Back

Receiving a direct deposit from her employer

Front

Usually, ______ are easier to reduce because they change monthly, compared to ______ which are set costs you pay monthly

Back

variable expenses; fixed expenses

Front

To calculate the net price for a college, you...

Back

Subtract any grants and scholarships from the sticker price

Front

All of the following are common benefits of mobile banking, EXCEPT… Transfer money without visiting a bank branch, Deposit checks using your phone’s camera, Check your account balance at any time

Back

Avoid all banking fees, like overdraft fees

Front

Mia’s renters insurance has a $15 premium, $250 deductible, and $100,000 coverage limit. Her $550 bike is stolen. Who pays?

Back

Mia pays $250; her insurance pays $300

Front

What is the benefit of compounding in savings accounts?

Back

It yields larger returns than simple interest

Front

Shirley’s take-home pay, aka her _____, was lower than she expected because of _____ taken out for taxes and retirement.

Back

Net pay; deductions

Front

How is putting money in a savings account different from investing in the stock market?

Back

Saving is best for short-term needs; investing is best for long-term goals

Front

Which of the following best describes a credit report? A detailed record of your borrowing and repayment history, A summary of your monthly income and expenses, A list of all the bank accounts you have opened, A document that shows your current credit and balances only

Back

A detailed record of your borrowing and repayment history

Front

Compared to alternative banking services (e.g. check cashing), traditional banks…

Back

Offer more consumer protections