Life Scenarios Post Test Review

You get $20 out of the ATM. you're making a(n)

• Claim

• Withdrawal

• Credit

• Expense

What's the difference between net pay and gross pay?

• Net pay is what you deposit into an account and gross pay is what you cash.

• Gross pay is what you get from a full time job and net pay is what you get from a part time job

• Gross Pay is your total paycheck and net pay is what you take home after taxes

What is a health insurance copay?

• The amount your insurance is required to pay for your doctor visit.

• The tip you give to the doctor if you think they did a good job.

• The amount you pay when you visit a doctor

• The amount you pay for insurance each month

What is the best way to create a budget?

• Save 50% and Spend 50%

• Divide your income into categories and plan how much you'll spend on each

• Spend as much as you want.

• Save as much as you can before you buy any wants

Why wouldn't every purchase you made show up on your account statement?

• Some take time to clear

• Your statement only includes suspicious purchases

• Your account statement only shows withdrawals, not purchases.

• Only purchases over $100 are included on your statement.

What is the fee called when you spend more money than you have in your account?

• Credit fee

• Copay fee

• Overdraft fee

• Stupidity fee

How often are you required to make payments on an auto loan?

• once a week

• once a month

• every other week

• Every time you get a paycheck.

What is the amount that you need to pay on medical expenses each year before your health insurance kicks in called?

• premium

• copay

• deductible

• highway robbery

If you pay off only the amount owed on your credit card each month, but don't pay it off completely, what's that called?

• Paying your dues

• Paying your balance

• Making your interest-avoidance payment.

• Making the minimum payment

Which of the following would you budget in "Utilities?"

• Your college savings fund

• Your car repairs

• Your grocery budget

• Your electric and heating bills