Budget And Credit Review Question Preview (ID: 62882)


Review Over Budget, Banking, And Credit Terms. TEACHERS: click here for quick copy question ID numbers.

How many months of expenses should you have saved?
a) 3 to 6
b) 1 to 3
c) 6 to 9
d) 9 to 12

How much money should you have saved in your emergency savings?
a) $1,000
b) $500
c) $500
d) $750

What percentage of your paycheck should you put into your savings account?
a) 1% or 3%
b) 0%
c) 5% or 10%
d) 10% or 20%

The amount you pay on insurance is called?
a) payment
b) deductible
c) premium
d) insurance

What form of financial exchange involves directly transferring money from one bank account to another?
a) Debit card
b) Credit card
c) Electronic transfer
d) Mobile payment application

Which form of financial exchange provides a convenient way to make purchases without carrying physical currency?
a) Debit card
b) Check
c) Cash
d) Electronic transfer

What is a common form of financial exchange that allows individuals to send money to others using their smartphone?
a) Cash
b) Mobile payment application
c) Debit card
d) Check

What is the definition of a credit card?
a) A form of borrowing money with interest
b) A type of insurance policy
c) A government-issued financial aid
d) A tax refund payment

Which statement best describes a secured loan?
a) A loan with no collateral required
b) A loan where interest rates never change
c) A loan specifically for educational expenses
d) A loan backed by collateral such as a car or house

What is a characteristic of revolving credit?
a) Flexible spending limits
b) Fixed amount borrowed
c) One-time loan
d) Long-term repayment period

What does FICO stand for?
a) Federal Insurance Corporation
b) Fair, Isaac and Company
c) Free Information Corporation
d) Fun Included, Corn Optional

The largest portion of your credit score reflects your payment history, so what is one of the worst things you could do to negatively affect it?
a) pay off all your credit cards every month
b) borrow less money
c) pay back your loan with cash
d) miss a payment on a loan

Which of the following would be considered a good credit-to-debt ratio to help your credit score?
a) 100%
b) 75%
c) 25%
d) 50%

Which of the following would NOT be considered a main type of credit?
a) installment
b) taxable
c) mortgages
d) revolving

The ability to pay back money borrowed is...
a) Credit
b) Loan
c) Principal
d) Interest

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