Unit 3 & 4 Pratice Test

Front

What is a disadvantage of using a credit card?

Back

You can spend more than you have.

Front

Which is an advantage of using cash?

Back

It is accepted almost everywhere in the US.

Front

Which method of payment should I use when mailing money? Options: Check, Cash, Credit Card, Debit Card

Back

Check

Front

What is the difference between Debit and Credit?

Back

Credit uses borrowed money or the bank's money, Debit uses your money.

Front

If the customer pays full balance by the due date every month, he/she doesn't have to pay _____________.

Back

interest

Front

Money is withdrawn directly from a checking or savings account.

Back

Debit Card

Front

For which of the following should you save: Purchase, Emergency Fund, Wealth Building?

Back

All of the above

Front

You should save money for three basic reasons: emergency fund, purchases and wealth building.

Back

True

Front

Net pay

Back

Income after all deductions have been paid

Front

What is the term for the amount you get paid after taxes are taken out?

Back

net pay