
Understanding Family Expenses and Credit
Flashcard
•
Financial Education
•
11th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
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15 questions
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1.
FLASHCARD QUESTION
Front
Which of the following is an example of a planned expenditure that is typically paid monthly? Car insurance premium, College tuition, Electricity bill, Magazine subscription
Back
Electricity bill
2.
FLASHCARD QUESTION
Front
What is the main difference between a debit card and a credit card?
Back
Debit card purchases are deducted immediately from your bank account, while credit card purchases are billed later.
3.
FLASHCARD QUESTION
Front
Which of the following is considered "good debt"? Borrowing money to buy a designer handbag, Taking out a loan to start a small business, Using a credit card to pay for a vacation, Financing a new car with a high-interest loan
Back
Taking out a loan to start a small business
4.
FLASHCARD QUESTION
Front
What is the consequence of carrying a balance on a credit card?
Back
You are charged interest on the unpaid balance.
5.
FLASHCARD QUESTION
Front
Which type of credit requires a lump-sum payment for the full amount owed? Options: Installment closed-end credit, Revolving open-end credit, Noninstallment credit, Secured credit
Back
Noninstallment credit
6.
FLASHCARD QUESTION
Front
What is an annual fee in the context of credit cards?
Back
A yearly fee charged for having certain credit cards.
7.
FLASHCARD QUESTION
Front
Which of the following is a potential benefit of using credit? Immediate access to funds for large purchases, No need to repay the borrowed amount, Guaranteed approval for future loans, No interest charges on any balance
Back
Immediate access to funds for large purchases
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