Personal Finance 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

What is a disadvantage of using cryptocurrency as a payment method? Options: Your identity is shared with the world since it is on a public ledger, Not all businesses accept it and transactions can't be changed, Transaction fees are higher than financial institutions due to the blockchain, You can pay from anywhere and don't have to go through a financial institution

Back

Not all businesses accept it and transactions can't be changed

Front

What are the two MOST important things you should take into consideration when choosing a health insurance plan?

Back

Costs of the plan and your medical care needs

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

Which of the following is an example of a dark pattern? A social media app that clearly shows you how to turn off notifications, An online store that applies a discount with a valid coupon code, A website that asks for confirmation before adding extra items to your cart, A subscription service that requires you to call customer service to cancel

Back

A subscription service that requires you to call customer service to cancel

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