What is the first step mentioned for building good money habits?

Write down your financial goals

Which of the following is a benefit of using a budgeting app? It automatically increases your savings, It eliminates all your debts, It guarantees high returns on investments, It helps you track and log your income and expenses

It helps you track and log your income and expenses

What does the interest rate on a loan represent?

The annual cost of a loan to a borrower, excluding fees

What additional costs are included in the APR that are not in the interest rate?

Mortgage insurance and closing costs

Why is the APR considered a better basis for comparing loans?

It is required by the Federal Truth in Lending Act

Why does the speaker refuse to do business with American Express?

They once upset his wife with a question.

What is the speaker's main concern with using Discover as a bank?

It is primarily focused on debt.

What type of bank does the speaker prefer to use?

Traditional banks with online capabilities

Why hasn't the speaker been inside a bank for years?

His accounting team handles transactions.

What is the speaker's view on online banking?

It lacks the personal touch he prefers.

Why does the speaker not recommend banking with very large banks?

They treat customers as numbers.

What type of banks does the speaker endorse?

Community banks and credit unions

According to the speaker, what is a disadvantage of being a branch manager at a large bank?

They cannot make significant decisions.

What is a major criticism of the 50/30/20 rule mentioned in the text?

It does not account for individual financial situations

What is the main advantage of the 50/30/20 rule according to the text?

It provides a starting point for budgeting

What is the first step in the debt snowball method?

List your debts from smallest to largest

What is the main advantage of the debt snowball method?

It provides quick wins to keep you motivated

What is the 'Debt-Free Date'?

The day you finish paying off all consumer debts.

What is the 'Minimum Payment'?

The lowest amount you are required to pay on a debt each month

What does 'Nonmortgage Debt' include?

All debts except for home loans

What is the 'Principal' in terms of debt?

The original amount borrowed without interest

What is the main criticism of the debt avalanche method?

It may take longer to see progress on the first debt

What is the 'Interest Rate'?

The percentage charged by lenders on the principal balance

Why is the debt snowball method compared to a snowball?

Because it gains momentum as you pay off each debt

What do stocks represent?

Shares of ownership in a company

Spring 2025 Pre/Post Test Personal Finance Flashcards

Student preview

107 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Why is having a good credit score important?

Back

It helps you get better loan terms.

2.

FLASHCARD QUESTION

Front

What is considered a good credit score according to FICO?

Back

670-739

3.

FLASHCARD QUESTION

Front

Which factor makes up the largest percentage of your FICO credit score? Options: Payment history, Credit mix, Length of credit history, Recent credit inquiries

Back

Payment history

4.

FLASHCARD QUESTION

Front

What is one benefit of having a good credit score?

Back

Easier credit approval

5.

FLASHCARD QUESTION

Front

How can you maintain a good credit score?

Back

Pay bills on time

6.

FLASHCARD QUESTION

Front

What does a credit utilization ratio reflect?

Back

How much of your available credit you are using

7.

FLASHCARD QUESTION

Front

What is one way to improve your credit score?

Back

Dispute errors on your credit report

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