Personal Finance Review

In Terms of credit, what does APR stand for?   

• Annual Penalty Rate
• Annual Payoff Rate
• Annual Payment Rate
• Annual Percentage Rate

Interest is:  

• The cost of borrowing money 
• A good thing to have to pay
• The amount of money that you borrow to buy something 
•  A word that we used in class but has no real meaning 

Co-signing a loan means you are just doing a favor for a friend and will not affect your credit

• True
• False
• True and is a good idea
• False and is a bad idea

Opportunity Cost is:

• Always an easy decision
• Something that you can see the effects of immediately
• Never has to do with money
• A trade off you make

Kaylee will save her allowance of $25 per month to purchase a $150 mp3 player in six months. This is an example of what type of goal?

• Short-Term Goal
• This is not an example of a goal.
• Mid-Term Goal
• Long-Term Goal

Something a person intends to acquire, achieve, or accomplish in the future

• Opportunity Cost
• Financial Planning
• Goal
• Trade-Off

What happens if you do not pay a credit card bill on time?

• Use your debit card
• You go into debt
• Declare bankrupty
• Pay interest

What is the safest way to pay for an item to avoid debt?

• Cash
• Check
• Credit
• Debit

Which card takes the money out of your account immediately?

• Credit 
• Debit

When do you start paying into Social Security?

• When you retire
• When you turn 30
• When you get a full-time job
• When you want to