Getting Started FL Video Review

Why is it a good idea to treat your savings account as a fixed expense each month?

• Money can be deposited before it is used for discretionary spending.

• It is another source of income.

• Loans can e paid off faster instead of spending the money.

• More income is earned by accruing more interest.

Which entities have access to your credit report?

• Banks who are considering loaning you money

• Credit card companies who are considering giving you an account

• Potential landlords who may rent you an apartment or house

• Potential employers who are looking for new employees with good credit

In which of the following choices are the expenses in the right order according to how they must be paid each month?

• Pay the fixed or discretionary expenses, then pay the variable expenses

• Pay the fixed and variable expenses, then pay the discretionary expenses

• Pay the discretionary expenses, then pay the fixed or variable expenses

• Pay the fixed expenses, then pay the variable and discretionary expenses

Which of the following is the first step you should take if your identity is stolen?

• Contact the bank and credit card companies where you hold accounts

• Contact the police to file a report

• Contact the fraud departments at all three major credit agencies

• Contact your parents

You have three short-term goals for the end of the school year which include: going to the lake with your friends, which will cost $200; putting a deposit on an apartment, which will cost $350 and putting a down payment on a motorcycle for $150. How should you achieve these goals?

• Ask your parents for help

• Use your college fund for your goals

• Use your emergency fund for your goals

• Save money each month for the next year

Fees for services are determined by which of the following?

• Each Customer

• Each Transaction

• Each Bank

• Each branch of a bank

If you have fixed and variable expenses which total $185 each month, you want to put $10 into savings, and you want $15 to go out with friends, how much money do you have to earn as "take-home pay"?

• $200

• $210

• $220

• $225

Which piece of information will you most likely NOT have receipts for when reconciling your bank statement manually?

• Deposits made through the mail

• Withdrawals made online

• Interest earned on an account

• Deposits made at the drive-up teller windows

Why is considering the location of a bank is important?

• Headquarters

• Vault

• Bank employees' homes

• ATMs

The conversion of a message into code is known as which of the following?

• Encryption

• Firewall

• Itemization

• Reconciliation