Financial Lit Unit 4: Money I Spend Assessment

A personal budget is used to track which of the following?

• Income and Expenses

• Income and Credit

• Necessities and Wants

• FIFO and LIFO

Which of the following are great ways for you to track your personal budget?

• All of the Answers

• Envelope System

• Paper Tracking

• Online and Software Programs

The envelope system of tracking expenses is used to control spending habits by budgeting cash into monthly expenses by placing them into specific envelopes.

• True

• False

Which are great ways to build and improve your credit score?

• Pay Bills On Time

•  

  All of the Answers

• Maintain Low Balances

• Keep Oldest Accounts Open

Which of the following is an attempt to acquire personal information through email, bogus website, pop up ads, etc. is called:

• farming

• pharming

• fishing

• phishing

If Vince charged $300 on his credit card with %18 APR and he paid his balance in full within the grace period, how much was re required to pay today?

• $3.00

• $300

• $182

• $236

Which equation best describes the way to solve simple interest?

• Interest Rate Months Principal=Simple Interest

• Interest Rate * Months = Simple Interest

• Principal * Interest Rate =Simple Interest

• None of the above

A ____________  is the compilation of financial data which lenders use to determine the creditworthiness of prospective consumers when it comes to lending.

• credit report

• credit score

• loan application

When shopping for a home; what is the maximum percentage of monthly net income you should dedicate towards your mortgage payment?

• 30%

• 45%

• None of the Answers

• 3%

Which one is not one of the three credit bureaus in the United States?

•  

  Transunion

• Equifax

•  

  None of the Above

• Transifax