Semester 1 Review Quiz PF

Making the right choices with your money—managing your money—involves knowing how . . .

• Consumer decisions will affect your

  accounts

• Planning, saving, spending, and investing will define your financial portfolio

• Earning, budgeting, saving, spending, and giving affect your money

• To make bank deposits using registers with the appropriate transactions listed

What is The First Foundation?

• Build wealth and give.

• Save a $500 emergency fund.

• Open a checking account.

• Pay cash for college.

Tags

CCSS.7.NS.A.3

Personal finance is 20%_____________ and 80%_____________ .

• Cause; effect

• Head knowledge; behavior

• Behavior; head knowledge

• Reactions; behaviors

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

What are the Four Walls?

• Life insurance, car insurance, shelter, and transportation

• Utilities, college fund, transportation, and car insurance

• Food, utilities, shelter, and transportation

• Cell phone bill, car insurance, shelter, and money for the movies

The interest rate on a savings account determines . . .

• How quickly your money will grow over time

• How much money you need to have to open the account

• The amount of time your money will be in

  the account

• How much you will pay the bank to manage the account

Tags

CCSS.7.RP.A.3

Why do stores rarely advertise the full price of big purchases like smartphones?

• They are trying to keep their prices competitive

• Hiding the full price allows stores to change their pricing as the market fluctuates.

• They are trying to cheat you.

• By showing you only the monthly payment, they make the product seem affordable.

Tags

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.11-12.1

CCSS.RL.8.1

CCSS.RL.9-10.1

What is the Third Foundation?

• Create a monthly budget.

• Save for retirement.

• Pay cash for college.

• Pay cash for car.

Banks and lenders use credit scores to determine . . .

• A person's financial responsibility

• How successful someone is

• The likelihood that someone is able to

  repay debt

• How much collateral someone has available to put up for a loan

Tags

CCSS.HSA.SSE.A.1

Credit card companies make the most profit from____________.

• Incentive programs with banks

• Partnering with companies to offer rewards to customers

• Government tax breaks

• Charging interest to customers who only pay part of their monthly debt

What is the best way to avoid falling into debt?

• Use credit to pay for large expenses now so that you have plenty of time to pay it off.

• Use airline miles earned through a credit card to help pay for a vacation.

• Only buy things that you can purchase with cash.

• Take out a small loan for any purchases over $1,000.