Finances and Personal Credit Review

A short term financial goal is anything you want to achieve WITHIN a year

• True

• False

Debt is unavoidable part of life for most people

• True

• False

The term APR stands for Annual Percentage Rate

• True

• False

The average interest rate of a savings account is between 0.5% to 1.00%

• True

• False

The three big credit card companies in North America are...

• Visa, American Express, Discover

• Mastercard, American Express, Visa

• Mastercard, Venmo, American Experess

• Visa, Mastercard, Discover

Assets that depreciate the most in value include houses and classic artwork

• True

• False

A withdrawal is...

• The amount of money you are putting down on a big purchase

• The dollar increase in the price of goods and services that happens over time

• Money being taken out of your bank account

• Money being put into your bank account

Overdraft is...

• The money that gets put into your bank account, usually in the form of a cheque

• When you make a large purchase and you don't have the total amount of money, the bank will charge this

• The amount of money you are putting down on a big purchase

• Money being put into your account

Deposit is...

• Money you are putting down for a big purchase

• Money that you are taking out of your bank account

• Money that goes into your bank account, either by yourself or an employer

• Money being taken out from your pay cheque (taxes or for retirement)

Down payment is...

• The amount of money you are putting down for a large purchase

• The money that you take out of your back account

• The money that goes into your account, usually in the form of a cheque from an employer

• The dollar increase in the price of goods that happens over time