Economics Personal Finance Final Exam

Which of the following is not a financial institution?

• Commercial banks
• Credit Union
• Loan Shark

Why is it important to create a budget?

• To make sure that you do not waste time
• To make sure you have time to hang out with your friends
• To make sure you have enough credit
• To make sure you control what you spend in order to avoid debt

Which of the follow is a question that creditors ask when determining a loan/interest rate for you?

• Can you pay them back?
• Do you have a good credit rating?
• Do you have collateral?
• All of these

Which of the following is true about open-ended, or revolving, credit accounts?

• Once you pay it off you no longer can use it
• Once you pay it off you can still use it
• Once you pay it off you can only use it for another year
• Once you pay it off you can use it for free with unlimited credit

What is the type of credit that once you pay it off it is 100% yours known as?

• Open-ended credit
• Lazerus credit
• Close ended account
• Ghost Credit

What are the two most common types of personal bankruptcy called?

• Chapters 8 and 12
• Chapters 7 and 12
• Chapters 8 and 13
• Chapters 7 and 13

True or False, a withdrawal is when money is taken out of your account, also known as a transaction, and a deposit is when you place money into your account

• True
• False

What is the most common type of draft for money today?

• Credit
• Dollars
• Checks
• IOU

What is the security number called that protects debit cards and most time, without it, you cannot use the debit card?

• Security Code
• PIN
• Social Security Code
• FAFSA

Which of these is not a form of withdrawal?

• Automatic Withdrawals
• Electronic Funds Transfers (EFTs)
• Plasma Withdrawals