CFM UNIT 0 QUIZ

WHAT IS INCOME?

• A payment that is made/money taken directly from your bank account.

• When you have a job

• The money you receive from your job or business

• Being able to borrow money or get something of value that you will pay back later.

WHAT IS DEBIT?

• A payment that is made/money taken directly from your bank account.

• Assistance you receive from the government

• Money you receive on a regular basis from adults

• Being able to borrow money or get something of value that you will pay back later.

WHAT IS CREDIT?

• The money you receive from your job or business

• Things that you make or a service you provide

• The money you make hourly

• Being able to borrow money or get something of value that you will pay back later.

WHAT ARE WAGES?

• The money you make annually

• Money you receive on a regular basis from adults

• The money you make hourly

• The income you get

SARAH BRAIDS HAIR ON THE WEEKENDS. HER AUNT PAYS HER FOR THE HOURS SHE WORKS. THE MONEY SARAH RECEIVES IS AN EXAMPLE OF WHAT TYPE OF INCOME

TRUE OR FALSE. IF DAUDA LOST HIS JOB AND NOW RECEIVES UNEMPLOYMENT PAYMENTS FROM THE GOVERNMENT EVERY WEEK THIS IS A TYPE OF INCOME.

ELIER IS GOING TO PURCHASE A LAPTOP FOR $2,300. WHAT IS FORM OF PAYMENT HE SHOULD USE?

• CREDIT CARD - HE WILL EARN POINTS

• DEBIT CARD - THE MONEY WILL COME OUT OF HIS BANK ACCOUNT

• CASH - HE SAVED THIS MONEY

ESCARLET NEEDS CASH TO BUY HER LUNCH. SHE GET MONEY OFF OF HER DEBIT CARD. WHAT WILL SHE BE CHARGED?

• LATE FEE

• OVERDRAFT DEE

• ATM FEE

• TAX FEE

WHAT ARE THE BENEFITS OF DEBIT CARDS?

• They’re highly convenient.

• They typically don’t have any annual fees.

• They don’t charge interest.

• All of the above

IF NOELY ONLY USES HER DEBIT CARD WILL SHE BE ABLE TO BUILD UP HER CREDIT SCORE?

• YES

• NO