CE - 3.4.4 - Managing Your Money Quiz

What type of bank account allows you to store money for future use and provides a passbook for transaction logging?

• Savings Account

• Checking Account

• Money Market Account

• Certificate of Deposit (CD)

Which type of credit requires you to keep an asset as security until you repay the borrowed money?

• Mortgages

• Auto loans

• Department store cards

• Credit cards

What is the basic requirement for obtaining a credit card?

• Having a joint applicant with income

• Having a steady income

• Having a poor credit history

• Being at least 21 years old

What is the range of credit scores, with a higher score indicating a more suitable person to receive credit?

• 300-600

• 601-780

• 781-850

• 501-660

What type of credit allows you to borrow money up to a specific amount, with the credit limit increasing as you repay the borrowed amount?

• Revolving credit

• Auto loans

• Mortgages

• Department store cards

What is the impact of a poor credit score on personal finance?

• Increased job opportunities

• Reluctance from lenders to lend money

• Higher credit limits on credit cards

• Lower interest rates on loans

What is the impact of a poor credit score on job opportunities?

• No impact on job opportunities

• Limited job opportunities in finance-related positions

• Increased job opportunities

• No impact on financial positions within a company

What is the impact of identity theft on a person's credit score?

• No impact on credit score

• Positive impact on credit score

• Negative impact on credit score

• No impact on financial stability

What is the purpose of reconciling a bank account?

• To cross-check transactions in the checkbook register with the bank statement

• To open a savings account

• To apply for a credit card

• To obtain a credit score

Which of the following is an example of secured debt?

• A credit card that you signed an application for

• A student loan for college

• A loan for a new car

• A credit score inquiry that turns up a bad debt