Econ Test Unit 2: Personal Finance

One difference between a fixed rate card and a variable rate card, is that a variable rate card-

• doesn’t have a changing APR, or at least doesn’t change often.
• has an APR that changes from time to time and notification is not required.
• must first notify you before increasing the APR
• offers a variety of APR options so that you can choose what works best for you.

Many credit card companies offer ________ to use their cards, such as rebates, frequent flier miles, and “free” gift cards to popular stores.

• APRs
• incentives
• compound interest rates
• Tiered APRs

Which of the following terms refers to the number you are given based on key pieces of your credit history to calculate your score at the moment?

• APR
• Credit Limit
• Credit Score
• FICO Score Limits

Which of the following would be considered an excellent credit score?

• 100
• 300
• 600
• 800

What is the annual percentage rate for purchases for this credit card?

• 22.24%
• 19.24%
• 28.24%
• 37.24%

If you receive a cash advance from the ATM using your credit card, what percent in interest will you pay on that cash?

• 19.24%
• 22.24%
• 28.24%
• 37.24%

On 5/12/22 you go to Target and buy school supplies for $20.50. You then go to Starbucks and buy a drink for $6.50. What is your balance in your checking account at the end of the day?

• $27.00
• $473
• $479.50
• $527.00

What was your checking account balance at the end of the day on 3/14?

• $350.05
• $390.04
• $310.06
• $500.00

What was your checking account balance at the end of the day on 3/19?

• $204.81
• $310.06
• $415.31
• $350.05

According to the 50/30/20 budgeting rule of thumb, what percentage of your income should be spent on needs?

• 50%
• 30%
• 20%
• 0%