U6 Study Test

Which of these is a common debit card fee?

• Bouncing a Check (not enough money in account to write the check)

• Using Direct Deposit

• Making a purchase with your debit card

• Having too much money in your account

What is a negative aspect of using a debit card?

• There is a higher interest rate on debit cards

• The use of a debit card does not improve credit scores

• Using a debt card increases your chance of occurring a debt

• Its not your money

What is an advantage of using a credit card over a debit card?

• You can negotiate prices

• You can delay payment

• Lower long-term costs

• More self control

What does it mean to use a credit card?

• You invest in a company

• You owe a debt

• You give to charity

• You put money in the bank

What happens if you do not pay your credit card in full at the end of the month? (For example, you just make the minimum payment)

• The Due date is changed

• The credit card is closed

• The Spending limit is raised

• You are charged interest

Why is paying only the minimum payment on a credit card an unwise financial choice?

• It increases the interest on it

• It is recorded in a financial report

• It requires the use of cash

• It results in lower wages

Bob has a high credit score and a long history of paying his debts on time. Which of these is most likely true about bob?

• He is probably going to go into bankruptcy

• He pays high interest on his debts

• He has issues organizing bills

• He makes responsible spending decisions

Which of these are a wise habit with credit cards

• 
  report a lost or missing credit card

• pay one credit card bill with another

• pay the credit card bill after its due date

• spend until you reach the credit card limit

What type of car would most likely raise your insurance?

• Crossovers

• Sedans

• Sports Cars

• SUV's

What is the name of A 3rd party holds money or property until certain terms are reached.

• Loanshark

• Agent

• Escrow

• Retailer