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WorksheetsUnit 7 Review
Total questions: 29
Worksheet time: 17mins
What makes a savings account a better investment than a checking account?
They earn interest
They are in a bank
you can have more than one person on the account
they are more secure
With which type of account is a minimum balance fee associated?
Savings Account
Checking Account
Credit card
Home loan
With which type of account is an annual fee associated?
Savings Account
Checking Account
Credit Card
Home Loan
With which type of account is a mortgage payment associated?
Mortgage
Credit Card
Bank Fees
Renters Insurance
What is the main reason to use a personal budget?
To use technology
To stay out of debt
To learn what to borrow money for
to use excel
Which step in the budget-making process is the best way to offset an unexpected financial obligation?
To alphabetize your expenses
Writing down ONLY your monthly expenses
Reduce expenses in flexible categories
See all of your income
Which of these is an example of a fixed expense?
travel
entertainment
education
rent
What is a budget?
A type of savings account
A way to invest for retirement
A fund for emergencies
A financial plan that defines expenses for a period of time.
What is an emergency fund?
A savings account set aside for unexpected situations.
A way to invest for retirement.
Something most people don't need, because emergencies are rare.
An investment account that can grow over time.
What is income?
The amount you spend
The amount you don't save
Money taken in
What is meant by money being ACCESSIBLE? (select all that apply)
Anyone can get it easily
The owner can get it quickly
It takes a long time to get the money
The owner can get it easily
What is debt?
Money you have borrowed and need to pay back
Money you make from working at a job
Money you make from the government
Taxes that you pay when you buy something
What is insurance?
A service purchased to protect assets and income against financial loss.
A type of savings account where you put aside money for emergencies.
A type of investment account where you can buy shares of stock.
A kind of taxes charged by the government.
What is a credit score?
a three-digit score that tells lenders how much money you make each year.
A five-digit numerical rating that reflects how likely you are to repay your debt.
A three-digit numerical rating that reflects how likely you are to repay your debt.
A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts
