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WorksheetsIBT Final Review P2
Total questions: 35
Worksheet time: 18mins
How does your FICO credit score effect you?
The lower the score the better
Higher score higher interest rates on loans
Higher score lower interest rates on loans
It really doesn't have an effect
Who should you contact if you notice an error on your credit report?
Your bank
Credit reporting agency only
Company that provided the incorrect information only
Both the credit reporting agency and the company that provided the wrong information.
How often should you check your credit reports?
Every Month
Every 3 Months
Every 6 Months
Every Year
What balance should you keep your credit cards at or below to maintain a good credit report?
35%
25%
20%
30%
Which of the following is NOT a derogatory mark on your credit report?
variety of accounts
late payments
liens
bankruptcy
Fees
are really not that important
are the same at every institution
can not be avoided
should be researched carefully when deciding on a depository institution
A plastic card that is electronically connected to the cardholders depository account is...
Gift card
Debit card
Credit card
Rewards card
What is the difference between Online Banks and Online Banking?
Online banking is very insecure.
They are the same thing
Online banks are only online and have no building, while Online banking allows you to complete certain transactions on the internet and many types of banks have it.
Online banking is ONLY used for online banks.
This is borrowing money that you will need to pay back later with interest
Savings
Credit
Debit
Cash
An account for money not intended to be used for daily expenses.
IRA
Checking Account
Savings Account
Money Market Account
Provides quick access to funds for transactions and uses check & debit cards.
IRA
Checking Account
Savings Account
Money Market Account
Interest...
All answers are correct
is the price paid for using someone else's money
is something you can earn
is something you can be charged
What is the equivalent of FDIC for Credit Unions
ACUNA
NCAA
NAACP
NCUA
How much is covered under FDIC?
25% of your account balance
250,000
25,000
2,500,000
Which of these is not a type of depository institution?
Cloud
Commerical
Credit Union
Online
Take-home pay is another name for what?
Liabilities
Net Pay
Gross Pay
Cash Flow
What is a Student Holiday?
A day to catch up on sleep.
A day without Zoom calls.
A day where I don't need to check the calendar.
All of these.
How do I make a Google document shareable for IBT class?
Click Share, add Mrs. Glasgow's name, click Done
Click File, Make a Copy
Click Share, Change link to Gwinnett County Public Schools, Done
There is no way to Share in Google apps
What is a Digital Learning Day?
A day for me to get caught up on work
A day for me to take off
A day that I check eClass for an assignment that usually takes 5-10 min
Both A and C
What is the high and low possible credit score?
300-850
0-100
0-1000
350-800
What is the main difference between soft and hard inquiries?
Hard inquires are no longer used, but soft inquiries are.
Soft inquiries do not impact your score while hard inquires do
They are the same thing
Soft inquires are only for small lines of credit, while hard inquiries are for larger lines of credit
How long do late payments generally stay on you credit report?
15 years
2 years
10 years
7 years
What is the only authorized website to provide consumers with free official credit reports?
ftc.gov
AnnualCreditReport.com
CreditReport.gov
creditkarma.com
How often can you get a free credit report from each bureau?
Every 2 years
Every 6 month
Every 3 months
Every 12 months
What governs all of the credit bureaus?
Free Credit Score Act
Fair Credit Reporting Act
Future Credit Removal Act
Federal Credit Awareness Act
Which is NOT one of the credit bureaus?
TransCred
Experian
Equifax
TransUnion
This is when your planned spending is greater than you actual spending.
Budget realism
Budget surplus
Budget deficit
Budget equilibrium
This budget format requires each dollar to have a place in your budget (every dollar in goes out).
Zero-based
Incremental
Activity-based
Value proportion
This expense differs each time and may not be easy to estimate.
relative
fixed
variable
incremental
This expense occurs on a regular basis for the same amount each time.
Incremental
Fixed
Variable
Relative
Which is NOT a main purpose of a budget
Keep you from buying things you want.
Live within your income.
Achieve financial goals.
Plan for financial emergencies.
What is the Net Worth equation
Assets x Liabilities = Net Worth
Assets + Liabilities = Net Worth
Assets - Liabilities = Net Worth
Assets / Liabilities = Net Worth
Assets=$57,200
Liabilities=$27,000
Find the Net Worth
Not enough information
$30,200
$84,200
$57,200
This is the amount you have spent on various living expenses
Cash Outflow
Cash Inflow
Net Worth
Balance Sheet
This is the money you have to spend.
Balance Sheet
Cash Inflow
Cash Outflow
Net Worth
