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Financial Literacy Unit Three Review:Vocabulary

Total questions: 65

Worksheet time: 33mins

Name
Class
Date
1.
What is the yearly fee charged for having credit called?
a)
Annual Fee
b)
Credit Card
c)
Over the Limit Fee
d)
User Fee
2.
What was the first credit card?
a)
Diner's Club
b)
Visa
c)
Discover
d)
Chevrolet
3.
What is a late fee?
a)
A fee charged by a credit agency when you pay your bill late
b)
A fee that is charged late at night
c)
An amount charge for letting you borrow money
d)
A delicious coffee like beverage
4.
What is the difference between a credit card and a debit card? 
a)
A debit card is subtracted from your checking account. A credit card is not attached to your checking account. 
b)
A credit card is subtracted from your checking account. A debit card has a credit limit. 
5.
The least amount that must be paid on a credit card each month is:
a)
Minimum Payment
b)
Late Fee
c)
Credit Limit
d)
money time
6.
How can a cardholder avoid paying interest on a credit card?
a)
Pay the balance in full every month
b)
Pay the minimum payment after its due date
c)
Do not pay anything
d)
Pay the minimum balance every month
7.
Do you NEED a new car?
a)
Yes
b)
No
8.
What is a typical overdraft fee charged by a bank?
a)
$1.50
b)
$5
c)
$11
d)
$35
9.
How often should you complete a budget?
a)
Hourly
b)
Daily
c)
Weekly
d)
Monthly
10.
What is the cost to you for using a credit card?
a)
Interest
b)
Late Fees
c)
Annual Fees
d)
All of the above
11.

What is debt?

a)

Money that is spent

b)

Money that is owed because of borrowing

c)

Money that you lend to others

12.

Credit means you ________now and ________ it back later.

a)

Borrow, Pay

b)

Pay, Borrow

c)

Pay, Pay

13.

Credit Card is a type of what?

a)

bond

b)

Loan

c)

savings

14.

Types of credit include: Credit card, Installments, Mortgage and

a)

debit card

b)

rewards card

c)

Student Loans

15.

What fee is associated with a car loan

a)

Annual Percentage Rate (APR)

b)

Introductory

c)

Emotional

16.

Select all that is a form of Good Debt

a)

Mortgage

b)

Credit Card

c)

Student loan

d)

Macy's Credit card

17.

What is the best way to manage credit and debt?

a)

use rewards

b)

spend now worry later

c)

Make big purchases

d)

set goals and budget

18.

Select all the main credit card types

a)

VISA

b)

Mastercard

c)

American Express

d)

Disney

19.

What is a mortgage?

a)

Car loan

b)

business loan

c)

Home loan

20.

Having bad credit can affect what for a person?

(a)  

21.

Everything that's said on TV and by the media is true.

a)

True

b)

False

22.

Debt is a wise financial choice because of the rewards you get back.

a)

True

b)

False

23.

It is a myth that car payments are a way of life and you'll always have them.

a)

True

b)

False

24.

You can do everything with a debit card that you can do with a credit card except:

a)

Rent a car

b)

Buy a car

c)

Go into debt

d)

Buy stuff on Amazon

25.
Which of the following statements is true about Debt? 
a)
Debt is the amount of money you have in your checking account.
b)
Debt is the amount of money you have borrowed from a person or a business.
c)
Debt is the ability to borrow money.
d)
Debt is the amount of money you have in a savings account. 
26.
What are some of the most common forms of debt?
a)
Mortgages
b)
Auto loans
c)
Credit card debt
d)
All of these options are correct
27.

Paying of debt can tie up your future earnings.

a)

True

b)

False

c)

Depends

28.

Usually, debts help you earn more money.

a)

True

b)

False

c)

Depends

29.

Managing debts requires extra record-keeping.

a)

True

b)

False

c)

Depends

30.

It's always a mistake to go into debt.

a)

True

b)

False

c)

Depends

31.

It costs money to be in debt.

a)

True

b)

False

c)

Depends

32.

Some debts are also investments.

a)

True

b)

False

c)

Depends

33.

Late payment fines add to your debt.

a)

True

b)

False

c)

Depends

34.

Being in debt means you ______ someone money.

a)

owe

b)

lent

c)

stole

d)

ate

35.

If you ________ money, you must pay it back with interest.

a)

borrow

b)

burrow

c)

budget

d)

budgie

36.

To avoid ______, make loan payments by the due date.

a)

fines

b)

phines

c)

finances

d)

feigns

37.

Some debts, like home loans, are _______ for the future.

a)

investments

b)

invistments

c)

entitlements

d)

intitlements

38.

A good credit rating shows that you are ________.

a)

wealthy

b)

welthy

c)

responsible

d)

risponsible

39.

Lenders seldom loan money to people who prove to be poor credit _________.

a)

rinks

b)

employers

c)

risks

d)

empoyers

40.

Which of these activities helps you get a GOOD credit rating?

a)

paying cash for everything

b)

missing a payment

c)

making payments on time

41.

Which of these activities can lead to a poor credit rating?

a)

not paying your bills

b)

getting a loan

c)

paying off credit cards

42.

If you are an "unknown credit risk," you will have to ________.

a)

establish a credit history

b)

forget about borrowing money

c)

miss a few debt payments

d)

only use cash

43.

If the store keeps your purchase until it's paid for, you're using an _________ plan.

a)

installlment

b)

instillmint

c)

installment

d)

enstallment

e)

enstallmint

44.

If you take home your purchase and pay installments, you're using a ____ __ _____ plan.

a)

rent-to-own

b)

rent-two-own

c)

rent-too-own

d)

rent-to-uwn

e)

rint-to-own

45.

If you get behind on your rent-to-own installments, the store can ________, or take back your purchase.

a)

repossess

b)

reepossess

c)

repossis

d)

reposted

e)

repostess

46.

Make sure you get a ________ if a store sells your layaway item.

a)

refund

b)

receipt

c)

refurb

d)

reciept

e)

reefund

47.

An installment plan is where...

a)

customers pay for expensive items, in equal payments over a period of time

b)

customers pay for expensive items whenever they have the money

c)

customers pay for half up front and then half later when they get their item

d)

customers pay a fee to have their purchase installed in their home

48.

What is 10% of $2415.60 (rounded to the nearest cent)

a)

$2415

b)

$241.56

c)

$24156.00

d)

$2.42

49.

What is a downpayment?

a)

an amount equal to tax

b)

a percentage of the total cost of the item that is paid at the beginning

c)

an amount of money that is paid every month on an item

d)

that last payment that is made on an item before you own it

50.

How much is a 10% down payment on an item that costs $5800?

a)

$5800.00

b)

$580.00

c)

$58.00

d)

$5.80

51.

What is one problem with installment plans?

a)

You have to pay too much in the beginning

b)

It's too difficult to spell

c)

You have to pay GST every month on the payments

d)

The price you pay over a year or two years is MORE than what you would pay if you pay up front.

52.

How much is a 10% down payment on an item that costs $7000?

a)

$5800.00

b)

$700.00

c)

$58.00

d)

$5.80

53.

One good way to lower the cost of a loan is to _________.

a)

pay high interest

b)

take several years to pay

c)

make a large down payment

d)

pay the minimum balance every month

54.

Another way to save on a loan is to _________.

a)

accept a car dealer's financing

b)

shop for the best loan bargain

c)

apply jointly with someone

d)

pay the highest interest possible

55.

To get approved for a loan, you must ________.

a)

plan to pay it off early

b)

first pay all the interest

c)

fill out an application

d)

finance a car

56.

A person jointly applying for a loan with you must _________.

a)

pay an extra finance charge

b)

pay off the loan if you don't

c)

not be asked any questions

d)

share the loan money with you

57.

Many dealers offer to ________ large purchases.

a)

finance

b)

fineance

c)

financ

d)

fenance

58.

The loan ________ is the amount borrowed, not including interest.

a)

principal

b)

principle

c)

prinsible

d)

princepel

59.

If you make a large d____ p______, you won't have to borrow so much.

(a)  

60.

Your total ________ includes everything you earn, including wages and interest.

a)

income

b)

encome

c)

in comes

d)

incom

61.

The less money you borrow, the _________ you'll pay in finance charges.

a)

more

b)

less

c)

greater

d)

interest

62.

A high-interest loan will be _______ costly than a low-interest loan.

a)

more

b)

less

c)

interest

d)

principal

63.

_______ usually offer the best loan rates.

a)

Banks

b)

Dealers

c)

Stores

d)

Goats

64.

Watch out for lenders who fine you for paying off a loan _______.

a)

on time

b)

early

c)

late

d)

entirely

65.

What is an APR?

a)

The actual percentage rate.

b)

The annual percentage rate.

c)

The all purpose rate.

d)

The average percentage rate.

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