WorksheetsCredit, Savings, & Investing
Total questions: 23
Worksheet time: 12mins
Which account is the most liquid?
bond
savings account
CD
money market
the fee paid to borrow money
interest
deductible
credit
Schumer Box
A formal request for borrowed money
claim
credit inquiry
minimum payment
fees
The cost of credit expressed as annual rate:
APR
interest
late fee
transaction fee
If you lose your credit card but report it immediately, how much are you liable for?
$500
$50
$0
whatever someone charges to it
Out of the following, which lender is likely to offer the best terms (lowest interest rate and fees)?
banks
car dealerships
insurance agents
private mortgage insurance
If you have a good credit score, you will be offered:
lower interest rates
higher interest rates
ROI stands for
return on investment
rate of investment
rate of insurance
Credit card companies can charge a minimum interest rate, even if you pay off your balance in full.
true
false
What is the table that details all of the terms and features of a credit card, and has to be included in all credit card offers?
information table
disclosure
Schumer Box
In the 50-30-20 rule for budgeting, what number represents the recommended savings or debt repayment percentage?
50
30
20
none
Which term means how easily a savings or investment account can be turned into cash in your hand?
liquidity
minimum payment
asset
liability
An introductory rate is an interest rate that might only exist for a short period of time before it increases.
true
false
The recommended amount for consumers to borrow should be less than ___________ of their annual net income.
10%
20%
30%
50%
Can a lender ask you to provide proof of income before giving you money?
yes
no
only sometimes
A credit card is.....
closed end credit
open end credit
If you have no credit history, lenders will assume:
you are very good at borrowing money
you are not good at borrowing money
you have a large savings account
you pay your bills
A 401(k) is an investment account specifically for:
education costs
retirement
real estate
An auto loan is an example of:
closed end credit
open end credit
A 529 investment account is specifically for:
education costs
retirement
real estate
Credit cards that offer rewards might also have:
higher fees & interest rates
lower fees
no interest charges
a low minimum payment
Only paying the minimum payment on a credit card each month is a good way to repay your debt
true
false
Principal is the original borrowed amount before interest was charged or payments were made.
true
false
