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Law and Finance Unit 2 Review

Total questions: 60

Worksheet time: 35mins

Name
Class
Date
1.
This account allows you to deposit money at a bank for safekeeping.
a)
Saving Account
b)
Checking Account
c)
Bill Account
d)
Casino Account
2.
This is the cost of using some other person's or bank's money.
a)
Interest
b)
Bill
c)
Principal
d)
Credit
3.
This account allows you to withdraw money, pay a bill, or make purchases easily.
a)
Checking Account
b)
Savings Account
c)
Market Money Account
d)
CD Account
4.
This allows you to withdraw cash from your account or make payments electronically.
a)
Debit Card
b)
Loan Account
c)
Signature Card
d)
Payday card
5.
The action enters money into an account.
a)
Deposit
b)
Withdrawal
c)
Loan
d)
Deduction
6.
This action removes money from an account, either at the bank or an ATM.
a)
Withdrawal
b)
Deposit
c)
Loan
d)
Credit
7.
This transaction removes funds from your account.
a)
Debit
b)
Credit
c)
Loan
d)
Deposit
8.
This action includes deposits or additions to your accounts.
a)
Credit
b)
Debit
c)
Loan
d)
Withdrawal
9.
Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
over spending fee
10.
Each purchase is a loan that is repaid later
a)
Debit card
b)
Credit card
c)
Both
11.
You can purchase an item now and pay for it later.
a)
Debit card
b)
Credit card
c)
Both
12.
Interest may be charged.
a)
Debit card
b)
Credit card
c)
Both
13.
It can be used to purchase goods and services.
a)
Debit card
b)
Credit card
c)
Both 
14.
If the card is lost or stolen, report it immediately.
a)
Debit Cards
b)
Credit Cards
c)
Both
15.
I will get a bill at the end of the month for this card
a)
Debit Card
b)
Credit Card
c)
Both
16.
More useful when you are short on cash in an emergency.
a)
Debit card
b)
Credit card
c)
Both
17.
a)
Debit card
b)
Credit card
c)
both
18.
a)
Credit card
b)
Debit card
c)
both
19.

What is an overdraft fee?

a)

A fee that the bank charges you if you spend more money than you have in your account.

b)

A fee that the bank charges you to have an account.

c)

A fee that the bank charges you for withdrawing money from an ATM.

d)

A fee that the government charges you for having a bank account.

20.

Which of the following things can you do to avoid overdraft fees? Select all that apply.

a)

Set up account alerts when you go below a certain amount of money in your account.

b)

Never spend any money.

c)

Check your account often to make sure you know how much money you have in your account.

d)

Call the bank before any transaction.

21.

Why is it a good idea to set up alerts for unusual activity on your checking account?

a)

In case of identity theft so that no one can steal your money.

b)

To help you keep track of purchases that you don't usually make.

c)

To help you keep track of your direct deposits.

d)

To help you know when your account is running low on money.

22.
How do you calculate the balance in an account, with interest?
a)
Subtract the interest from the principle amount
b)
Multiply the principle, rate and time
c)
Add the interest to the principle amount
d)
Add the principle amount and the time
23.

Your credit score determines how successful you will be in obtaining a loan

a)

True

b)

False

24.

Hard Inquires lower your credit score

a)

True

b)

False

25.

What is the most important factor of a credit score?

a)

Types of credit

b)

Payment History

c)

Amount of debt

d)

Inquires

26.

The highest FICO score possible is:

a)

1600

b)

1000

c)

850

d)

700

27.

A high credit score means you will have the highest interest rates when applying for a loan

a)

True

b)

False

28.

Applying for a credit card only affects your credit score if you use the card.

a)

True

b)

False

29.

Payment history accounts for around _______ of your credit score.

a)

1/2

b)

3/4

c)

35%

d)

90%

30.

Which of these show your credit history?

a)

Credit score

b)

Credit report

c)

Both

31.
Your credit score is not configured off of which of the following:
a)
Payment history
b)
Amount owed
c)
GPA
d)
Length of credit history
32.

Which of the following items can be found on a credit card statement?

a)

Payments made and new charges

b)

Fees and interest charged

c)

Year to date totals and how long it will take you to pay it off w/minimum only

d)

All of these

33.
Bank of America issues you a credit card with a maximum balance of $1,000.  This is an example of:
a)
Finance Charge
b)
Co-Signer
c)
Minimum Payment
d)
Credit Limit
34.

What type of FICO credit score is 570?

a)

Average

b)

Great

c)

Poor

d)

Excellent

35.

Which is an exceptional credit score?

a)

672

b)

555

c)

713

d)

813

36.

Which of the following probably has the highest credit score? Assume that all of them have made regular monthly payments on time.

a)

An 18 year old college freshman

b)

A 20 year old waitress with two active credit cards

c)

A 40 year old business owner with two cars, a house, and four active credit cards

d)

A 50 year old with five credit cards who rents his house.

37.

What does a credit score represent?

a)

The amount of years a person has been paying a loan.

b)

The amount of credit cards a person has.

c)

The credit history of a person.

d)

The amount of money a person has saved.

38.

what does the 50% represent?

a)

Resources

b)

Bills

c)

Needs

d)

Wants

39.

what is an example of a Bill your parents might have?

a)

Restaurant

b)

Party Supplies

c)

Birthday

d)

Electric

40.

An example of a fixed expense would be...

a)

Water

b)

Electric

c)

Mortgage or Rent

d)

Groceries

41.

Which is a Variable expense?

a)

Student Loan

b)

Car loan

c)

Rent

d)

Water

42.

What does the 20% represent?

a)

Bills

b)

Wants

c)

Needs

d)

Savings

43.

What is not an example of savings?

a)

College

b)

Rent or Mortgage

c)

Vacation

d)

Boat

44.

Which would be wise to save for?

a)

Birthday

b)

Car Payment

c)

College

d)

Shopping

45.

Why is savings important?

a)

To enjoy freedom

b)

To have money for fun things

c)

To plan for the future

d)

ALL the ABOVE

46.

What does the 30% represent?

a)

Bills

b)

Savings

c)

Wants

d)

Needs

47.

Should our wants outweigh our needs?

a)

yes

b)

no

48.

What does GPA stand for?

a)

Grapes Pears Apples

b)

Grade Point Advantage

c)

Grade Point Average

49.

What does GPA show?

a)

Your horoscope

b)

The average of your grades in all your classes

50.

True or False. GPA is an important factor colleges look at when deciding to admit students.

a)

True

b)

False

51.

True or False. I need a high GPA to get in anywhere.

a)

True

b)

False. There are options for ALL GPAS! But the higher the GPA, the more options you have!

52.

True or False. Many scholarships have GPA minimums to qualify.

a)

True

b)

False

53.

A grade of a D is worth

a)

1

b)

2

c)

3

d)

4

e)

0

54.

A grade of a C is worth

a)

1

b)

2

c)

3

d)

4

e)

0

55.

A grade of a B is worth

a)

1

b)

2

c)

3

d)

4

e)

0

56.

1.A plan for future spending and saving, weighing estimated income against estimated Expenses.

a)

Gross Income

b)

Debt

c)

Expense

d)

Budget

57.

2.The amount an employee earns once taxes and other items are deducted from his or her gross pay.

a)

Budget

b)

Debt

c)

Gross Income

d)

Net Income

58.

3.The state of owing money to another individual or business, or the amount of money borrowed.

a)

Gross Income

b)

Net Income

c)

Debt

d)

Budget

59.

7.The total amount of money an individual has earned before taxes are taken out.

a)

Net Income

b)

Checking Account

c)

Gross Income

d)

Overdraft

60.

8.The money an individual spends regularly for items or services.

a)

Budget

b)

Expense

c)

Checking Account

d)

Financial Plan

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