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WorksheetsPF Final Review 1
Total questions: 12
Worksheet time: 12mins
You see an advertisement promoting a sale “for a limited time only!” with a countdown clock. Which bias is being used?
Herd Mentality
Loss Aversion
Hedonic Adaptation
Fear of Missing Out (FOMO)
Behavioral economics is …
The study of how rational people make economic decisions
The study of how irrational factors affect individual’s economic decisions
The study of how economies around the world interact with each other
The study of how investors choose which stocks to buy and sell
The Fear of Missing Out, or FOMO, is…
The effect of feeling a loss more than an equal gain
The anxiety that an interesting or exciting event is happening without you
Placing higher value on things you own
The opposite of YOLO (You Only Live Once)
People who are unbanked are most likely to...
Use a mobile banking app
Receive a monthly statement of their transactions
Deposit their checks at the ATM
Incur lots of fees at Check Cashers to access their money
Mobile or email alerts for your checking account can notify you of...(hint: choose 3 correct answers)
Low balances
Unusual activity
Deposits
Credit Card transactions
How can you protect your checking account when using online and mobile banking? (hint: choose 2 correct answers)
Use a strong password
Sharing your pin # with only 1 person in case you forget it
Connect to a secure WiFi network
Opt-out of alerts to notify you of unusual activity
Why is compound interest more beneficial than simple interest? (hint: choose 2 correct answers)
Your money grows faster when it is compounded
You earn interest on your interest
Fees for compound interest are greater than simple interest
Compound interest is hard to calculate, so fewer use it
How do you avoid paying interest on your credit card (or any other loan for that matter)?
Always make the minimum payment over time
Pay interest 1st, then pay what you can on leftover balance
Always make the full payment on time
Pay the principal 1st, then pay what you can on interest
Which of the following does NOT contribute to your credit score?
Your payment history
Which banks issued your credit cards
Your debt-to-credit ratio
Length of credit history
Using the High Rate Method of paying off debt, you...
pay off the loan which has the lowest balance regardless of the interest rate
put extra money towards loans with the lowest interest rate
put extra money towards loans with the highest interest rate
make one large payment on the loan with the highest rate
