WorksheetsFinancial Allocation and Decision Making
Total questions: 17
Worksheet time: 10mins
What would be the effect of low interest rates on credit cards?
Fewer people would use credit cards
More people would use cash
More people would use credit cards
People would stop spending money
If a student must borrow money for college, which federal loan offers the best deal (repayment and interest rates)
Subsidized Stafford Loan
Plus Loan
Perkins Loans
Unsubsidized Stafford Loan
What does FAFSA mean?
Free Application for Federal Student Aid
Free Application for Free Student Aid
Federal Application for Free Student Aid
Free Application for Financial Student Aid
More and more people are using credit and debit cards to buy goods and services. Therefore, the use of _________ has become less popular.
loans
checks
money orders
money grams
When you think about similarities and differences between debit and credit cards, which statement shows the differences between debit and credit cards?
Credit cards deduct from bank account balances
Credit cards have monthly bills, and debit cards do not monthly bills
Credit cards deduct from you savings account while debit cards deduct from checking
Everyone is given a credit card by the bank but has to apply for a debit card
What is one method to avoid paying high interest rates on your credit card balance?
Use only credit cards issued by your banks
Pay for half the purchase with your debit card and the other half with your credit card
Pay the full balance of the credit card purchase by the due date.
Pay the full balance of the credit card
What is a credit card?
A card that allows you to pay the balance over a period of time, subject to interest
A form of financial aid that does not have to be repaid
A card that immediately deducts funds from your checking account
The removal of money from a bank account
What does zero liability protection means?
Consumers are not responsible for unauthorized transactions if their cards are lost or stolen.
Cards are guaranteed to be replaced within 3 business days of being reported lost or stolen
Consumers are given a replacement card for free if their cards are lost or stolen
All stolen cared a guaranteed to be found
The general term used to describe money received for college/higher education
Financial AED
Finances
Financed Education
Financial Aid
After searching several hours for her debit card, Sally was not able to locate her debit card. To avoid possible fraudulent charges what is the FIRST thing she should do?
Check her bank account activity
Withdraw all her funds (money) out of her account
Cancel all purchases she has made in past week.
Call her bank and report her card as lost or stolen
How does APR affect a consumer's choice in choosing a credit card?
Consumers usually do not worry about the card's APR
Consumers look for cards with a low APR
Consumers look for cards with a high APR
APR determines how much credit the consumers are given
Jamie is seventeen years old and is graduating high school a year early. Although he has been accepted in several Ivy league schools, he is unsure if he wants another 4-years of school or join the military. Instead he wants to broadening his horizons before making a final decision. Which of these would be the BEST option for Jamie to meet his goals?
Start college immediately
Go to technical college then a 4-year college
Take some time to travel before starting college
Join the military directly after high-school
Some students go to military before attending college. What would be the opportunity cost of that choice?
age and experience
a chance to see the world
an opportunity to fight for one's country
GI bill to pay for college instead of incurring student loan debt
Joseph has decided to wait one year after high school graduation to begin college. He thinks he might be interested in becoming a mechanical engineer like his dad. However, he is not completely sure. How could Joseph BEST spend his time before he begins college to ensure he chooses the best college major to best meet his goals.
Travel the world to decide on where he wants to live after college
Spend time with family and friends allowing him to refocus before beginning college
Work full time as a waiter saving as much money as possible before starting school
Intern where his father works, to determine if he is truly interested in mechanical engineering
Which of these is a disadvantage to only using credit cards to make purchases?
Less consumer protection
Credit cards are only useful when making online purchases
Few stores accept credit cards
Using credit cards will involve paying APR fees making the purchase higher
