Economics Unit 5

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Match the definitions to their correct term: Employer-sponsored retirement account where the employer will match the funds that you invest.

401(k)

Which living situation has more flexibility in terms of moving? A) Renting a home B) Buying a home

A) Renting a home

Which living situation will be cheaper in the short term? A) Renting a home B) Buying a home

A) Renting a home

Match the definitions to their correct term: A charge you pay for withdrawing money out of a money machine not owned by your bank.

ATM Fee

Which living situation will be cheaper in the very long term? A)Renting a home B)Buying a home

B)Buying a home

Match the definitions to their correct term: Legal proceeding where a person attempts to have their debts cleared. Goes on their credit score for ten years.

Bankruptcy

In which of the following types of bank accounts would your money have the most liquidity? A)Money Market Account B)Savings Account C)Checking Account D)Certificate of Deposit

C)Checking Account

Your credit score can be used to determine all of the following except _____. A)Whether or not you will be approved for a credit card B)Whether or not you will be approved for a loan C)How much salary an employer will offer D)The interest rate you pay on loans

C)How much salary an employer will offer

Match the definitions to their correct term: Banking account that pays a fixed interest rate, but which prohibits withdrawals until the end of its term.

Certificate of Deposit (CD)

Match the definitions to their correct term: Banking account that allows you to make unlimited withdrawals, but pays no interest rate.

Checking Account

Match the definitions to their correct term: A rating that determines whether or not an individual will be approved for loans, and what interest rates they will pay.

Credit Score

Match the definitions to their correct term: Financial institution with fewer branches than commercial banks, but which pays higher interest rates and charges lower fees.

Credit Union

Which of the following would affect your credit score the most? A)Living in your parents' household. B)Having a low-paying job. C)Leaving a credit card account open for too long. D)Being late on your loan payments, or not paying them at all.

D)Being late on your loan payments, or not paying them at all.

Which of the following types of bank accounts would offer you the most interest on your money? A)Savings Account B)Checking Account C)Money Market Account D)Certificate of Deposit

D)Certificate of Deposit

Match the following definitions with the correct term: The free application you fill out to qualify for federal grant, work-study, and loan money.

FAFSA

True or False: The federal government does not allow banks to charge you a fee if there is too little money in your checking account.

False

True or False: When making a personal spending budget, you should save for retirement before paying the minimum payments on any loans.

False

Match the definitions to their correct term: Safety program purchased for homes, cars, and other property to reimburse you in case of damage or loss.

Insurance

Match the definitions to their correct term: Banking account that pays an interest rate, but limits you to a set number of withdrawals per month.

Money Market Account

Match the definitions to their correct term: Loan taken out to purchase a home.

Mortgage

Match the definitions to their correct term: Investment account for retirement. Government will not charge income tax on profits taken out of the account.

Roth IRA

Match the definitions to their correct term: Account that pays interest, but which prohibits withdrawals by check or debit card. Certificate of Deposit (CD)

Savings Account

Match the definitions to their correct term: Investment account for retirement. Money placed into it can be deducted from your taxable income.

Traditional IRA

True or False: The highest priority in your personal spending budget should be on the essentials of shelter and food.

True

True or False: You do not have to pay back federal student loans until after you graduate from college.

True

True or False: Your bank can charge you a fee if you use a 3rd-party ATM machine to withdraw money from your checking account.

True


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