Personal Finance Corrections

When making food decisions, which is likely to be the least expensive?

Convenience Foods

A record of how you have repaid your credit obligations

Credit History

A detailed record of your personal credit and financial transactions

Credit Report

Red Financial is a financial institution owned by a group of shareholders. They are insured by the FDIC and offer a large range of financial services and personal financial planning. Red financial also makes large profits, which the stockholders like. Based on this information, which type of financial institution is Red Financial?

Credit Union

Refer to the question above. How much will Lisa need to save each month to reach her goal?

$50

In general, who would most need life insurance?

A young married couple with small childre.

Using a credit card for purchases is a low-interest way to buy now and pay later

False

Which type of insurance does a person need if they wish to continue to receive a paycheck while they are out of work due to an injury?

Health

Which TWO scenarios would be MOST negatively affected by unanticipated inflation? Scenario 1: banks that loaned money at a fixed rate Scenario 2: people on a limited income Scenario 3: farmers with fixed-rate mortgages Scenario 4: businesses that profit from credit sales Scenario 5: convenience stores that sell staple goods Scenario 6: thrift stores that sell refurbished or used goods

Scenario 1 and Scenario 2

Chad has decided to rent an apartment and is gathering information to be sure he has enough money saved for all the expenses when he moves in. His landlord explained to him that he would need to pay a refundable fee to cover any potential damages that might occur while Chad is living in the apartment. This fee is called the:

Security Deposit

You can apply for a credit card at each of the following places except

The local post office

Banks pay depositors interest to put money in the bank. When someone takes a loan from a bank they must pay interest back to the bank. Which statement about these two interest rates is correct?

The rate banks pay is regulated by the government and the rate they charge is not

Credit unions and banks provide the same types of financial services

True