Unit 5 Personal Finance Assessment - Zalin Dennard | Biblioteka

10

What is debt?

Money or goods owed to another party, representing a loan you promise to repay

Money or goods that does not have to be payed back to another party, representing a loan you promise to repay.

Money that a bank owes to its customers

The amount of money you have available to you to borrow

10

What are the three main sources of tax revenue?

10

Your abilities include:

Things you do well

Your mental competence

The skill you need to do something

All of the above

10

Interest is the fee received for the use of money.

Tačno

Netačno

10

Who uses financial institutions?

Adults

College graduates

Almost everyone who maintains a savings or checking account, uses debit or credit cards, or needs a loan

Account holders with lots of cash

10

Identify the incorrect statement.

A debit card allows for an immediate electronic transfer of money from a cardholder’s savings or checking account.

A debit card is essentially a paper check but doesn’t require the processing time a check does.

A debit card is handy in an emergency when you don't have the money to spend.

A debit card is a pay-now payment type with no grace period for payments.

10

A bank is a not-for-profit financial institution.

Tačno

Netačno

10

Lenders use credit agencies to determine:

An applicant’s credit score

An applicant’s credit history

Whether an applicant has any outstanding debt or defaults

All of the above

10

When lenders lend money to borrowers, they charge an additional fee for the use of their money. This fee is called

Debit

Stock

Interest

Credit

10

An example of a financial institution is:

A department store

A bank

A school

An ATM machine