100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Financial Literacy - Final Exam Questions and Answers $12.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Financial Literacy
  4.  
  5. Financial Literacy

Exam (elaborations)

Financial Literacy - Final Exam Questions and Answers
 5 views  0 purchase
  • Course
  • Financial Literacy
  • Institution
  • Financial Literacy

Interest - Answer-The amount owed for borrowing money To earn as much interest as possible, you should open a savings account that earns __ interest and has the __ interest rate. - Answer-Compound, Highest How do you earn more interest? - Answer-High interest rate and leave money in account f...

[Show more]

Preview 2 out of 6  pages

Document information

  • October 12, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial literacy final exam questions and answ
  • interest answer the amount owed for borrowing mo

Written for

  • Financial Literacy
  • Financial Literacy

Seller

avatar-seller
lectknancy

Reviews received

Content preview

Financial Literacy - Final Exam
Questions and Answers
Interest - Answer-The amount owed for borrowing money

To earn as much interest as possible, you should open a savings account that earns __
interest and has the __ interest rate. - Answer-Compound, Highest

How do you earn more interest? - Answer-High interest rate and leave money in
account for long amount of time

You open a saving account that earns compound interest. Which way will you earn the
MOST money? - Answer-Compounding Daily

What is an example of a savings vehicle? - Answer-Certificate of Deposit and Money
Market Account

Which is true about saving vehicles? - Answer-People should evaluate different forms of
saving vehicles based on their needs.

Which savings vehicle requires a high minimum balance? - Answer-Certificate of
Deposit

What account gives you the LEAST access to your money? - Answer-Certificate of
Deposit

The purpose of a budget is to... - Answer-Help plan how you will spend the money you
earn / receive

When it comes to saving money, a good rule of thumb is .. - Answer-Put aside money
for savings each month

Three parts of the Federal Reserve System are the Reserve Banks, the Federal Open
Market Committee and the .. - Answer-Board of Governors

What is NOT a responsibility of the Federal Reserve? - Answer-Establishing a federal
budget

Credit unions... - Answer-1. Typically owned and run by members
2. Limit membership to certain people or groups

What type of account is the MOST liquid? - Answer-Checking Account

, Savings accounts usually offer __ interest rate than checking accounts. It is __ to
access your money in a savings account than in a checking account. - Answer-Higher,
harder

Which part of the check is the least important? - Answer-Memo line

Typical account fees consist of.. - Answer-ATM fee, service Fee, Minimum balance fee

Best strategy for avoiding ATM fee? - Answer-Use ATM's in banks network

What is the purpose of balancing and monitoring you checking account? - Answer-Help
calculate how much money you have in your account

Best way to ensure the accuracy and safety of your account is to.. - Answer-Monitor
your online accounts regularly.

Which types of payments require you to pay upfront? - Answer-Money Order
Cashier's Check
Pre-paid Card

Debit Cards - Answer-Allow you to draw funds directly from your checking account.

Which payment method typically charges the highest interest rate? - Answer-Pay day
loans

What type of payment can help you stick to a budget? - Answer-Debit Cards

If you carry a large amount on your credit card, you should look for.. - Answer-Low APR

Annual percentage rate on credit cards determine.. - Answer-amount of interest you are
charged on credit card purchases

Minimum payment - Answer-Paying a small portion of your total credit card debt

What causes an increase in credit card APR - Answer-Missing credit card payment

Credit Card Balance - Answer-Amount of money you still owe to the credit card
company

Which is NOT a common credit card fee? - Answer-Minimum payment

What is true about credit scores? - Answer-Reflect how individuals are to repay debts
Scores range from low 300-800
Each person has 3 credit scores

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77858 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart