Subjects /Economics /Assignments /

Understanding Personal Finance: Ch 18-2 Budgeting and Credit

Question 1

Multiple choice

  • A plan for making and spending money

  • A list of financial goals

  • A record of past financial transactions

  • A government's financial plan

Question 2

Multiple choice

  • The amount of money left over after subtracting expenses from income

  • The total amount of money spent on expenses

  • The amount of money borrowed from a bank

  • The total amount of money received as income

Question 3

Multiple choice

  • The total amount of money saved

  • The initial amount of money available for budgeting

  • A negative balance

  • A surplus of income over expenses

Question 4

Multiple choice

  • A direct payment for goods and services

  • The amount of money in a savings account

  • A financial reward for saving money

  • Permission to pay later for goods or services obtained today

Question 5

Multiple choice

  • The monthly interest rate charged on a loan

  • The annual cost of credit expressed as a percentage of the amount borrowed

  • The total amount of credit available to a borrower

  • The fee a bank charges for managing a checking account

Question 6

Multiple choice

  • The total amount of money that can be borrowed

  • Property pledged as security for a loan

  • The difference between the loan amount and the interest

  • A fee charged for late payment on a loan

Question 7

Multiple choice

  • Which of the following is a benefit of using credit?

  • Allows you to obtain something you want without waiting to save the entire purchase price

  • Reduces the total cost of expensive items

  • Guarantees an increase in your income

Question 8

Multiple choice

  • A government assessment of financial institutions

  • A list of all the credit cards owned by an individual

  • An estimate of a borrower's ability to repay a loan

  • The maximum amount of money a person can borrow

Question 9

Multiple choice

  • Banks and credit unions

  • Insurance policies

  • Debit card companies

  • Employment income

Question 10

Multiple choice

  • The APR and how it might change over time

  • The popularity of the lender among borrowers

  • The number of loans the lender has given out

  • The color and design of the credit card

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