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- Multiple ChoicePlease save your changes before editing any questions.
This type of interest "creates a mathematical explosion," and it can make you wealthy over time, or keep you in debt for a long time.compoundsinkingannual - Multiple ChoicePlease save your changes before editing any questions.Cost of credit expressed as a yearly percentageMortgagePrincipalAPRFinance company
- Multiple ChoicePlease save your changes before editing any questions.The cost of borrowed money, usually expressed as a percentage.interestsavings planscarcepurchase
- Multiple ChoicePlease save your changes before editing any questions.401(k), IRA, and Roth IRA are all examples of a __________ account.RetirementCollege SavingsLow InterestStock
- Multiple ChoicePlease save your changes before editing any questions.What does CD stand for when talking about investments?Calculated DividendCertificate of DepositCentral DollarCurrent Deposit
- Multiple ChoicePlease save your changes before editing any questions.A mutual fund allows investments to be ___________.SecuredGuaranteedDiversifiedMinimal
- Multiple ChoicePlease save your changes before editing any questions.This type of retirement account offered by employers to their employees allows them to set aside tax-deferred income. Sometimes employers will even match the employee contribution up to a certain amount.mutual fund401(k)Roth IRAsavings
- Multiple ChoicePlease save your changes before editing any questions.This type of schedule or table lists all payments of a loan, and tells the borrower how much of each payment goes toward the principal, as well as how much they will pay in interest over the life of the loan.delinquencyamortizationliquidity
- Multiple ChoicePlease save your changes before editing any questions.This term refers to the original amount of a loan OR the original amount of money invested.PrincipalInterestRebateFixed Rate
- Multiple ChoicePlease save your changes before editing any questions.This is just a savings account with a slightly higher interest rate because the saver commits to a longer saving period for a set amount deposited.C.D.debtbeneficiary
- Multiple ChoicePlease save your changes before editing any questions.This is an obligation of repayment, usually including principal plus interest; any time you owe someone money.compound interestemergency fundAPRdebt
- Multiple ChoicePlease save your changes before editing any questions.The first step of financial freedom;
$500 for teens; $1,000 for adultsmutual fundemergency fundsinking fund - Multiple ChoicePlease save your changes before editing any questions.The availability of money; how quickly you can convert it into cash in your hand is its _______.diversityliquidityyieldgratuity
- Multiple ChoicePlease save your changes before editing any questions.
The more liquid an investment, the more likely it is to have a higher rate of return.
True
False
- Multiple ChoicePlease save your changes before editing any questions.Term that applies to the ability to buy something now and pay for it later over a period of time (usually with having to pay a finance charge and/or the addition of interest).SavingsProfitBudgetingCredit
- Multiple ChoicePlease save your changes before editing any questions.
What is a credit score?
a three-digit score that tells lenders how much money you make each year.
A five-digit numerical rating that reflects how likely you are to repay your debt.
A three-digit numerical rating that reflects how likely you are to repay your debt.
A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts
- Multiple ChoicePlease save your changes before editing any questions.
Which of these terms could be used to describe debt in the form of a mortgage or car loan? (Choose all that apply.)
secured
unsecured
revolving
installment
- Multiple ChoicePlease save your changes before editing any questions.
Student loans can be subsidized (by the government) or unsubsidized, and cannot be discharged with bankruptcy.
true
false
- Multiple ChoicePlease save your changes before editing any questions.
Which budget item will most likely take up the largest percentage of your income at 25-30%?
transportation
housing
groceries
saving/investing