Financial Literacy – Standard 4 Test Review



Name: ______________________________________________Period: __________________What is a budget?In a budget, what is the difference between fixed, variable, and periodic expenses?Explain why each of the following are important.PYF –Emergency Fund – Insurance - Charitable Giving - Charitable Giving:Pros –Cons – Please list 5 places that would fall under charitable giving:Describe the Envelope System.Explain why it’s important to do some comparison shopping.As a renter, list some rights you have.660911104313Renting a place to liveRenting a place to live3626485156276Buying a HomeBuying a Home 354139584900Buying a carBuying a car63805179119Leasing a CarLeasing a CarOn , go to the Amortization Schedule and enter in the following mortgage:Loan Amount - $200,000; Time – 30 years; Interest Rate – 4%Record the first 3 PaymentsPaymentPrincipalInterestTotal InterestBalanceExplain a co-signed loan and the impact it can have on each person’s credit.What are the 5 C’s of Credit Rating and maintaining credit “worthiness”?List 4 benefits of using credit.List 4 dangers of using credit:Explain the following:APR - Grace Period – Late fees –Finance charges –Default Rates – Interest –Closing Costs – What is the difference between principal and interest on a loan?Why should you never get a loan from a Payday Loan store?Explain the good and bad effects claiming bankruptcy can have a person and a family.What are the 3 CRAs? What website can you truly get a free credit report from each year?What information can be found on a Credit Report?What consequence might happen if money is mismanaged? Please list 5 things.What is a NSF check?List 3 different ways to protect oneself from Identity Theft.If you do become a victim of Identity Theft, what should you do?Explain how a Ponzi Scheme works.Please sign your name here agreeing to never commit a Ponzi Scheme.What are potential negative results of gambling?What are the pros and cons of purchasing things online?Please list 5 consumer protection laws:What government agency exists that protect consumers from forms of consumer fraud and abuse? ................
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