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Financial literacy (speed back assignment #2).
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Financial literacy (speed back assignment#2)
Why can credit unions usually offer higher rates on savings accounts? - ANS-They are
not in the business of making money because every member is an owner of the
company.
Which of the following is a good reason for avoiding quick loans? - ANS-ALL OF THE
ABOVE
1. higher fees
2. higher interest rates
3. difficulty paying back
Which of the following is the best definition of a want? - ANS-something you would like
to have but can survive without
Chris is twelve years old and has just started mowing lawns for his neighbors. For each
lawn he mows, he will receive $15. He has been hired by five neighbors to mow their
lawns once a week and another neighbor every other week for the same amount. How
much money will Chris have earned at the end of eight weeks? - ANS-$660
Sam has been saving his money to purchase a new computer. He believes he has
$781.70 in his checking account, but when he uses his debit card to buy the computer,
the transaction won't go through. Which of these could be a reason for this problem? -
ANS-ALL OF THE ABOVE
1. Sam had actually not saved enough money
2. Sam made some errors in his calculations, and he had less money in his account
than he thought
3. Sam made some errors in his entries, and he had less money in his account than he
thought
Which of the following wouldn't be a disadvantage of paying with cash? - ANS-Paying in
cash keeps you from overspending.
What is one of the best ways to gauge whether a goal is appropriate? - ANS-Make sure
it is attainable.
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