Exam (elaborations)
HR BLOCK BUDGET CHALLENGE QUIZZES
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HR BLOCK BUDGET CHALLENGE QUIZZES2024-2025
Frank's electricity bill has a cycle day of the third and due date of eight days later,
with a one-day grace period. What happens if Frank pays his energy bill on the
twelfth of the month? - ANSWER His payment is received beyond the due date,
but he will not be charged a late fee due to the grace period.
On the Budget Challenge Cash Flow Spreadsheet (CFS) (available for download on
the website's "How to Play" page), which column should interest earned from her
checking account be entered? - ANSWER deposits
Why is it critical to check your personal information for accuracy when you receive
an invoice? - ANSWER To check that you received the correct invoice.
Why are there additional scoring penalties in the Budget Challenge? - ANSWER
A.) To highlight activities that can affect your credit score
B.) To penalize mistakes so that students might learn from them without losing
actual money.
C.) Accelerate longer-term real-world implications so that they are experienced
inside the brief simulation frame
D.) Each of the answers is correct.
(The answer is D).
To simulate a whole household budget in Budget Challenge, many normal
day-to-day expenditures that may be made with cash (such as groceries, gas, and
clothing) are made using: - Answer: Credit Card
, Which of the following options will be 'locked' when the simulation starts? -
ANSWER Vendor choices (Cable, Cell, Auto Loan, Auto Insurance, Student Loan,
Utilities, Credit Card).
The three primary types of banks (Large Traditional, Credit Union, Online, and
Online-Only) have numerous compromises in terms of technology, convenience,
human experience, fees, and savings rates. For this question, ignore all of the
trade-offs and focus solely on the savings rates offered by savings accounts. Rank
the following companies in order of highest to lowest interest rates on savings
accounts for consumers. - ANSWER Online Bank, Credit Union, and Large
Traditional Bank
If a savings account has an interest rate of 0.018%, how much money would you
need to maintain in it for a year to earn enough interest to cover a single $9.99
Below-Minimum-Balance Fee? - ANSWER $55,555
When must banks make electronically deposited monies, such as direct deposits,
available to employees? - Respond the next business day.
The price the bank charges the depositor for a faulty check is... - ANSWER a
returned check fee
The fee that the bank charges the issuer of a failed check is... - Answer:
Non-sufficient funds fee (NSF)
What is the best method for paying a bank fee? - ANSWER: Do nothing.
Banks deduct fees directly from your account.
What is Overdraft Protection (ODP)? - ANSWER A service that automatically
transfers available funds from a linked account to pay purchases, preventing
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