What is the definition of a Budget

Question 1 options:

An estimate of income and expenditure for a set period of time.

An amount of money that I can spend


The amount of money that I get from work and parents


The amount of money that I get from my income taxes

Question 2 (1 point)
Saved
What is a Credit Report

Question 2 options:

A detailed report generated by your parents


A detailed summary of an individual's credit history, prepared by a credit bureau.


A report generated by your employer


A report generated by the police Department

Question 3 (1 point)
Saved
What is a Credit Score?

Question 3 options:

When I score 45 points in a game


Number used to get credit and it tells people I am dishonest


Is a number between 300–850 that depicts a consumer's creditworthiness.


A credit score tell people that I am a good person

Question 4 (1 point)
Saved
What does the term "Overdraft" mean

Question 4 options:

Overdraft means being selected a certain number in the NBA


When it gets cold in the house


I am protected from people stealing my money


A deficit in a bank account caused by drawing more money than the account holds.

Question 5 (1 point)
What is the meaning of Annual Percentage Yield (APY)?

Question 5 options:

The amount you can earn from money in your stocks


Is the Real Rate of return earned on a money portfolio


The amount of money that you can earn in your paycheck


Is the real rate of return earned on a savings deposit or investment taking into account the effect of compounding interest.

Question 6 (1 point)
Saved
What is the definition of Annual Percentage Rate (APR)

Question 6 options:

Refers to the rate you get paid


Your interest charged on your pay check


Refers to the grades you make in school and how it will matter in the future


Refers to the annual rate of interest charged to borrowers and paid to investors.

Question 7 (1 point)
What is opportunity cost?

Question 7 options:

When you take a financial risk and get a reward.


Refers to what a person gives up when a decision is made. This cost, also called a trade-off, may involve one or more of your resources (time, money, and effort).

Refers to a friend giving you money and you pay them back whenever you have a chance


When someone thinks they can take advantage of you.

Question 8 (1 point)
What is a personal risks?


Question 8 options:

Helping out a friend that is suspect


factors that may create a less than desirable situation. Personal risk may be in the form of inconvenience, embarrassment, safety, or health concerns.

taking a chance on betting against someone in a sporting event.


Taking a chance on a bet