BUS 106 EXAM CHAPTERS 1-6 QUESTIONS WITH COMPLETE ANSWERS

If your total liabilities are $1,250 and total assets are $750, what is your net worth?


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-$500




If your credit limit is $2,000 and you charge $1,500 and pay back $700, what is the
maximum amount you can charge?

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$1,200




What is a savings account designed for?


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saving money




Who controls the circulation of money in the United States?


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The Federal Reserve




What gives money its value?


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Supply and demand




Overdraft fees ________.


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, Are punitive to keep people from overdrawing their account




Rebecca has a $400 paycheck. She wants to use the 90-10 rule. How much must she
save to achieve this?


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$40




According to ________, you have 60 days after the statement date on your bill to report
an error and not be held responsible for the error.


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Fair Credit Billing Act




Private student loans generally:


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Have higher fees and interest rates




Which of the following is not a liability?


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