How well do you read your money?

Question 1

Your account shows $900, and $650 of bills are still due before payday. Before any other spending, how much is unassigned?

Accepted Answer

$250. $900 minus $650 leaves $250. This assumes the bills have not already reduced the displayed balance and excludes any other upcoming needs.

Answer

$900

Answer

$650

Answer

$1,550

Question 2

What does a cash-flow calendar add to a monthly spending total?

Accepted Answer

The timing of income and payments. A calendar shows whether income arrives before payments are due. A balanced monthly total can still hide a shortfall on a particular date.

Answer

A guarantee that every bill will be affordable

Answer

A higher bank balance

Answer

An automatic credit-score increase

Question 3

A statement closes at $400. A new $60 purchase posts afterward, with no other changes. What is the new current balance?

Accepted Answer

$460. The current balance becomes $460. The completed statement still records its closing balance of $400.

Answer

$60

Answer

$340

Answer

$400

Question 4

What does paying only the minimum on a credit card usually mean?

Accepted Answer

You meet the statement’s minimum payment requirement. The minimum is a required payment amount, not a promise of no interest. Remaining debt can accrue interest under the card’s terms.

Answer

All remaining debt is interest-free

Answer

Your card balance becomes zero

Answer

Your next payment is optional

Question 5

A pending purchase has already reduced your available bank balance. What should you avoid doing in the same cash-flow calculation?

Accepted Answer

Subtracting that same purchase a second time. Subtracting it again double-counts the same commitment. Check how your bank represents pending and available amounts.

Answer

Recording its purpose

Answer

Checking when it will settle

Answer

Keeping its receipt

Question 6

Which statement about a credit card purchase grace period is most accurate?

Accepted Answer

It depends on the card’s terms and payment history. A purchase grace period depends on the agreement and can be lost when you carry a balance. Cash advances and other transactions may follow different rules.

Answer

Every card must offer one

Answer

It makes all cash advances interest-free

Answer

It lasts forever after one full payment

Question 7

A $720 bill is due in six months and $180 is already reserved. With six equal contributions available, how much is needed each month?

Accepted Answer

$90. The remaining gap is $540. Six contributions of $90 fill that gap, assuming the price and payment date stay unchanged.

Answer

$120

Answer

$30

Answer

$180

Question 8

Which item belongs most naturally in a planned-expense reserve?

Accepted Answer

A known annual renewal you intend to keep. A known renewal has an expected date and purpose. It can be planned separately from a reserve for genuinely uncertain events.

Answer

An unknown emergency

Answer

Any amount you hope to earn

Answer

A loan you have not applied for

Question 9

What is the most useful starting point for investigating an apparent credit-report error?

Accepted Answer

The exact entry and supporting records. Identify the reported detail and the evidence you believe contradicts it. A precise issue is easier to investigate than a general concern about a score.

Answer

A promise of a guaranteed score increase

Answer

Deleting your statements

Answer

Comparing your score with a stranger’s

Question 10

You move $200 from your checking account to your own savings account. What happens to total cash across those two accounts, ignoring fees?

Accepted Answer

It stays the same. Moving money between your own accounts changes its location, not your combined cash. Treating the transfer as new income would overstate the total.

Answer

It rises by $200

Answer

It falls by $200

Answer

It doubles

How well do you read your money?

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Sources & further reading