©BRIGHTSTARS EXAM STUDY SOLUTIONS 8/13/2024 12:27 PM
CCR Exam Study Guide Questions With
Correct Answers.
Wants - answer✔✔Things that make life more interesting and fun, but you do not need them to
live are called
needs - answer✔✔Things that are essential to your health and security and you need them to live
are called
values - answer✔✔Ideas and beliefs that are most important or most meaningful to you are
called
S- specific
M- Measurable
A- attainable
R- relevant
T- timely - answer✔✔The acronym SMART in SMART Goals stands for:
EX: i want to raise my ACT score by 2 points when i take the February ACT. Raising my score
by 2 points will give me a full-tuition scholarship, and i plan to meet this goal by setting aside 20
minutes per day to work on ACT prep and take one practice test/week until February. -
answer✔✔BONUS ON EXAM: writing a smart goal
opportunity cost - answer✔✔When making decisions, what you give up when you choose
something else is called the
budget - answer✔✔Another name for a spending plan is a
fixed expenses (mortgage)
variable expenses (groceries)
periodic expenses (car insurance) - answer✔✔List the three types of expenses and give an
example of each
, ©BRIGHTSTARS EXAM STUDY SOLUTIONS 8/13/2024 12:27 PM
P- pay
Y- yourself
F- first
put money into savings and or retirement accounts before paying anything else - answer✔✔What
does the acronym PYF stand for and what does it mean? Definition?
credit - answer✔✔A tool to buy something now and pay for it later is called
convenience
instant gratification
emergencies - answer✔✔List 3 reasons that people borrow money rather than pay cash
principal - answer✔✔is money that is loaned to you before interest is added
interest - answer✔✔is the amount you pay to use someone else's money—usually a percentage
of the principal.
I=P x R x T
(time in years) - answer✔✔Write the simple interest rate formula
Interest -$20.00
Total Amount to be Repaid -$120.00 - answer✔✔Principal - $100.00
Annual Interest Rate - 40%
Time in Years - ½ year
Interest -
Total Amount to be Repaid -
annual percentage rate (APR) - answer✔✔when interest rates are calculated in a consistent way
so it's easier to compare different borrowing options.
teaser rate - answer✔✔An Introductory APR which is a low interest rate offered for a short
period to tempt you to borrow is also called a
a) Revolving Credit
b) Cash Loans
c) Installment Credit (or closed-ended credit)
CCR Exam Study Guide Questions With
Correct Answers.
Wants - answer✔✔Things that make life more interesting and fun, but you do not need them to
live are called
needs - answer✔✔Things that are essential to your health and security and you need them to live
are called
values - answer✔✔Ideas and beliefs that are most important or most meaningful to you are
called
S- specific
M- Measurable
A- attainable
R- relevant
T- timely - answer✔✔The acronym SMART in SMART Goals stands for:
EX: i want to raise my ACT score by 2 points when i take the February ACT. Raising my score
by 2 points will give me a full-tuition scholarship, and i plan to meet this goal by setting aside 20
minutes per day to work on ACT prep and take one practice test/week until February. -
answer✔✔BONUS ON EXAM: writing a smart goal
opportunity cost - answer✔✔When making decisions, what you give up when you choose
something else is called the
budget - answer✔✔Another name for a spending plan is a
fixed expenses (mortgage)
variable expenses (groceries)
periodic expenses (car insurance) - answer✔✔List the three types of expenses and give an
example of each
, ©BRIGHTSTARS EXAM STUDY SOLUTIONS 8/13/2024 12:27 PM
P- pay
Y- yourself
F- first
put money into savings and or retirement accounts before paying anything else - answer✔✔What
does the acronym PYF stand for and what does it mean? Definition?
credit - answer✔✔A tool to buy something now and pay for it later is called
convenience
instant gratification
emergencies - answer✔✔List 3 reasons that people borrow money rather than pay cash
principal - answer✔✔is money that is loaned to you before interest is added
interest - answer✔✔is the amount you pay to use someone else's money—usually a percentage
of the principal.
I=P x R x T
(time in years) - answer✔✔Write the simple interest rate formula
Interest -$20.00
Total Amount to be Repaid -$120.00 - answer✔✔Principal - $100.00
Annual Interest Rate - 40%
Time in Years - ½ year
Interest -
Total Amount to be Repaid -
annual percentage rate (APR) - answer✔✔when interest rates are calculated in a consistent way
so it's easier to compare different borrowing options.
teaser rate - answer✔✔An Introductory APR which is a low interest rate offered for a short
period to tempt you to borrow is also called a
a) Revolving Credit
b) Cash Loans
c) Installment Credit (or closed-ended credit)
