Your LIfe Your Money REVIEW

Question 1

Finance charge, interest, late fees, and over limit fees may be additional costs of

Accepted Answer

a credit card

Question 2

Interest added to interest already earned is called __________ __________.

Accepted Answer

compound interest

Question 3

This type of insurance is a really good idea for those who rent a house or apartment.

Accepted Answer

renter's insurance

Question 4

Paying just the minimum amount due on a credit card will

Accepted Answer

extend the time it takes to payoff the balance

Question 5

A debit card can charge interest if you don't pay your bill at the end of the month.

Accepted Answer

FALSE

Question 6

Potential employers will look at your credit history and Facebook page before hiring.

Accepted Answer

TRUE

Question 7

When you have the basic skills necessary to manage your financial resources, you have

Accepted Answer

financial literacy

Question 8

One of the primary causes of personal bankruptcy is due to NOT having ________ insurance

Accepted Answer

health

Question 9

______ ________ are additions to your salary provided by the employer.

Accepted Answer

health insurance & paid vacation

Question 10

Your should start saving and preparing for your financial life when you are

Accepted Answer

young

Question 11

All the money you make BEFORE the taxes, social security, medicare, etc.

Accepted Answer

gross earnings

Question 12

If you want to own your own business, you should devise a business PLAN ________ you begin.

Accepted Answer

before

Question 13

When you get your first job, you should invest in ___________________.

Accepted Answer

a retirement account

Question 14

All the money you make AFTER withholding of taxes, social security, medicare, etc.

Accepted Answer

Net earnings

Question 15

You should always pay yourself ________ with savings.

Accepted Answer

first

Question 16

The person who owns, operates and assumes the risk for a business is

Accepted Answer

an entrepreneur

Question 17

You should start _________ early in your life.

Accepted Answer

saving money

Question 18

401K plan, IRAs and CDs are methods of

Accepted Answer

saving for retirement

Question 19

Federal tax, medicare and Social Security tax are usually ___________ a regular paycheck.

Accepted Answer

withheld from

Question 20

You should always write down PIN for your debit card.

Accepted Answer

FALSE

Question 21

A person or company to whom you owe money is a __________.

Accepted Answer

creditor

Question 22

________ is another word for your legal responsibility to a person or company.

Accepted Answer

liability

Question 23

You need to separate ____ from ____ when you spend money.

Accepted Answer

needs, wants

Question 24

A legal state in which a person no longer has to pay part or all of his or creditors.

Accepted Answer

bankruptcy

Question 25

If you have dependents, you should have ___ ___________.

Accepted Answer

life insurance

Your LIfe Your Money REVIEW

Questions 25

Your LIfe Your Money REVIEW

Questions 25