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Stoltz Wise review Flashcards | StudBud
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Stoltz Wise review
Stoltz Wise review
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#wise #financiallteracy #economics #porzio
Flashcards
25 cards
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Questions
25
Answers
1
Collateral, a collateralized loan, and a secured loan, all mean that the loan:
has been paid off already
is backed by something of value; a tangible asset
is backed by a credit agency
has been co-signed for
2
Goals:
Remain the same year after year, throughout life
Need to reflect current income
Are generally the same for middle class families
Need to be realistic, have a target date, and, if possible,
3
The Commonwealth of Virginia's motto is
SIC SEMPER TYRANNIS,
which translated means:
Freedom from tyrants
Always Faithful
Thus always to tyrants
Hey, your stepping on my neck!
4
An example of an uncollateralized loan (an unsecured loan) would be a(n):
mortgage
auto loan
signature loan
loan obtained though a pawn shop
5
If Pete owes creditors $10,000 but has a net worth of $120,000, Pete has a:
high debt to net worth ratio, which is bad
low debt to net worth ratio, which is good
6
Expenditures that remain constant from one time period to another are:
current expenses
installment expenses
variable expenses
fixed expenses
7
The annual rate that is charged for borrowing money over the term of a loan is known as:
loan amount
APR (annual percentage rate)
the finance charge
credit charge
8
A type of electronic funds transfer (EFT) is:
An ATM transaction
A transaction made with a check
A deposit made with a bank teller
Not widely used by consumers
9
The number of years required to
double your money
at a given interest rate is known as
Rule of 72
Rule of 42
Rule of 52
Rule of 62
10
Which of the following provides an increase in assets or wealth?
Volunteering at a hospital
Running in the marathon
Taking out a loan
Having capital gains
11
Open-end credit, such as a credit card or a department store charge card, is also known as
revolving credit
static credit
installment credit
pay day lending
12
Financial planning is important because it helps you to:
have higher expectations
reach financial goals and protect your assets
eliminate risk on investments
achieve all personal goals
13
Used instead of currency while traveling; considered very safe; usually issued by banks.
money orders
travelers checks
bank draft
credit card
14
_____ is the total assets minus total outside liabilities(debts) of an individual or a company.
Net gains
Personal wealth
Net worth
Credit rating
15
A _____________ is the difference between the budgeted amount of expense and the actual amount.
budget overage
budget variance
credit amount
deficit
16
Management position responsible for supervising the quality of accounting/finance for a company
CEO
comptroller
Whityuntilyusk
president
17
Linwood invested $10,000 and receives 3.85% interest yearly. When will money double in value?
20 years
11.5 years
18.7 years
Can I have some chips?
18
A government commission created by Congress to regulate the securities (stock) markets.
DWG (Donut With Glaze)
FDIC (Federal Deposit Insurance Corporation)
The Fed (Federal Reserve System)
SEC (Securities and Exchange Commission)
19
The full range of metal money (penny, nickel, dime, quarter, half dollar, and dollar)
coin denomination
currency denomination
coinage
dollars
20
Taxes
paid when purchases are made on a specific good, such as gasoline and cigarettes.
use taxes
sales taxes
tariff taxes
excise taxes
21
This dog, bred from a Dachshund and a Chihuahua, is known as a Chiweenie or a
Repugnantelargo
Germantaco
Sourchica
Chupacabra
22
Government adjusts spending levels and tax rates to monitor and influence a nation's economy.
monetary policy
fiscal policy
23
Contributions to a Traditional IRA are beneficial because they lower your taxable income.
FALSE
TRUE
Can I have a pass to the bathroom?
Can I have a Jolly Rancher?
24
The Federal Reserve's (the Fed's) control of the money supply in order to grow the economy is
monetary policy
fiscal policy
25
Closed-end credit, such as a mortgage or car loan, is also known as
revolving credit
an installment loan
pay day loan
a credit variance