Financial Literacy Semester Review for Final

Your monthly budget should include:

a system by which goods and services are produced and distributed

An unbiassed examination & evaluation of the financial statements of an organization

Amount your must pay before you begin receiving any benefits from your insurance company.

Which of the following statements best explains why income alone does not determine wealth?

Discussing important financial matters with household members can reduce conflict.

Expensive houses and new cars are true indication of wealth.

A detailed report of an individual's credit history.

Usually a professional trainer serves as the course instructor, combines hands-on & classroom

The knowledge and skill set necessary to be an informed consumer & manage finances effectively

The day that income tax filings are due in the U.S.

A fee paid by a borrower to the lender for the use of borrowed money 

A decrease or loss in value.

A form of federal or state financial aid that does not need to be repaid

What is the difference between gross pay and net pay?

The Federal Reserve Bank is responsible for printing paper currency.

Percentage of Americans living paycheck to paycheck:

Communication, teamwork, and consistency are all important elements in handling family finances

A card issued by a bank that allows users to finance a purchase.

The quality or state of being responsible, liable, or answerable.

A form that is completed annually by current & prospective college students determines fin aid

When married couples do not share goals & values in how they manage money which can occur:

Reduction in the gross amount on which a tax is calculated

_________ is a tax-free transfer of cash or other property from one retirement plan to another.

Most Americans today are wealthy and will have financial security when they retire.

When it comes to managing money, success is about ________% knowledge and ________% behavior.

Learning the lang. of money is not important bc you can depend on others to manage your money

Rent is a _______ expense.

A form of financial aid that does not need to be repaid; awarded academic, athletic, other

The purpose of insurance is for:

What is paycheck garnishment?

To match your bank statement with your checkbook.

The IRS is the federal government agency responsible for:

The amount of stuff a person has is directly related to contentment and happiness.

A written cash flow plan.

The process of communicating the value of a product or service to customers

Which of the following best explains why students should learn about personal finance?

Which of the following is the most cost-effective option for purchasing a home?

Great Depression, New Deal policymakers mortgage & consumer lending that convinced banks that:

A spur-of-the-moment, unplanned decision to buy a product or service.

A document reporting business financial performance & resources is called a ___________.

When developing financial plan, you should assess your current financial situation.

The gov. agency responsible for regulating the stock market.

Traits or qualities that represent an individual's highest priorities etc.

Percentage of Americans living paycheck to paycheck:

Life insurance policy for a specific period of time is called:

These may be free or low-cost; found online, at community colleges, through gov. funded program

Which of the following is not a credit myth?

All of the decisions and activities of an individual or family regarding their money

Which of the following is not a need?

A long-term rental agreement on a car; a form of secured long-term debt.

The total estimated student loan debt outstanding (unpaid) is over:

Which of the following cities is not the home of a Federal Reserve Bank?

if attend a comm col. for 1st 2yrs, work with advisor to insure classes transfer to 4yr school

The government relies on taxes to:

An obligation of repayment owed by one party to a second party.

Feeling regret or concern after making a large purchase.

A period of temp economic decline during which trade and industrial activity are reduced

The average repayment period for a student loan is:

When it comes to personal fin, the math is easy. What's challenging is managing your ________.

Everyone should have the same financial plan. One person's budget is sufficient for everyone.

Percentage of college students that graduate with student loans:

Groceries are a ______ expense.

Your own record of all your banking transactions

When applying for a job, you should:

When a single company or group owns all or nearly all of the market for a given type of product

When a company hires you, you will fill out a ? form - how much tax should be w/h from paycheck

Occurs when money is withdrawn from a bank account and the available balance goes below 0

A ______ plan allows for employees to defer compensation on a before-tax basis for investment.

A credit score is intended to measure:

A written budget, if followed, removes _______ from your finances.

Non-essential expenses.

Statement that best describes how Americans are being outsmarted by banks and other lenders?

Since you are a teenager, what you do now will have little effect on your financial future

Allows students to learn basic professional skills in two years or less; typically cuts gen ed

You must establish credit in order to buy a house.

If you value security, you are more likely to:

The number one cause of divorce in North America is stress & disagreements over money.

The Federal Reserve System has _______ Governors and ______ Reserve Banks.

At your age, a fully funded emergency fund should be: 

Developing a fin plan, 1st assess current financial situation - income, assets & liabilities.

You need to have a credit card to rent a car or check into a hotel.

An amount of money you pay to help cover a portion of your medical costs.

Setting up automatic account transfers is the easiest way to build your savings for emerg. fund

Money set aside and left alone for a "rainy day."

Online bill pay allows your to make payments to whomever you wish w/o having to write a check

Which of the following is a consequence of overdrawing your checking account?

Car repairs are a ________ expense.

A debt evidenced by a "note," specifies the principal amount, interest rate, & date or repay

A four-year degree is necessary regardless of which career you're entering.

After an interview you should be patient and wait for the employer to contact you.

Early work experiences prior to your career job really have no benefit other than small income.