Freshman Seminar - Final Exam Review

The Social Security taxes deducted from your earnings today pay for:

A sound savings program and adequate insurance protection form the foundation of financial security.

Long-term liabilities include:

Choosing a course of action after evaluating info/weighing the costs/benefits of alternative actions & consequences

An example of a financial institution is:

Checks than can be cashed in most places around the world by people who do not want to carry large amounts of cash:

You can use a debit card to buy goods and services on credit when you are shopping.

A person who thinks about solutions and options is a:

Proactive people:

A saver who wants their savings insured by the FDIC wants to use this savings option:

The chief advantage of a budget is that it __________:

A clear understanding of your standards, priorities and goals leads to wise consumer decisions.

Net income is gross income minus __________.

Consumers invest money primarily to:

What is meant by a progressive tax?

When is the best time to start applying the things you’ve learned in this course?

In the third Habit chapter, there’s a feature called the Time Quadrants... which one would you most likely want to be?

Income tax is a direct tax because it is paid directly to the government by the taxpayer.

A U.S. gov't agency that protects bank customers by ensuring deposits and examining/supervising financial institutions:

Gross income is also called “take-home pay”.

The Form W-2 determines:

The purpose of taxes is to:

Which of the following 4 attitudes exhibits the most successful and positive experiences for you and those around you?

Which of the following is NOT an advantage of checking accounts?

A good choice for a consumer who writes a large number of checks & can keep the required amount of money in the account:

Evaluation is a continuous function.

You can help prevent financial crisis by:

Who pays taxes?

A portion of one’s personal income paid to a government:

When consumers are doubtful about their economic future, they tend to spend less and save more.

When you deposit money in a bank, your money becomes someone else’s source of credit.

When writing a check, be sure to write clearly and accurately the __________:

In a perfect world of investing in stocks, you should buy _________ and sell _________.

A record of checks, deposits, and charges on a checking account:

A clear understanding of your needs and wants, values and standards tends to __________:

Management involves identifying resources, setting goals, making decisions, solving problems, and evaluating results.

A written record of a person’s current financial situation:

The Form W-4 determines:

A credit union lends funds to members at higher rates than other financial institutions.

The "7 Habits of Highly Effective Teens" gives you the tools to deal with:

When it comes to personal savings, what does the acronym PYF stand for?

An effective way to deal with important problems and choices is to make decisions __________.

What are the three main types of taxes?

When lenders lend money to borrowers, they charge an additional fee for the use of their money. This fee is called:

What is the key incentive for individuals and businesses to produce goods and services?

When you open a checking account, you normally receive personalized checks & a register for recording deposits & checks.

Fixed expenses include:

Protection against risk is the primary reason people purchase this type of policy:

A financial obligation that a person currently owes or will owe in the future is called:

To sign one’s name on the back of a check in order to cash or deposit the check: