Marter Freshman Seminar - Final Exam Review

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

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

Long-term liabilities include:

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

Fixed expenses include:

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

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

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

What is meant by a progressive tax?

Evaluation is a continuous function.

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

The chief advantage of a budget is that it __________:

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

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

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

Consumers invest money primarily to:

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

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

Net income is gross income minus __________.

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

The Form W-4 determines:

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

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

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

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

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

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

You can help prevent financial crisis by:

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

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

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

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

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

Who pays taxes?

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

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

A person who thinks about solutions and options is a:

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

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

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

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

The Form W-2 determines:

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

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

The purpose of taxes is to:

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

Proactive people:

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

What are the three main types of taxes?

An example of a financial institution is: