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Personal Finance Review
Personal Finance Review
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Review of Berrien RESA Lessons 34-37
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What is a budget?
An estimate of income and spending over time.
An objective that takes less than a year to reach.
A percentage of income that goes into savings.
Money in and money out
2
Stocks have ___________ risk.
Low
High
Medium
3
Charlie wants to go to college at U of M. The tuition there is a...
Opportunity
Threat
Weakness
Strength
4
An individual who relies on another person for financial support is a(n)...
policy holder
independent
risk
dependent
5
Which of the following is NOT a characteristic needed when creating a budget?
Emotional
Realistic
Creative
Disciplined
6
Cars, PS4s, iPads, and Coach Purses are examples of...
Bad investments
Money Losers
Good investments
Money Winners
7
In the financial life time line, it is suggested that mortgage is addressed when?
High School
Family Building & Professional Life
Retirement
Training Period
8
A situation caused by an act of nature is called...
Global Warming
Premium
Insurance
Natural Risk
9
Strengths & weaknesses are things you _______. Opportunities & Threats are things you ________.
Can control; can't control
Can't control; can't control
Can't control; can control
Can control; can control
10
As a freshman, Jessie made a goal to graduate from college. This is an example of a...
Need
Short Term Goal
Long Term Goal
Budget
11
SWOT stands for...
Single Women Over Thirty
Substantial Waste of Time
Somewhere Out There
Strengths Weaknesses Opportunities & Threats
12
Risk is...
Playing blindly in the stock market
A situation caused by an act of nature
A board game
The chance of losing money
13
Brittany has a low income. She is most likely focused on what when creating a budget?
Budget
Needs
Wants
Yachts
14
It is recommended that households have _____ of expenses in savings.
More than a year
1-2 months
3-9 months
Nothing
15
Savings accounts have __________ risk.
Medium
Low
High
16
3 months from now, Matt is running his first marathon. This is an example of a...
Need
Short Term Goal
Long Term Goal
Budget
17
A system for income and spending that allows for the achievement of financial & consumer goals
Budgeting
Personal finance
Money management
Spending
18
An account in which an individual saves for their retirement is called...
Savings Bond
Mortgage
Savings Account
IRA
19
Where are the 2016 Summer Olympics going to be held?
Rio, Brazil
Chicago, Illinois, USA
Tokyo, Japan
Madrid, Spain
20
Mrs. Whitman participated in what sport her freshman year of high school?
Softball
Cross Country
Soccer
Basketball
