Are You Ready? WISE TEST FINAL REVIEW DAY 1

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

Which of the following is not a credit myth?

Percentage of college students that graduate with student loans:

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

a system by which good and services are produced and distributed

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

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

What is the difference between gross pay and net pay?

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

A decrease or loss in value.

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

Which of the following is NOT one of the Five Foundations?

Rent is a _______ expense.

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

Your own record of all your transactions

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

Why was the use of credit uncommon prior to 1917?

Occurs when money is withdrawn from a bank account and the available balance goes below 0

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

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

The Federal Reserve Bank is responsible for printing paper currency.

The IRS is the federal government agency responsible for:

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

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

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

Which of the following is not a need?

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

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

The Fifth Foundation is Build Wealth and _______.

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

Groceries are a ______ expense.

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

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

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

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

Anything handed down from the past; something that someone has achieved that cont. after gone

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

The gov. agency responsible for regulating the stock market.

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

A detailed report of an individual's credit history.

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

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

You must establish credit in order to buy a house.

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

The purpose of insurance is for:

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

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

Means "love of humanity" 

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

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

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

If you value security, you are more likely to:

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

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

The five steps to financial success.

When applying for a job, you should:

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

Expensive houses and new cars are true indication of wealth.

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

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

Non-essential expenses.

Which of the following steps is the First Foundation?

Car repairs are a ________ expense.

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

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

A written cash flow plan.

What is paycheck garnishment?

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

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

Discussing important financial matters with household members can reduce conflict.

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

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

The average repayment period for a student loan is:

The government relies on taxes to:

Percentage of Americans living paycheck to paycheck:

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

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

Reduction in the gross amount on which a tax is calculated

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

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

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

Which of the following is not a reason credit is marketed heavily to consumers in the US?

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

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

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

Feeling regret or concern after making a large purchase.

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

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

Your monthly budget should include:

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

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

A credit score is intended to measure:

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

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

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

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

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

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

To match your bank statement with your checkbook.

Percentage of Americans living paycheck to paycheck: