Freshman Seminar - Final Exam Review

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

Long-term liabilities include:

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

Fixed expenses include:

You can help prevent financial crisis by:

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

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

What is meant by a progressive tax?

The chief advantage of a budget is that it __________:

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

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

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

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

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

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

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

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

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

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

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

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

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

Consumers invest money primarily to:

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

Net income is gross income minus __________.

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

The Form W-2 determines:

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

Who pays taxes?

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

Evaluation is a continuous function.

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

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

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

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

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

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

The purpose of taxes is to:

Proactive people:

A person who thinks about solutions and options is a:

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

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

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

An example of a financial institution is:

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

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

The Form W-4 determines:

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

What are the three main types of taxes?

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