Personal Finance Final Exam Review

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

Which is not a good reason to get a deal?

What does FAFSA stand for?

Depreciation is

This part of your auto insurance covers medical costs and property damage.

This type of health insurance covers expenses that are in excess of the basic health insurance.

Having debt keeps you from building wealth.

What is the number of years you should get a home mortgage for?

Agreeing to be responsible for another person's loan is known as _______.

A persistent rise in the price of goods and services over a period of time.

Money that the principle earns when investing is called _______.

An amount of money you pay to help cover a portion of your medical costs at the doctor office.

Personal financial success is primarily the result of

What percent of millionaires are first generation rich?

What should you know about personal finance?

How much should a teen keep in an emergency fund?

This part of your auto insurance covers damage to your car if it is hit by another car.

The steps to financial success are known as

Whenever you make a choice to spend money here rather than there.

This auto insurance covers if you are injured by a hit and run driver.

Budgets should be planned in ______ increments.

You need this type of insurance if you can no longer perform every day tasks.

What system do you divide money into categories of spending?

How often do you have to fill out the FAFSA?

Men love to negotiate.

Interest paid on interest previously earned is known as _________.

Which of the following is not a key component of financial planning?

Dave always says, "I'm going to live like no one else, so I can _________!"

Which type of retirement account is taken before taxes?

Instead of borrowing money, pay cash by using a _______ fund approach.

What are the three basic reasons for saving?

This retirement savings plan is offered by a for-profit company.

Which of the following is not an indicator that your identity has been stolen?

Why does income alone not determine wealth?

What is known as the "I Love Debt" score?

Debt is a product and marketed to individuals.

What is the ideal percentage to put down on a home?

One size fits all for good deals

What percent of Americans are living paycheck to paycheck?

This type of life insurance is for a specified period of time.

Successful money management is ____% knowledge and ____% behavior.

What does ARM stand for?

Mortgage and car payments are examples of which type of expenses?

What is the most expensive way to finance a vehicle?

What is a cash flow plan that assigns an expense to every dollar of your income?

What is a written cash flow plan (blueprint)?

A risk management technique that mixes a wide variety of investments within a portfolio.

The amount you must pay before you begin receiving any benefits of your insurance.

At what age should you purchase long-term care insurance?

In a financial aid award package, which of the following have to be paid back?