Financial Literacy Semester Review

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

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

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

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

A written cash flow plan.

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

a system by which good and services are produced and distributed

To match your bank statement with your checkbook.

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

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

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

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

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

The purpose of insurance is for:

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

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

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

Percentage of Americans living paycheck to paycheck:

Why was the use of credit uncommon prior to 1917?

The five steps to financial success.

A decrease or loss in value.

Your own record of all your transactions

The IRS is the federal government agency responsible for:

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

A credit score is intended to measure:

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

A detailed report of an individual's credit history.

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

When applying for a job, you should:

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

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

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

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

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

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

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

You must establish credit in order to buy a house.

Car repairs are a ________ expense.

What is paycheck garnishment?

If you value security, you are more likely to:

Percentage of Americans living paycheck to paycheck:

Which of the following is not a credit myth?

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

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

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

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

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

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

The government relies on taxes to:

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

Rent is a _______ expense.

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

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

The Federal Reserve Bank is responsible for printing paper currency.

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

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

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

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

Which of the following steps is the First Foundation?

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

Reduction in the gross amount on which a tax is calculated

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

Feeling regret or concern after making a large purchase.

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

The gov. agency responsible for regulating the stock market.

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

Your monthly budget should include:

What is the difference between gross pay and net pay?

The Fifth Foundation is Build Wealth and _______.

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

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

Expensive houses and new cars are true indication of wealth.

Means "love of humanity" 

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

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

Groceries are a ______ expense.

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

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

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

Percentage of college students that graduate with student loans:

Discussing important financial matters with household members can reduce conflict.

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

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

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

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

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

Non-essential expenses.

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

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

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

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

The average repayment period for a student loan is:

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

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

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

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

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

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

Which of the following is not a need?

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