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Personal Finance Review
Personal Finance Review
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Personal Finance review
Flashcards
39 cards
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Practice quiz
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Questions
39
Answers
1
Vocab: item you must have in order to survive (food, clothing, shelter)
income
savings
need
fixed expense
2
Identify a disadvantage of credit card use.
tempted to buy stuff you don't have money for
protects from theft of cash
become a smart money manager
3
All of the following are benefits of using a credit card EXCEPT?
failure to pay monthly balance can cost A LOT
can build a good credit history
protects against theft of cash
good in emergencies
4
Typically the more education an individual has, the higher the income the individual earns
false
true
5
Vocab: records credit card information for later use
skimming
annual fee
dumpster diving
identity theft
6
What kind of time frame is involved in building wealth in the stock market?
short term
long term
you never make money
get rich quick
7
This term is commonly known as your TAKE HOME PAY?
investments
savings
net income
gross income
8
What kind of damage can someone do with your name, soc. sec. #, and birth date?
all of these
get loans
access bank accounts
buy/lease cars
9
Vocab: interest rate per year
annual fee
Annual Percentage Rate APR
skimming
brokerage firm
10
Vocab: dealer of stocks that acts as your agent wen you want to buy and sell stocks
identity theft
dumpster diving
brokerage firm
Annual Percentage Rate APR
11
All of the following are NEEDS except:
housing
clothing
food
entertainment
12
What is a credit history?
record of how you handle your credit cards
when a person steals your identity for financial purposes
interest rate for your credit card
membership fee for having a credit card
13
What are the most common types of tax deductions taken out of your paycheck?
Federal and State tax
FICA
all of these
City/Local
14
Which of the following DOES NOT typically require a loan for purchase?
groceries
new car
home
college tuition
15
Which of the following monthly bills can be considered a flexible expense?
house/rent payment
car insurance
gas used for transportation
16
Vocab: someone assuming your identity and pretending to be you as they financially ruin you
dumpster diving
annual fee
identity theft
skimming
17
Identify a good reason to have a checking account.
keeps your from carrying large amounts of money
can get caught up in impulse buying
can spend more than you have
18
Vocab: ___________ is the person who purchases the insurance policy and establishes coverage
premium
deductible
policyholder
major medical
19
What is a stock?
controlling interest in a company
the money the company owes to it's investors
a share in the ownership of a company
20
Vocab: digging personal information out of trash/dumpsters
annual fee
dumpster diving
skimming
brokerage firm
21
What is it called when the employee pays their monthly portion of their insurance?
gross
premiums
FICA
fixed expense
22
This MARKET
is when everything in the economy is good (jobs available, GDP +, stocks rising).
pig
bear
chicken
bull
23
Which are the most common types of retirement accounts?
grandma's trust fund
playing the lottery
401K and IRAs
24
What is the NYSE?
largest virtual over-the-counter market for digital trading
most well-known and largest face-to-face trading market
3rd largest exchange of small caps and derivatives
25
Payments and debits are amounts of money and transactions that are _____ your checking account.
multiplied to
divided by
added to
subtracted from
26
All of the following are types of insurance EXCEPT?
renter's
auto
flood
clothing
27
What are some of the costs associated with training beyond high school or going to college?
all of these
full time school means part time work
plenty of time socializing with friends and family
education loans must be paid back
28
Vocab: membership fee for having a credit card
dumpster diving
Annual percentage rate APR
brokerage firm
annual fee
29
Vocab: money set aside by employee in a savings account to supplement a person's retirement
fixed expenses
savings
income
need
30
One advantage of an automatic savings plan is that you are less likely to spend the money
true
false
31
Which is a possible RESPONIBLE choice or option if you get into financial trouble?
rob a bank
asking your parents for money
playing the lottery
looking for a 2nd part time job
32
What are some of the factors that affect the amount of income you earn?
all of these
who you work for
dmographics
education
33
Vocab: amount of money received from working, gifts , and investments
need
savings
fixed expenses
income
34
What are some things to look for when deciding on which credit card to use?
no annual fee
grace periods and extra services
all of these
low interest rate
35
Vocab: amount of money of the item does not change from month to month
fixed expense
savings
need
gross income
36
Define deductible:
amount of money you pay during the year for medical expenses
flat fee you pay out of pocket for doctor visits
group of doctors who agree to accept your insurance
37
Vocab: total amount of your wages or salary before deductions
gross income
need
savings
fixed expenses
38
What types of crime is
NOT
usually committed through Identity Theft?
drug trafficking
Cyber crimes
Money laundering
bank robbery
39
This type of insurance protects all of your belongings inside of a rental. What is it?
renters'
health
disability
homeowners'
