Are You Ready? WISE TEST FINAL REVIEW DAY 1

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

Why was the use of credit uncommon prior to 1917?

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

The Fifth Foundation is Build Wealth and _______.

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

a system by which good and services are produced and distributed

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

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

The five steps to financial success.

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

Discussing important financial matters with household members can reduce conflict.

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

If you value security, you are more likely to:

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

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

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

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

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

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

Percentage of Americans living paycheck to paycheck:

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

Groceries are a ______ expense.

The purpose of insurance is for:

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

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

The gov. agency responsible for regulating the stock market.

The average repayment period for a student loan is:

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 

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

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

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

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

Rent is a _______ expense.

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

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

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

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

Car repairs are a ________ expense.

When applying for a job, you should:

The Federal Reserve Bank is responsible for printing paper currency.

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

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

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

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

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

A decrease or loss in value.

The government relies on taxes to:

You must establish credit in order to buy a house.

Means "love of humanity" 

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

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

The IRS is the federal government agency responsible for:

Feeling regret or concern after making a large purchase.

What is the difference between gross pay and net pay?

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

A detailed report of an individual's credit history.

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

Reduction in the gross amount on which a tax is calculated

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

Which of the following is not a credit myth?

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

What is paycheck garnishment?

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

Expensive houses and new cars are true indication of wealth.

Percentage of college students that graduate with student loans:

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

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

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

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

A credit score is intended to measure:

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

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

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

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

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

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

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

A written cash flow plan.

Which of the following is not a need?

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

Percentage of Americans living paycheck to paycheck:

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

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

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

Which of the following steps is the First Foundation?

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

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

Non-essential expenses.

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

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

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

Your monthly budget should include:

Your own record of all your transactions

To match your bank statement with your checkbook.

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

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

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

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

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