MM - Fall Semester Exam Review 1

Goal that you want to reach today, next week, or in two or three months.

What is the first step of systematic decision-making?

How long should the money in your emergency fund cover?

Financial knowledge, set of basic skills, & ability to apply knowledge & skills to make informed, financial decisions.

An overall rise in prices is called _____.

The ____ deduction is fixed amt that may be deducted from adjusted gross income, which will vary based on filing status.

A(n) _____ is a report containing information used to calculate taxes owed by the taxpayer.

Value of the option you gave up.

Spreading risk by putting money in different types of investments is known as _____.

At what age do workers become eligible for full retirement benefits from Social Security?

Which of the following strategies will help make your savings grow?

Amount spent for an item that a person could do without.

What is it called when the federal government spends more money than it collects?

What banking service ensures a financial institution will honor a check even if it exceeds the account balance?

What decision-making strategy weighs the costs against the benefits of an action, purchase, or financial decision?

A SMART goal should be _____.

Tangible items that can be touched, used, and purchased are _____.

Monthly rent payments are an example of a(n) _____ expense.

Which of the following is necessary to use the Rule of 72?

Cash and savings that can be converted to cash quickly and easily are _____.

Having the ability to understand basic topics related to finance.

Money that remains after a person has paid all of his or her expenses.

Eligible workers who work > ____ hours per week must receive overtime pay at least ___ times their regular hourly rate.

Difference between what is owned and what is owed.