Financial Literacy - Midterm Review

Ideas about right and wrong and what is important in your life is known as:

A person who buys or uses goods or services

Capacity is having more money coming in than going out. (good job/income/low debt)

Who dictates what is produced and at what price?

What is an advanced degree?

start and end dates used to calculate earnings

APR (Annual Percentage Rate) helps you compare credit cards to evaluate which has the lowest

Net Worth (also known as capital, owner's equity and equity) is =

What is the importance of BUDGETING?

Payment history makes up the largest chunk of your credit score

A lower credit utilization ratio is better than a higher one.

Installment credit is open ended credit because there is no set payoff date

Training to be efficient in more than one job at work is called

Credit reporting companies do not store information about:

Which type of bankruptcy is called straight bankruptcy?

Something a person wants to have or to achieve, and is willing to work for is known as:

What do free markets allow us to do?

If your budget is not balanced and you need more money, what is the best thing you could do?

Something owed, usually measured in dollars

How many weeks in a year?

Typically a debt reported as in collections can stay on a credit report until the debt is ____?

A summary about your education, skills and experience is your

Economic Goal: Being able to buy what we choose and to work where we want

What is not a component of the free enterprise system?

Something owned, usually measured in dollars

What is competition?

A salaried employee....

A spending plan

What is included in a FICO score?

How is the overtime rate calculated?

Credit cards are an example of revolving credit

What is not considered a job benefit?

A card that authorizes the delivery of goods in exchange for future payment with interest

A business that specializes in obtaining payment from debtors who have defaulted on their loans

Which factors affect your potential earning power?

Which type of bankruptcy is known as the wage earner's plan?

Goals accomplished in the next few weeks are _____________ goals

How many weeks in a standard month?

Social Security and Medicare taxes

The economic rivalry that exists among businesses selling similar products is called

The cost of goods and services

A zero based budget means that

Which is not one of the 5 C's of credit?

What is the last step in decision-making?

Who dictates what is produced and sold?

Inflation is when

What is gross pay?

Can salaried employees earn overtime?

How much of your available credit you're using is called:

A card that provides access to electronic funds transfer from an automated teller machine

What tax is deducted from your gross income?

The length of your credit history is what % of your FICO Score

The fundamental economic problem

What are overtime hours?

Variable expenses