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