Personal Finance Unit 2-Multiple Choice
About this set
Created by:
krisisi on May 14, 2012
Subjects:
Description:
Decision Making, Setting Financial goals, Decision Making, Spending Plans,Depository Institutions,Checking Accounts, Online and E-banking
Classes:
Ms. Isidro's Personal Finance Summer Class-AM, Ms. Isidro's Personal Finance Summer Class-pm
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24 terms
Terms | Definitions |
|---|---|
 Something unnecessary but desired or items which increase the quality of living. | What is a want? |
| Something thought to be a necessity or essential items required for life. | What is a need? |
| Adequate shelter | What is an example of a need? |
| Laptop computer | What is an example of a want? |
| Time bound, Specific, Realistic | Which is an element of a financial goal? |
| Time bound | What element is the following financial goal missing? "I will save $150 each month to go on a vacation." |
| To help manage money and make paying bills more convenient. | What is a checking account's primary purpose? |
| To keep track of where money is spent. | Why would somebody typically use a checking account? |
| Check, ATM, Debit Card | Through what methods can checking account funds be accessed? |
| An electronic computer terminal which offers automated, computerized banking. | What is an automated teller's machine (ATM)? |
| Report it immediately within two days to be liable for only $50. | What should a consumer do if his/her ATM/debit card gets lost/stolen? |
| Convenience, safety, security | What benefit is provided by depository institutions? |
| Checking accounts, investment opportunities, financial counseling. | Which of the following service is offered by depository institutions? |
| Insure federally charted commercial banks against loss. | What is the purpose of the Federal Deposit Insurance Corporation (FDIC)? |
| Rent | Which of the following is a fixed expense? |
| Eating out | Which of the following is a flexible expense? |
| Profit | What is it called when an individual has more income than expenses? |
| Decrease expenses | If expenses were to exceed income on a spending plan, what would be a financially smart solution? |
| 10% | Savings should account for approximately how much of an individual's income? |
| Envelope system, spending plan template, check register system. | Which of the following is a control method for spending plans? |
| A statement listing and summarizing all monetary transactions during a specific period of time. | What is a balance sheet? |
| A statement for the future to assist in money management. | What is a spending plan? |
| Housing | According to the Consumer Expenditure Survey, whyat expenditures takes the largestportion on one's income? |
| Transportation and Food | According to the Consumer Expenditure Survey, what expenditures take the second and third largest portion on one's income? |
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