Upgrade to remove ads
Only $2.99/month

Personal finance unit test

Terms in this set (113)

What is well being? What affects it?
a) Feeling good about one's life
b) Money
How do people interact with money?
Earning, receiving, saving, interest, spending, giving
What is a durable good? What is a consumable good?
D: does not quickly wear out, more expensive
C: used in the moment, less expensive
When prioritizing your wants you should consider what? - Note: Know what an opportunity cost is (what is given up when a choice is made)
Personal and social factors affecting your choice
What are some principles from making a good on-line purchase?
-only use secure sites
-credit not debit
-review shipping/ payment policies
What is redress?
The process of righting a wrong
Name 4 of the 8 consumer rights
-safety
-information
-choice
-representation
What is price per unit?
how much a single unit from an item is worth
What are the 3 R's of Resource Conservation
Reuse, reduce, recycle
Name some of the complaints that the Consumer Protection Section of VA takes care of?
-electronics
-credit
-automotive repair
-automotive sale
-house repair
What political office (not person) takes care of the Consumer Protection Section?
Antitrust and consumer enforcement unit
How does the state enforce Consumer Protection Laws?
-notice of violation
-civil negotiator demand
-court complaint
M
Which is the largest expense - housing, transportation, or food?
Housing
What are some common rental expenses?
Rent, utilities, household furniture, renters insurance
What is renter's insurance?
To insure the replacement of your items that may get ruined
What are amenities?
-a desirable utility or building
What is a lease? Is it the same as renting or buying?
-a written agreement to use the property for a set amount of time
-no
What is net worth?
Present/ future earnings of your job
What is a mortgage?
A loan from the bank you must pay back
What are some examples of what you get when you pay HOA dues?
Swimming pool, snow removal, trash removal
What is a down payment?
...
What is mortgage insurance?
...
What are closing costs?
...
What is equity? Is this a good thing or a bad thing?
...
Should you buy or rent if you want to stay in a place for a year? What about after five years?
...
Do you need to pay insurance on cars?
...
What is depreciation? Do cars depreciate? Do homes?
...
What is leasing? Who owns the item being leased?
...
What is a security deposit?
...
What is fraud?
...
What are the common types of fraud?
...
What is skimming? What is phishing?
...
Are money orders and check cashing centers a safe way of transferring money?
...
What is a promissory note?
...
What is identity theft?
...
What card should you never carry in your wallet for fear of having your identity stolen?
...
Name some ways you can protect your personal info.
...
What type of reports should you check if you think someone used your banking account illegally?
...
Why should you use a credit card when buying items on-line?
...
What does the FTC do? What does it stand for?
...
What does the Consumers Financial Protection Bureau do?
...
What does the US Securities and Exchange Commission do?
...
What is a depository institution?
...
What are the differences between a commercial bank and a credit union?
...
Who do all depository institutions have to report deposits over $10000?
...
What does the FDIC and NCUA do?
...
What are the services offered by depository institutions? What is a safety deposit box?
...
What is interest?
...
What is the interest rate?
...
Which offers you quicker access to you funds - a checking or savings account?
...
What is credit?
...
What are the checks you can get from a bank?
...
What do you need to open an account if you are under 18? What about if you are over 18?
...
What can you do with on-line banking?
...
What is mobile banking?
...
What is a debit card? What is a PIN?
...
What is a contactless payment? What is POS?
...
Are all bank fees the same?
...
What is an overdraft fee?
...
What is an ATM? What is an ATM fee?
...
What is a minimum balance fee?
...
What does it mean to bounce a check?
...
What are the types of endorsements for checks?
...
Where is the routing # and account# on a check?
...
What is Check 21?
...
What do you use a check register for?
...
Again, if an ATM is stolen and report it, what is the most you can owe?
...
What does the FDIC mean?
...
What account earn mores interest - checking or saving?
...
What does APR mean?
...
What is the grace period?
...
What happens to your credit score when you get closer to your credit limit?
...
Where can you get a free credit report?
...
What is the highest credit score you can have?
...
What is savings again?
...
How many months of emergency savings should you have?
...
Complete the following: savings is a _________ when money is saved
...
What is interest?
...
What is compound interest?
...
What is the principal?
...
What is the rule of 72? Be ready to use it?
...
What are the savings tools (vehicles)? What are some examples?
...
What is the difference between secure and liquid depository institutions?
...
Does a checking account give interest? Is it liquid?
...
Does a savings account give interest? Is it liquid?
...
What is a money market account? Does it give interest? Is it liquid? Is it better or worse in interest than a savings account? Does it have a minimum balance?
...
What is a CD (a Certificate of Deposit)? Does it give interest? Is it liquid? What happens if you decide to cash it out before the designated time period?
...
What factors should one consider when looking at your financial goals?
...
As interest rates rise what happens to liquidity?
...
What are investments?
...
As the risk goes up, what happens to the rate of return?
...
What long term goals can money go for paying for?
...
What is the rate of return? How is it calculated?
...
What is inflation? What is inflation risk? Should the rate of return be higher or lower that the rate of inflation?
...
What is a bond? What types are there? What is the investment risk? Is there a penalty for withdrawing the $ too early? How is the interest rate? Is it tax free?
...
What is the maturity date?
...
What is stock? What is it also knowns as?
...
When one owns stock, they get a voice in the company, otherwise known as what?
...
What type of risk level does stock have?
...
What are the different type of stocks?
...
What is the market price? How long will a stock holder make money according to the market price? How will the stock holder lose money according to the market price?
...
What are capital gains?
...
What is the risk level for real estate?
...
What are speculative investments? Is it a high or low risk?
...
What are mutual funds? What are the advantages and disadvantages?
...
What is an index fund? Give an example
...
When you own (as opposed to lend), what happens to inflation risks, potential for high returns, and increases in risk?
...
What is the goal of portfolio diversification (like with a mutual fund)? What happens to investment risk when you decide to use it?
...
What can you get at a stock exchange? Give examples? Who supervises it?
...
What is the difference between discount and full service brokerage firms? At which one can you find a financial advisor?
...
What are the different type of markets?
...
When can taxes be paid for investments?
...
What are 401k, 403b, IRA, and Roth IRAs all used to fund? When do you pay taxes on an IRA and Roth IRA?
...
YOU MIGHT ALSO LIKE...