NDCL Independent Living Final
Terms in this set (161)
What does "dining etiquette" mean?
polite manners while eating
What items should you avoid from ordering at a restaurant if you want to make a good impression?
juicy, sloppy foods (hamburgers, ribs, spaghetti, crab)
In a formal meal with a group and a guest of honor, what is the first thing you do when seated at the table?
touch nothing on the table until the guest of honor does and follow suit
What is the proper thing to do when the bread basket is set in front of you at the table?
offer a piece to the person to your right - then pass the basket to the right
What do you do if someone takes your bread plate on accident?
quietly ask the server for a new one
When eating bread at room temperature, you first...
break off a bite size piece and butter it one at a time
How do you excuse yourself from the table?
What is the proper way to eat soup in a soup bowl without handles?
spoon the soup away from you towards the center of the table
What do you do with your napkin when you leave the table temporarily?
fold it neatly and place it to the left of your plate
What do you do with your knife and fork once you've finished a meal?
place them parallel to each other
What can personal development of etiquette and behavior help you with?
it can help you along the path of achieving an impressive professional life, get you a better job, and help you feel at ease at a variety of social occasions
What is the standard rate for a tip?
What do you do if you drop silverware onto the floor?
leave it on the floor and quietly ask your server for a new one
What is continental style?
eating with the fork in the left hand
What does it mean to have good manners?
it means to be polite, respectful, and professional always in consideration of others
What are the steps in decision making?
1. define the problem
2. explore alternatives
3. choose the best alternative
4. evaluate the decision
5. act on the decision
6. accept responsibility
What do taxes achieve? (3 things)
1. stabilizing the economy
2. addressing social issues (aging population, food stamps, veterans)
3. influencing behavior
What is a payment in exchange for an employee's labor or service?
What is the lowest hourly wage employers can pay most workers by law?
What is a wage that is based on a rate per unit or item completed?
What is a payment for work that is expressed as a annual figure?
What is income paid as a percentage of sales made by a salesperson?
What is an expense subtracted from gross income?
What is the federal government's basic program for providing income when earnings are reduced or stopped because of retirement, serious injury or illness, or death?
What is the federal government's programs that pays for certain health care expenses for older citizens and others with disabilities?
What is a government program that pays certain health care costs for eligible low-income individuals and families?
What is an expense that can be subtracted from a taxable income?
What are tax benefits that reduces the amount of income on which a worker pays taxes?
What is an amount that can be subtracted from the taxes a worker owes, if eligible?
T or F: Gross income is also called "take-home pay"
F - net-income
T or F: Interest on the national debt is a mandatory expense item in the federal budget.
T or F: Income tax is a direct tax because it is paid directly to the government by the taxpayer.
T or F: Only the federal government has the power to tax personal income.
T or F: The amount of taxes withheld from paychecks depends on the amount earned and the number of allowances claimed.
T or F: Fairness is a key aim of most tax reforms.
T or F: Under the Social Security system, your financial need determines the amount you will eventually receive in retirement benefits or in disability benefits if you should become disabled.
F - medicare
T or F: When you retire, Social Security payments start automatically.
Net income is gross income minus...
What are regressive taxes?
they tax the poor at a higher percentage than it does the rich
What does the Form W-4 determine?
the amount of payroll deductions employers should withhold from your paycheck
What does the Form W-2 determine?
how much tax was withheld from your paycheck last year
What do the Social Security taxes deducted from your earnings pay?
the benefits others are currently receiving
When should you use long and short form to file a tax return?
long - when adjustment to income (deductions)
short - when income falls within certain limits
What are the 6 expense records you may need for tax purposes?
1. Form W-2
2. 1099 forms
3. records of income
4. Social Security number(s)
5. copies of previous year's tax returns
6. forms and instructions from the IRS
What are entitlements?
government payment or benefit promised by law to eligible citizens (example: SS and Medicare)
What is personal income tax?
levied by: state, local, federal governments
applies to: income and salary
What is purchase tax?
levied by: state and local govt.
applies to: goods and services
What is excise tax?
levied by: federal and state govt.
applies to: sale and transfer of luxury items
What is real estate tax?
levied by: state and local govt.
applies to: owned property (land & buildings)
What is personal property tax?
levied by: local and state govt.
applies to: cars, boats, and furniture
What is estate tax?
levied by: federal govt.
applies to: assets left at time of death
What is gift tax?
levied by: federal govt.
applies to: charity and giving away $$
What is a record of checks, deposits, and charges on a checking account?
What is a bank owned by stockholders and organized to receive, transfer, and lend money to individuals, business, and governments?
What is a card that allowed customers to withdraw cash from and make deposits to their accounts using a cash machine?
What is an order for a specific amount of money payable to a specific payee?
What is the agency that grants federal charters to qualified groups, supervises credit unions, and insures accounts in all federally chartered and many state chartered credit unions?
National Credit Union Administration (NCUA)
What is the product that replaced Traveler's Checks and are for vacations or when you travel and is used like a credit card but is pre-loaded and also replaced if lost or stolen?
What is the movement of money electronically from one financial institution to another?
electronic funds transfer (EFT)
What is a non profit financial cooperative owned by and operated for the benefit of its members and accepts deposits, loans, and provides other services?
What is the US government agency that protects bank customers by insuring deposits as well as examining and supervising financial institutions?
Federal Deposit Insurance Corporation (FDIC)
What does it mean to sign one's name on the back of a check in order to cash or deposit the check?
What is a computer terminal used to transact business with a financial institution?
automated teller machine (ATM)
What is a personal check with a bank's guarantee the check will be paid?
What is a check drawn by a bank on its own funds and signed by an authorized officer of the bank?
What is a for profit financial institution that receives and pays dividends on depositors' savings, makes mortgage loans, and offers most of the services commercial banks offer>
savings and loans association
T or F: The primary function of a financial institution is the safekeeping of consumer savings.
T or F: When you deposit money in a bank, your money becomes someone else's source of credit.
What are the advantages of having a checking account?
it keeps a record of spending and receipts of payments made, convenience of bill payment, and safekeeping of cash on deposit
What does NOT appear on a bank statement?
What are advantages of online banking? (3)
1. access to account
2. pay bills
3. deposit checks online
What are 3 important characteristics to look for when shopping for a financial institution to handle your money management needs?
1. economic conditions
3. helpful staff
What is written on a blank endorsement?
What is written on a restrictive endorsement?
"For Deposit Only"
What is written on a special endorsement? (example: you want the money to go to your friend)
"Pay to the order of..." and your signature
What is a bitcoin?
What is the Equal Opportunity Act?
this prohibits credit granters from discriminating against consumers on the basis of sex, marital status, race, nationality, religion, age, or the receipt of public assistance. it requires creditors to provide a written explanation as to why an applicant was turned down.
What is the Fair Credit Billing Act?
protects consumers against unfair billing practices.
What is the Fair Debt Collection Practices Act?
prohibits debt collectors from revealing debt to other people, contacting clients at inconvenient times or places, using threats or abusive language, or making annoying, repeated, or anonymous phone calls
What is the Truth in Lending Law?
it requires creditors to tell consumers what credit will cost them before they use it. under this, all contracts and agreements must include the amount financed/borrowed, the total number, amount, and due dates of payments, the finance charge in dollar amount and annual percentage rate, all charges not included in the finance charge, penalties or charges for late payment, etc, and a description of any security held by the creditor
What is the Fair Credit Reporting Act?
it requires accuracy and privacy of information contained in credit reports. if you are refused credit, it requires that you receive name and address, etc.
What is the Bankruptcy Act?
allows you to file for bankruptcy and allows the court to assist you in finances by settling up a repayment schedule
What is the Electronic Funds Transfer Act?
prohibits the distribution of unrequested EFT cards, requires issuers of EFT cards to provide cardholders with written information outlining their rights and responsibilities for the card and its use, limited to $50 liability for unauthorized transfer, requires issuer to provide cardholders with printed receipts of EFT transactions, and requires issuers to promptly investigate and correct EFT errors
Which of the following id a type of cash credit: installment charge accounts, installment loans, regular charge accounts, or revolving charge accounts?
What is important to consider when comparing credit terms?
APR, finance charges, monthly payments
What are the advantages of using credit?
a source of cash for emergencies, convenience, and use of goods and services while paying for them
What 3 factors determine the amount you pay in finance charges?
amount of credit used, the APR, and the length of the repayment period
What is something of value pledged as security for a loan?
What is a legal proceeding that declares a debtor unable to pay obligations and divides the debtor's assets among the creditors except for possessions exempt by law?
What is a creditor's evaluation of a person's willingness and ability to pay debts as judged by past performance?
Who is a person who signs a loan along with a borrower and agrees to repay the loan if the borrower fails to repay it?
What is the organization that keeps on file information of the financial practices of individuals and makes that information available to creditors?
credit reporting agency
What is the annual cost of credit a lender charges?
What is a loan that must be repaid with finance charges by a certain date?
What is the amount borrowed on a loan?
What is a loan that requires collateral?
What 3 factors influence a person's credit score?
1. bill paying
2. debt-to-credit-limit ratio
3. credit history length
What 3 steps can you take to build a sound credit rating?
1. get a credit card
2. make small purchases
3. get a bank account
What are foods that are partially prepared to eat?
What are chemical substances found in foods that furnish the body with energy, build and maintain body tissues, and regulate body processes?
What provides detailed information on nutritive value of foods?
nutrition facts panel
What indicates when a product was processed?
What helps you compare like items in different sizes and quantities to determine best buy?
What is a tool for developing a personal eating plan?
What indicates when a food should be used for best flavor, quality, and nutritive value?
What regulates the inspection and grading of the foods you buy?
US Department of Agriculture (USDA)
What is a symbol that is a part of a computer checkout system designed to speed up checkouts and but labor costs?
universal product code (UPC)
What are products that do not carry brand names?
What factors should you take into account when determining how much money to budget for food?
number, ages, sex, and activity levels of those to be fed, personal tastes and preferences, and special dietary needs
What should you include when planning family meals?
contrasts in temperature, taste, and texture, family favorites, and occasional new foods and different recipes
What are features available at an extra cost?
What is depreciation?
a decrease of value of an item over time
What is the actual rate of interest figured on a yearly basis?
What law requires proof of car insurance prior to the occurrence of an accident?
Compulsory Auto Insurance Law
What is an incentive to buy a car, a reduction in cost?
What is the amount an insured person must pay before an insurance company pays on a claim?
What is a certain amount of money or fee a person pays regularly to an insurance company for protection?
What is a rental agreement between a car dealer and you?
What are 4 expenses involved in buying or leasing a car?
5. capitalized cost
What 3 factors influence the cost of financing a car?
2. amount of principle
3. length of repayment period
What 4 factors determine auto insurance costs?
1. driver classification
2. car's year, make, and model
3. how long you've been driving
Which insurance pays for damage to the insured person's car due to an auto accident or collision with another car or object?
Which insurance protects you when you are responsible for an auto accident that results in the injury or death of other parties?
bodily injury liability insurance
Which insurance protects insured persons when they are liable for an auto accident that damages the property of others?
property damage liability insurance
Which insurance pays for loss or damage to the insured's car that is not the result of collision. Fire, theft, falling objects, explosion, earthquake, flood, riot, civil commotion, and collision with a bird or animal?
comprehensive physical damage insurance
Which insurance pays for injuries caused by an uninsured or hit and run driver?
Uninsured motorist insurance
Which insurance pays you, the insured - for medical expenses resulting from an accident in your car - regardless of who is at fault?
medical payment or personal injury protection
What is showing a brand name product or its trademark in movies and television programs known as?
What are coupons and prizes offered by sellers to help sell goods and services?
What is an item priced at or below cost to attract buyers who will then purchase other merchandise?
What is a cash back offer to buyers?
What is a common deceptive practice in which a seller tries to substitute a more expensive item for an item advertised at a low price?
bait and switch
What is the crime of stealing someone's personal information and using it to commit theft or fraud?
What are unrequested and often unwanted e-mails sent by a company as a form of advertising?
Who are the individuals or groups who promote consumer interests in areas such as safety, truthful advertising, and redress?
What is a method of settling disagreements through an objective third party, which is chosen from a pool of volunteers or professionals?
What is an inexpensive way to settle minor differences involving small amounts of money in which people represent themselves?
small claims court
What type of ad taps into consumers' fears of being excluded?
What type of ad shows "real people" recommending a product or service?
What type of ad uses famous personalities to promote products?
What type of ad uses attractive models to grab consumer's attention?
What type of ad uses techniques to convince the public that a product is fashionable or trendy?
What type of ad uses exaggerated claims?
What type of ad associates a product with childhood memories and the past?
What type of ad uses a funny character, picture, or situation to grab your attention?
What type of ad uses shocking or provocative information?
What type of ad associates the use of a product or service with saving the planet, conserving resources, or some other environmental benefit?
What is the collection of clothing a person owns?
What are fibers made from natural sources, such as cotton, linen, silk, and wool?
What are fibers, such as polyester, nylon, and rayon, that are produced artificially from chemicals?
What are fabrics made by looping yarns together?
What are cloths such as felt, artificial suede, lace, and net, made from construction methods other than weaving or knitting?
red, yellow, and blue
orange, purple, and green
mixture of colors
triadic color schemes
made from any three hues that are equidistant from each other on the color wheel
3 hues found side by side on the color wheel
1 color in a range of values
two colors directly opposite from each other on the color wheel
split complementary schemes
1 color combined with 2 colors on each side of the first color's complement
double complementary schemes
2 adjacent colors and their complementary colors directly opposite on the color wheel