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Personal Finance Final Exam Review
Terms in this set (30)
What is the purpose of setting up and putting money into an emergency fund?
You use that money in case an unexpected expense comes up that you must pay for
Marbella just got her first job working part-time at a department store on weekends. Before receiving her first check, her aunt says, "Be sure to pay yourself first!" What does that mean?
Marbella should save part of her paycheck first, before she buys anything with the money.
Kellen is saving for a new video game system, which costs $300. He receives an allowance of $30 per month, and he usually spends $15 and saves $15 each time. How many months will it be until Kellen has saved enough to buy the game system?
Ronny uses his credit card to buy new bluetooth headphones at Audio Stop in a shopping plaza near his house. Where will the money come from for this purchase?
Ronny's credit card company will pay Audio Stop, and then Ronny will repay the credit card company later.
If you are trying to get a loan to pay for a used car, what type of interest rate should you be looking for?
You want a low interest rate so the total you pay is less.
Now that she's got her own apartment and her first high-paying job, Rita is creating a budget. What are the two main categories that will help her form a budget?
Income and expenses
If you have a part-time job as a high school student, what would be the MOST common deduction from your paycheck?
Which statement best describes NEEDS vs WANTS?
NEEDS are required expenses you cannot avoid, while WANTS are optional items you choose to buy.
Which of these is a key benefit of having a high credit score?
You will qualify for better rates on loans or credit cards.
If John deposits this entire paycheck into his checking account, which amount will go into his account - Gross Pay or Net Pay?
Which action would INCREASE the money in Shirley's checking account?
She uses her smartphone to deposit a check from her grandpa.
Which of these is an example of comparison shopping?
Researching which online store has the best price on a tent
What do a restaurant receipt and a checking account statement have in common?
You should review both of them closely to make sure they're accurate for how you've spent money
Boone does a lot of his work and shopping online. What can he do when he is online to protect himself from identity theft?
Conduct banking or online shopping on a secure wifi network
Your friend, Marco, is excited to apply for his first summer job. However, he needs to submit a resume and is unsure of what to include. What information would you recommend he include in his resume?
His involvement in extracurricular activities & leadership roles
Donavon has an important job interview tomorrow. All of the following are ways for him to properly prepare EXCEPT...
Call/email the company several times with any questions that he has before the interview
What is a financial benefit of obtaining a college degree?
You have higher potential lifetime earnings.
Which type of financial aid must be paid back with interest?
Lana wants to create a better plan for her money so she knows exactly how much income she is making and how much is being spent on monthly expenses. What tool would you encourage her to use to achieve this goal?
4 P's f Marketing
Product, Price, Place, Promotion
A particular shape or type of apparel item identified by the distinct features that make it unique (Ex: V-neck sweater; Hoodie)
Which one is NOT an advantage of a sole proprietorship?
Sharing of profits
lacking moral principles
Having to do with morals, values, right and wrong
Either a tangible good or an intangible service that is seem to meet a specific customer need or demand
How the product will be provided to the customer; distribution is a key element of placement
The actual amount the end user is expected to pay for a product; how a product is priced will directly affect how it sells
Marketing communication strategiesmay include advertising, sales promotions, special offers and public relations
What is the name of this class?
Principles of Business, Marketing, and Finance
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Unit 1: You and the World of Work
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