Final Review

Front 1

If you wreck and your insurance has to pay, they will probably?

Back 1

Raise your premium

Front 2

This type of auto insurance protects your car if damaged.

Back 2

Collision

Front 3

If you have 50/100/50 what is your coverage for property damage?

Back 3

$50,000

Front 4

Name some factors that affect your auto insurance cost.

Back 4

-Age

-Type of car

-Gender

-Location

Front 5

The cost of replacing an item regardless of its actual cash value is?

Back 5

Replacement value

Front 6

If you insure your house for $200,000, the contents will be covered for about how much?

Back 6

$100,000

Front 7

This type of insurance covers another persons losses for injuries.

Back 7

Liability

Front 8

Name some low risk investments:

Back 8

Corporate Bonds

Government Bonds

Front 9

The exciting newspaper that deals with investing:

Back 9

Wall Street Journal

Front 10

This type of risk is caused by the business cycle:

Back 10

Market risk

Front 11

What is usually the first stage of investing?

Back 11

Build a savings account

Hint 11

Rule of 72

Front 12

If you invest $10,000 and earn 10%, how long will it take to double your money?

Back 12

7 / 10 = 7.2 years

Front 13

Using long-term savings to earn a financial reward is?

Back 13

Investing

Front 14

When you authorize your employer to take money from your paycheck each payday:

Back 14

Payroll savings plan

Front 15

FDIC insures our money up to?

Back 15

$250,000

Front 16

At credit unions, savings and checking accounts are called?

Back 16

Share accounts

Front 17

This type of bank was organized to lend money for mortgages:

Back 17

Savings and loan associations

Front 18

Banks that have the widest variety of services are?

Back 18

Commercial Banks

Front 19

Interest paid on your principal plus any previously earned interest:

Back 19

Compound interest

Front 20

If you are in a work study program, where are you working?

Back 20

On campus

Front 21

What is an example of a long-term need?

Back 21

House

Education

Front 22

Disadvantages of bankruptcy:

Back 22

Credit score ruined

Loss of assets

Front 23

When creditors go to court to declare your bankrupt:

Back 23

Involuntary bankruptcy

Front 24

When you have insufficient income to pay your debts, you are?

Back 24

Insolvent

Front 25

Beware of credit-assistance companies that say:

Back 25

Your credit can be repaired immediately.

Pay before they do anything.

New social security number.

Front 26

Name some of the "Consumer Bill of Rights"

Back 26

Right to be informed

Right to safety

Right to choose

Right to be heard

Front 27

A request for consumers to return a defective product:

Back 27

Recall

Front 28

This act requires product labels to contain accurate names, quantities, weights, etc.:

Back 28

Fair packaging and labeling

Front 29

Consumer organization that has the largest testing facility in the world and publishes "Consumer Reports" magazine:

Back 29

Consumers Union

Front 30

Standard work week:

Back 30

40 hours

Front 31

Rate x hours worked =

Back 31

Gross pay

Front 32

When you are paid the same amount every day:

Back 32

Salary

Front 33

Self-employed people, usually make estimated tax payments how often?

Back 33

Quarterly

Front 34

A work schedule that fits a normal 40 hour week into less than 5 days:

Back 34

Compressed work week

Front 35

The largest source of federal government revenue:

Back 35

Income taxes

Front 36

A tax which the rate stays the same, regardless of your income:

Back 36

Proportional

Front 37

In the U.S. the power to impose taxes rests with?

Back 37

Congress

Front 38

Proportional or flat tax example:

Back 38

Property tax

Front 39

In the U.S. everyone is responsible for filing a tax return on their own:

Back 39

Voluntary compliance

Front 40

Your filing status is based on:

Back 40

Marital status

Front 41

You must have your tax return in the mail by?

Back 41

April 15th

Front 42

What type of income do we focus on when preparing a budget?

Back 42

Disposable income

Front 43

Name some variable expenses:

Back 43

Groceries

Recreation

Entertainment

Front 44

Name some examples of assets:

Back 44

House

Car

Boat

Land

Front 45

The IRS has the legal right to audit you for how many years back?

Back 45

3 years

Front 46

One person makes an offer, and another person changes it:

Back 46

Counter offer

Front 47

Computer program that organizes data in rows and columns:

Back 47

Spread sheet

Front 48

The person who cashes a check:

Back 48

Payee

Front 49

When your wife writes a check for more money than is in your account:

Back 49

Overdraft or bounded

Front 50

Part of a check where you can record the purpose of the check:

Back 50

Memo line

Front 51

When you write a check and record it in your register, what column do you record it in?

Back 51

Debit payment line

Front 52

A check written by a bank on its own funds:

Back 52

Cashier's check

Front 53

When you tell your bank not to pay a check that you have written:

Back 53

Stop payment order

Front 54

Name transactions that may be difficult to make without a credit card:

Back 54

Shopping online

Hotel reservation

Airline ticket reservation

Front 55

The total dollar cost of all interest and fees for the use of credit:

Back 55

Finance charge

Front 56

Service to valued customers where you are not billed until much later than the standard billing time:

Back 56

Deferred billing

Front 57

If you go over your credit limit or are late with payments, you are charged this:

Back 57

Penalty fee

Front 58

What is service credit? And list some examples.

Back 58

You get the service before paying.

Phone bill

Electric

Doctor fees

Lawyers

Front 59

A legal business that makes high interest loans:

Back 59

Finance company

Front 60

Who issues credit reports?

Back 60

Credit bureau

Front 61

When we ask the credit bureau to deny all access to our credit file:

Back 61

Credit freeze

Front 62

Name some stuff that's in our credit report:

Back 62

Public records

Loan balances

Marital status

Occupation

Address

Front 63

Your financial ability to repay a loan with your income is known as?

Back 63

Capacity

Front 64

Often the first step most people take to establish their credit record:

Back 64

Savings account opened

Front 65

Scam that uses online pop-up messages to get personal information:

Back 65

Phishing

Front 66

Internet explorer and Netscape use a lock box symbol to indicate:

Back 66

Secured site

Front 67

Name a few ways to minimize the cost of credit:

Back 67

Payments on time

Pay in full

Pay with cash

Front 68

When you buy an item that will be used as collateral:

Back 68

Secured loan

Front 69

The unpaid portion of a loan:

Back 69

Principal

Front 70

Money paid for the sue of someone else's money:

Back 70

Interest

Front 71

When creditors apply the finance charge to the amount you owe after you have made your payment:

Back 71

Adjusted balance method

Front 72

Name some signs that you are over extending your credit:

Back 72

Use one credit card to pay off another credit card.

Stressful to pay bills.

Missed payments.

Near credit limit.

Front 73

If you borrow money from a finance company to pay off all other debts:

Back 73

Consolidation loan

Front 74

Credit card companies offer these (free miles) to try to get us to apply:

Back 74

Rewards

Front 75

The 20/10 rule on debt:

Back 75

Debt payments should not exceed 20% of yearly pay or 10% of monthly pay

Front 76

These businesses give information about us to credit bureaus and pay a monthly fee to credit bureau:

Back 76

Subscribers

Front 77

A person or business that loans money:

Back 77

Creditor

Front 78

A person who borrows money from another:

Back 78

Debtor

Front 79

The value of property you possess after deducting your debts:

Back 79

Capitol

Front 80

The time frame within which you may pay your current credit balance in full and incur no credit charges:

Back 80

Grace period

Front 81

A state law that sets a maximum interest rate that may be charged for consumer loans:

Back 81

Usury laws

Front 82

A responsible attitude toward honoring debt obligations:

Back 82

Character

Front 83

Checking several places to be sure you are getting the best price for equal quality:

Back 83

Comparison shopping

Front 84

When you purchase something without thinking about it:

Back 84

Impulse buying

Front 85

The interest rate that banks offer to their best:

Back 85

Prime rate

Front 86

Part of the purchase price paid in cash required on most installment contracts:

Back 86

Down payment

Front 87

Debts that are erased by the court during bankruptcy:

Back 87

Discharged

Front 88

The agreement to pay debts that have been legally discharged:

Back 88

Reaffirmation

Front 89

Assets considered necessary for survival:

Back 89

Exempted assets

Front 90

Name some short term needs that require a funded savings account at a bank:

Back 90

Major purchase

Emergencies

Vacations

Weddings

Front 91

How much should you have in a savings account at all times?

Back 91

3 to 6 months of living expenses

Front 92

A time deposit that pays a fixed rate of interest for a specified time period:

Back 92

CD

Front 93

The rise in the general level of prices:

Back 93

Inflation

Front 94

The chance that an investments value will decrease:

Back 94

Risk

Front 95

When you spread risk among different levels when you invest:

Back 95

Diversifying

Front 96

This refers to how quickly you can turn an investment into cash:

Back 96

Liquidity

Front 97

A unit of ownership in a corporation:

Back 97

Stock

Front 98

Low prices stocks non-established companies:

Back 98

Penny stocks

Front 99

When you invest the same amount of money at regular intervals in the same investment:

Back 99

Dollar cost averaging

Front 100

When a government or corporation borrows money from the public:

Back 100

Bonds