Personal Finance

Market performance in the US is tracked using stock ________, which use formulas to calculate price changes. Indexes
A commodity in which one invests might include a Natural Resource
One common advantage of a long-term investment is Higher Return
An Annual Percentage Rate, ARP, represents what? How much interest is paid over a year
What is a scholarship? Aid given to a student by an institution
True or False, an insurance deductible must be fulfilled before insurance payouts begin True
Do all banks serve the same function? No, they serve the function that the account holders determine they hold.
Which expenditure will be the same whether you lease or buy a car? Gas prices
True or false, insurance offers consumers protection from the cost of unplanned events. True
What budget item can be changed if you alter your daily spending habits? Savings
Diversification, as it pertains to stocks Spreading your money around to different stocks to prevent from losing all your money if things go wrong
What is the benefit of obtaining a personal loan? Obtaining large amounts of money relatively quickly
Where do banks get money to lend to borrowers? their depositors
When should you use a commercial bank for a loan? When the loan is going to be used to fund a business
When dealing with insurance, what is a co-payment? Money paid to a doctor or specialist before the insurance begins to cover the rest
Emily contributed $13,468.00 to her college expenses, next year it increases by 4%, what will be her cost? $14,007
Jake’s assets total $9,500.00, with $1,900.00. What is his net worth? $7,600
True or False, consumers who pay more than the minimum payment on their credit cards pay less interest in the long run? True
A credit score is based on part Payment history and total cost
What is John’s total income, with a salary of $48,500, a 401K match of $2,500, and a bonus of $5,000? 56,000
Capital appreciation refers to what? The increased value of an asset overtime
When would you get a mortgage? When buying a house, most home owners get a 15 or 30 year mortgage
How do you figure your net worth? You take your assets and subtract your liabilities to get your net worth.
Claire would like to open a new checking account and savings account. She wants to avoid bank fees. What is the best choice? Credit Union
Is a credit card an asset or a liability? Liability
Is a paid car an asset or liability? Asset
Corey’s college cost for a year: Tuition- $9,450, transportation-$2,680, Room/Board- $7,920, Books and Fees- $1,674, and Other- 930. A. What is the total cost? B. What is the total cost for commuting to college? A. 22,655 B. $14,735
Look at a monthly income statement. Know the difference between gross income and net income. Gross Income: total income earned before deductions Net Income: Income minus taxes, insurances, and other such deductions.
Linda writes a bad check and is charged an overdraft fee. Another consequence is the merchant who received the bad check will expect repayment and a penalty fee. True or False? True
Sara likes to learn by doing hands-on learning. Which career below should she choose last? Mechanic, construction, HVAC team, or marine biologist? Marine Biologist
How much did Jared save by purchasing a backpack that cost $45.00 with a sales promotion of 20% off instead of a backpack that cost $42.00 with a sales promotion or 10% off? $41.80
What is opportunity cost? When you sacrifice something for something else
If a computer cost $600.00 and the sales tax is 7.5% what is the total cost of the computer? $645.00
What kind of account do you need if you want to have money easily available but saving as well? Savings account
An interest in supervising other workers would be useful for someone who wanted to become a what? Office manager
Why do companies issue stock? To raise capital
Bankruptcy allows a consumer to eliminate certain types of debt, true or False? True
Courtney’s gross pay is $4,500. Federal income tax is 13% of the gross pay. He owes a federal tax or $495.00. How much will he be refunded? $90.00

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