Personal Finance

The ways in which people make, distribute, and use their goods and services is called the… Economy
Earning interest on previously earned interest is called… Compounding
Financial plans that are more than five years off are called… Long term goals.
The trade off by making one house instead of another is commonly referred to as a(n)… Opportunity cost
Saving for vacation next summer or paying off small debts by the end of the year are examples of… Short term goals
Spending, saving, and investing to have the kind of life you want and financial security can be achieved by… Personal financial plan
The amount of goods and services available for sale is called… Supply
The central banking organization of the United States is called the…. Federal Reserve System
Hairstyling and bookkeeping are examples of… Services
A series of equal regular deposits is called… An annuity
Someone who enjoys nature and the outdoors may have an aptitude for a career in… Forestry Management
A demographic trend that has boosted careers in health, physical fitness, and recreational products is… Leisure time
In recent years, some of the fastest growing job markets have been in… Arizona
High interest rates are likely to reduce employment opportunities in… Construction
A position in which a person receives training by working with people who are experienced in a particular field is called… An internship
A cover letter gives a potential employer… The reason you want a particular job
Good places to look for a job listings include all the following EXCEPT: The Occupational Outlook Handbook
A pension plan is a… Retirement plan funded in part by employers
An example of a tax-expect benefit is… Free life insurance
By law an employer must pay for a portion of… Social Security
A disadvantage of using a safe-deposit box for keeping financial documents is that it… Can cost $100 a year to rent
An example of a liquid asset is a… Savings account.
An example of a current liability is… Taxes
A cash flow statement gives you important feedback on your… Income and spending patterns
One use of discretionary funds is spending on… Videos
An example of a variable expense is… Electric bills
Your net worth goes up when you… Pay off previous debts
The first step in planning a budget is… Setting financial goals
A good budget has all of the following characteristics EXCEPT: Inaccessibility
A savings option many employers offer is… Putting paycheck deductions in employees’ retirement funds
The lowest price is generally the wisest choice when… Quantity and quality are basically the same.
Products often purchased with price negotiation are… Automobiles
A drawback of paying on credit is having… Additional fees
A good time to find a bargain on a swimsuit is at a(n)… Mid-season sale
An advantage of a cooperative is that it…. Saves it’s members money
An advantage of direct selling is… Convenience
When shopping, avoid… Impulse buying
Better Business Bureaus handle… Complaints against local merchants
The court system set up buy every state to settle minor disagreements is called… Small claims court
Disagreements in small claims courts are usually settled by… Judges
Which of the following financial services is best suited for saving money over a period of years? Certificate of Deposit
Credit cards allow you to… Borrow money for a short term
You will earn a higher interest rate when you… But a certificate of deposit
The Federal Deposit Insurance Corporation insures depositors against losing their money in the case of a… Bank failure
Compared with commercial banks, credit unions generally offer… Lower fees and loan rates
To earn high interest rates on a certificate of deposit, you must accept all the following limitations EXCEPT: Completing a monthly bank reconciliation
In which kind of savings plan does the interest rate vary from month to month? Money Market
If you deposit $100 in an account with an annual interest rate of %6 compound monthly, after 12 months you will have… $106.18
When writing a check, include all of the following EXCEPT: An endorsement on the back
The first step in balancing a checkbook is… Comparing checks in the check record with those on the statement
An example of open end credit is a Credit card charge
The interest is tax deductible on a Home equity loan
Credit card holders are known as convenience users when they Pay off their balances each month
The total dollar amount you pay to use credit is the Finance charge
A higher interest rate is usually the trade off for a Long term goal
Which of the 5 C’s of credit require that a person’s assets exceed his or her liabilities? Capacity
A credit bureau is required to follow reasonable procedures to make sure that The information in a person’s file is correct.

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