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Money Matters Final Exam Review

Something you will accomplish within 3 months Short-term goal
Type of loan used to purchase goods and services; there is no payoff deadline; monthly minimum payments vary based on the balance Credit Card
The process used to balance the checkbook register each month to the balance shown on the bank statement Reconcile
something that you have to have need
* Systematically invest the same amount in the same investment at regular intervals to reduce the impact of price swings Dollar Cost Averaging
* Used to determine how long it takes for your money to double Rule of 72
How much money you owe in total versus how much you make Debt-to-Income Ratio
Type of bankruptcy that erases most of your debt; requires you undergo financial counseling Chapter 7
a plan for managing your money during a given period of time Budget
The entire amount of money you owe to lenders Debt
spreading your money among different savings and investments diversification
place to record all transactions including deposits, checks, debit card purchases, additional fees, and ATM use check register
The mathematical relationship between time, money, a rate of return, and earnings growth Time value of money
something you would like to have wants
expenses that fluctuate in amount; usually have more control over how much they'll be variable expenses
method by which employers can deposit your paycheck directly into your bank account EFT (Electronic Funds Transfer)
Ability to wait in order to obtain something he or she wants Delayed Gratification
the process of earning interest on interest compounding
goals that are specific, measurable, attainable, realistic, and time bound SMART goal
Type of loan used to buy a house; is typically repaid over 15-30 years mortgage
expenses that cost the same amount every time fixed expenses
Occurs when someone uses your name, Social Security number, credit card number, or other personal information without your permission Identity Theft
Type of endorsement where all you do is sign the back of the check Blank endorsement
When the difference between the purchase price and the selling price is positive capital gains
provides small income and other services to the elderly Social Security Tax
Total amount of income from your wages, before any payroll deductions are taken out. Gross Income
__________ is an example of a fixed expense. A. Groceries B. Electric Bill C. Rent or mortgage D. Auto insurance Rent or mortgage
What is NOT a low/risk reward investment? commodities
What type of check endorsement is more secure than a blank endorsement because the receiver writes "For Deposit Only" and the account number where the money will be deposited above the signature. Restrictive endorsement
What are the 3 credit reporting agencies? Equifax, Transunion, and Experian
What can happen if a check "bounces" A. you will be charged a fee by the store B. You will be charged a fee by your bank C. your credit score can be reduced
Which type of credit has the highest interest rate? (2) Credit Card (2)
According to the Rule of 72, how long will it take $10,000 invested at 6% to double in value? 12 years
Which stock index would you most likley find smaller technology companies? NASDAQ (National Association of Securities Dealers Automated Quotations)
Oh no! Lost your job? What is the best thing to do? Have at least 3 months' of savings as a financial safety net to get through this crisis
What does S&P stand for in the S&P 500? Standard & Poors
Which equity index is the most commonly followed in the US? DIJA (Dow Jones Industrial Average)
Approximately how much should you expect to be taken out of your paycheck every month for taxes? 20%
A number, roughly between the average of 300 to 850 that reflects the credit history detailed by a person's credit report is called what? Credit Score
T or F? Rent is considered a variable expense. False
T or F? An overdraft occurs when a consumer withdrawal from a bank account exceeds the available balance. True
T or F? How you manage your cash flow affects if, when, and how you reach your goals. True
T or F? The interest paid on a mortgage is typically higher than any other type of credit. False
T or F? Not paying your bills on time does not affect your credit score. False
T or F? Income is any money you spend. False
T or F? Diversification is reducing investment risk by putting money in several different types of investments. True
T or F? A pro of using a debit card is that it doesn't allow for overspending. True
T or F? You use an EFT machine to withdrawal cash and make deposits. False
T or F? it is best to enter all transactions and fees in your check book register to avoid any overdrafts. True
T or F? Credit is something of value that lenders can repossess if you are unable to repay a loan as promised. False
True or False? Your parents credit score determines your credit score. False
T or F? P.Y.F. (Pay Yourself First) refers to your savings. True
T or F? You can use the interest from your mortgage as a tax deduction. True
T or F? Gross income is your take-home pay. False
T or F? The sooner you invest your money, the more time it has to make new money, making it likely that you could earn much more as a result. True
T or F? A check with a blank endorsement can be cashed by anyone. True
T or F? It is a good idea to write your Social Security Number on all checks to avoid having to look it up every time a merchant asks for it. False
T or F? Maintaining high balances on your cards does not hurt your credit score. False
T or F? Your budget will change as your income grows and your priorities change. True
T or F? The risk/reward trade-off is the principle that an investment must offer higher potential returns to compensate for the increased potential unpredictability. True
T or F? A common long-term goal may involve saving for collage for parents of a newborn child. True.
How do you use the Rule of 72? Take 72 and divide it by your interest %. Ex: 72/10
What is the Rule of 72? Allows you to divide your interest rate by 72 and find how long it takes for your investment to double.
Created by: rhammock15