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PF 2,3,&8

Personal Finance Chapters 2,3,&8

QuestionAnswer
What effect does inflation have on the value of money? Inflation decreases the value of money
What does the Rule of 72 calculate? How long it would take for an invest to double in price
A savings account that compounds interest _______ is the most lucrative savings account. Daily
What is one disadvantage of CD's? Money is not easily accessible
If Sam loans his sister $500 at 3% interest. How much will Sam's sister owe after 3 years? $545.00
What is compound interest? Interest paid on interest earned
What is the 1st Foundation of financial well-being according to Dave Ramsey? Save for a $500 emergency fund
According to Dave, major expenses should be paid out of a... Sinking Fund
This principle suggests that certain amount of money today has a different buying power in the future. Time Value of Money
Why should an emergency fund be kept in a separate savings account away from spending money? So your emergency fund is not easily spent
What is the preferred investment of Dave Ramsey? Mutual Funds
The more liquid an investment, the ______ return can be expected Less
What are dividends? Profits of a company paid out to stockholders
Savings accounts and money market accounts are most appropriate for... Emergency funds and short-term goals
What is the benefit of diversification? Reduced risk
To ensure that some of retirements savings will not be subject to taxes upon withdrawal, you would contribute to... Roth IRA
What is a 401(k)? Employer-sponsored retirement plan
What is the retirement plan used by non-profit organizations? 403(b)
What is an example of a fixed expense? Rent
What is an example of a variable expense? Groceries
What is an example of a discretionary expense? Eating out at a restaurant
What is a Zero-Based Budget? A money plan where every dollar earned has a specific purpose
What is not excused under bankruptcy? Student Loan Debt
What financial aid can you NOT apply for using FAFSA? Scholarships
What is a grace period? The period after school before you must start paying back student loans (usually about 6 months)
What is current student debt unpaid? Over $1 Trillion
Created by: daniel.owen