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Money Matters Review
| Question | Answer |
|---|---|
| _____ ______ ________ normally pay a higher rate of interest than a passbook or statement savings accounts. | Monet market accounts |
| You can only make a deposit when you open a __. | CD |
| Checking accounts and savings accounts are insured by the ____. | FDIC |
| A federally sponsored corporation which insures accounts in national banks and other qualified institutions up to $100,000 is called the ____. | FDIC |
| FDIC stands for _______ _______ _________ ___________. | Federal Deposit Insurance Corporation |
| The 3 national credit bureaus are _______, ________, and __________. | Equifax, Experian, TransUnion |
| Individuals are allowed to get a copy of their own credit report for free from these credit bureaus how many times a year? | Once. |
| The two major components which make up your credit history are ______ _____ and ______ _______. | credit score, credit history |
| There are ____ main criteria credit bureaus use to determine your credit rating or score. | five |
| What are the five criteria for determining your credit rating? | 1. Payment history 2. Total amount you owe 3. Length of credit history 4. How much new credit 5. What types of credit |
| ________ _____ are normally used for various types of big ticket purchases individuals routinely make. | Personal loans |
| The actual amount of money you borrowed from the lender for your purchase is called the _________. | principle |
| A _____ ____ means the interest rate set at the time you take out the loan will be the interest rate you pay throughout the entire term of the loan. | fixed rate |
| An __________ ____ may change during the term of the loan. | adjustable rate |
| The ____ is the length of time the loan is set up for you to pay it back. | term |
| What type of loan do you put up collateral for? | Secured loan. |
| ___________ is an asset, usually what is being purchased, which the bank owns the rights to until the loan is paid in full. | Collateral |
| What are the 3 basic fees you pay when you take out a loan? | 1. Application fee 2. Attorney fee 3. Credit history fee |
| An ___________ ___ may be a percentage of the loan or it may be a flat fee. | application fee |
| How much a person makes relative to how much they are obligated for is called ___-__-_____ _____. | debt-to-income ratio |
| The three types of investment accounts are: | taxable, tax-deferred, and tax-exempt. |
| There are three areas you must consider when choosing an investment. They are: | Liquidity, risk and return. |
| A ______ is what you make or earn on an investment. | return |
| When you buy a house you will make a down payment that is _ to __ percent of the purchase price. | 5, 10 |
| What are three basic types of housing? | 1. Condo 2. Co-op 3. Single family |
| When buying a housing you are responsible for: | mortgage payment, insurance, taxes, maintenance, and repairs. |
| A _____ is basically an apartment which you buy. | condo |
| A __-__ is a living space that is the same as a condo, but when you buy it you become a part owner of the building. | co-op |
| What are the 3 major stock markets reported here in the US? | 1. NASDAQ 2. Dow Jones 3. S & P 500 |
| What are four basic types of risk categories in investing? | 1. Low risk 2. Limited risk 3. Moderate risk 4. High risk |
| ___-____ investments provide a guaranteed return or principal to the investor in addition to interest earned during the investment period. | Low-risk |
| _______-____ investments are in companies and governments who are well established, pay dividends and are known for their consistent growth. | Limited-risk |
| ________-____ investments are generally in companies who have room for growth. | Moderate-risk |
| ____-____ investments are generally on speculative investments, such as futures, brand new companies and high-yield bonds. | High-risk |
| _________ are a portion of a corporation’s assets paid to stockholders on a per share basis. | Dividends |
| An ______ _____ is when the company makes a profit and then pays its investors a dividend based on that profit. | income stock |
| A ______ _____ is a company which experiences growth and its stock value increases where the investor can make money when he decides to sell the stock. | growth stock |
| ____-____ stocks sell for more than ____ dollars per share and are usually stocks of a well established company that has _____, predictable income with slow, but steady growth. | Blue-chip, five, stable |
| _________ ______ are named as such because they usually hold their value better during downturns in the economy and the capital markets. | Defensive stocks |
| _____ represent a loan which is being made to a corporation or government entity by a group of investors. | Bonds |
| ____ pay a specified amount of interest on a regular basis to the ____ _______. | Bonds, bond holders |
| Corporations have ______ _______, just like individuals. | credit ratings |
| The main advantage of a mutual fund is _______________. | diversification |
| ___________ is another term for how much return the fund has earned in the past. | Performance |
| ____ is the level of likelihood you may earn or lose the money you invest. | Risk |
Created by:
fearless4
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