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Per Fin Final Exam 1

QuestionAnswer
The primary cash inflow for most adults is their: Salary
The difference between what you forecast to happen and what actually happened is referred to as: Forecast error
While a _______ tracks cash flows over time, a ______ shows an individual's financial position at a point in time. Budget; personal balance sheet
The defining characteristic of a liquid asset is its: Quick availability
Market value refers to what something would be worth if you: Sold it today
To determine the market value of your car, you would be most likely to use which of the following as a guideline? Listings on the Kelley Blue Book website
A(n) _______ is something that you acquire with the ultimate goal of making money: Investment
People purchase _______ in a company in hopes that the company will do well and their investment will increase in value. Stocks
The most common form of current liability for individuals is a: Credit card balance
The initial amount you owe in a liability such as a home mortgage is referred to as the: Principal
To determine your net worth, subtract ______ from _______ The total of your current and long-term liabilities; The value of your total assets
Lenders often use the ________ ratio to determine whether someone has enough wealth to repay debt. Debt-to-asset
Which of the following provides traditional checking and savings accounts for individuals and businesses? Depository institutions
A check register is a tool for: Keeping track of your account balance
Which of the following is written by a financial institution with no payee identified? Travelers check
The FDIC was created by the federal government in response to: the Great Depression
To achieve its goals, the Fed uses: Monetary policy
ATM stands for: Automatic teller machine
Which government agency or department is in charge of determining how much money is in circulation? The Federal Reserve
When the Fed is concerned about inflation, it will likely do which of the following? Shrink the money supply
When the Fed makes more money available, interest rates tend to: Go down
Which of the following would you need to do to make sure that $750,000 worth of your deposits were insured and backed by the federal government? Place $250,000 in accounts in three different financial institutions
A(n) _______ has nonprofit status and is owned by its members. Credit union
Which of the following do cashier's checks, money orders, and traveler's checks have in common? They are all paid for in advance
Whenever you authorize someone to automatically take money out of your account to satisfy a financial obligation, you are using a(n): Bank draft
A ________ is a legal request of how your wealth will be distributed when you die? Will
Created by: Traceyshea