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Per Fin Final Exam 1
| Question | Answer |
|---|---|
| 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
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