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Unit 2
| Question | Answer |
|---|---|
| generous gift of money or time to a person or organization | Charitable Donation |
| same amount of money earned on a set interval basis, such as monthly or quarterly | Fixed Income |
| amount of money earned is not the same each pay period | Variable Income |
| bill, such as monthly rent, which is the same each month | Fixed Expense |
| bill, such as a utility bill, which is a different amount each month | Variable Expense |
| money without a specific purpose left over each month after all bills have been paid | Discretionary Expense |
| amount of a paycheck one gets to keep after taxes and other deductions are taken out | Take-home Pay |
| mail, usually consisting of advertising material and requests for donations, sent to a large number of possible customers or contributors at one time | Direct Mail |
| stealing of a person’s financial information, such as credit cards and Social Security number, with the intent to make purchases under the person’s identity | Identity Theft |
| phony business deal created to get money from people with intention of giving anything in return | scam |
| requests for money, services, donations, etc. | solicitations |
| strong, usually irresistible impulse to perform an act against a person’s usual behavior | Compulsive Behavior |
| sudden, involuntary inclination prompting one to take an action which is not well thought-out | Impulse |
| schedule of recurrent times in any regular system of preparing or sending bills | Billing cycle |
| (business or institution) initiated or operated for the prpose of making a profit | For-profit |
| not established for the purpose of making a profit | Non Profit |
| cash withdrawn by using a debit card and entering a PIN in an ATM | ATM Withdrawals |
| log of deposits and withdrawals from a checking account | Checkbook Register |
| balance of an account on the day the bank runs the bank statement | Closing Balance |
| money put into an account | Deposit |
| acronym for electronic fund transfer; money transferred from one account to another without a person having to manually write a check or make a deposit | EFT |
| specific listing of individual pieces or units of information | Itemization |
| The primary purpose of a spending plan is to achieve which of the following goals? | To help you see the amount of income you have each month, pay all of your expenses, and put money into savings |
| . Which of the following is NOT a way to earn income? | Volunteering at church |
| A monthly utility bill is an example of which of the following expenses? | Variable |
| A rent payment is an example of which type of expense? | Fixed |
| Donating to the local animal shelter is an example of which of the following types of expenses? | Discretionary |
| Which records can NOT give a thief access to your personal information? | Gift card to a department store |
| If your identity is stolen, who becomes responsible for restoring your credit to good standing? | you |
| Where is a more popular place a thief would go to try to steal your personal information? | your trash |
| . How is it best to get rid of information you receive in the mail? | Use a shredder before placing it in the trash |
| Why do stores intentionally put small and inexpensive items near the checkout lines? | So shoppers will buy them without much thought |
| . Which of the following types of goals best describes something you can achieve in more than 12 months, but less than five years? | Intermediate goals |
| . Which of the following types of goals best describes something you can achieve in more than five years? | Long-term goals |
| Which of the following types of goals best describes something you can achieve in less than 12 months? | Short-term goals |
| Which of the following is the first step in developing your goals? | Identify your personal goals |
| Which of the following should NOT be considered when choosing a bank? | The size of the bank |
| Which type of bank is most widely used? | Commercial banks |
| Which type of bank has customers who are also owners? | Credit unions |
| Which type of bank offers full investment services as its main business? | Brokerage firms |
| Which type of bank does not have an actual physical location? | Virtual banks |
| What is the purpose of providing a bank statement to a customer? | To provide a snapshot of activity on the account during a specific time period |
| Which of the following is NOT one of the main components of a bank statement? | Listing of deposits made during the previous three months |
| . You should keep all deposit receipts as well as receipts for purchases until which of the following happens? | Reconciliation process |
| Why is the closing date listed at the top of your statement important information? | It provides you with a cutoff date for transactions included in the statement. |
| The opening balance of your most recent statement should equal which of the following? | Closing balance of your last statement |
| What are the two features of online and mobile banking? | Convenience and security |
| . Standard banking hours used to be 9 a.m. to 3 p.m., Monday through Friday. These hours meant what for their customers? | Access to their money was limited to these hours. |
| Which of the following is NOT one of the advantages of online and mobile banking? | Manual bank reconciliation is still required. |
| Which of the following is NOT a security feature? | Use of birthdates as your PIN |
| PIN is an acronym which stands for which of the following? | Personal Identification Number |
| Why is it a good idea to treat your savings account as a fixed expense each month? | Money can be deposited before it is used for discretionary spending. |
| In which of the following choices are the expenses in the right order according to how they must be paid each month? | Pay the fixed and variable expenses, then pay the discretionary expenses |
| . Which of the following entities do NOT have access to your credit report? | Potential employers who are looking for new employees with good credit |
| Which of the following is the first step you should take if your identity is stolen? | Contact the bank and credit card companies where you hold accounts |
| The location of which of the following is important when considering a bank? | ATMs |
| Which piece of information will you most likely NOT have receipts for when reconciling your bank statement manually? | Interest earned on an account |
| The conversion of a message into code is known as which of the following? | Encryption |
Created by:
22jensen.emily