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BankFinance_Unit2
Banking and Finance Unit 2 - Financial Literacy: Getting Started
| Question | Answer |
|---|---|
| What is the primary purpose of a spending plan? | to see how much money you have each month |
| What is the most common form of working without getting paid? | volunteering |
| What is the most common example of a variable expense for your house or apartment? | a monthly utility bill |
| What is the most common example of a fixed expense for your house or apartment? | a rent or mortgage payment |
| Donating to your favorite charity is an example of which type of expense? | a discretionary expense |
| Thieves can only access your records by using which type of information? | personal information |
| Who is responsible for restoring your credit when you identity is stolen? | yourself |
| What is the most common way a thief pursues to steal your information? | dumpster diving |
| What is the best way to get rid of information you receive in the mail? | shred it |
| What type of purchase is when you buy small and inexpensive items near checkout lines? | an impulse purchase |
| Which is a type of goal that best describes something you can achieve in more than 12 months, but less than five years? | an intermediate goal |
| Which is a type of goal that best describes something you can achieve in less than 12 months? | a short-term goal |
| What is the first step in developing your goals? | identify your personal goals |
| Should the size of a bank be considered when choosing a bank? | no |
| Which type of bank is most widely used? | commercial banks |
| What are customers of credit unions also considered? | bank owners |
| What do brokerage firms offer as their main business? | full investment services |
| What do virtual banks not have? | an actual physical location |
| What is the purpose of providing a bank statement to a customer? | to show activity during a specific time period |
| What are the opening balance, closing or ending balance, and listing of withdrawals during the previous one month the main components of ? | a bank statement |
| What should you do with all deposit receipts as well as receipts for purchases until reconciliation process happens? | keep them |
| 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 item on your last statement? | the closing balance |
| What are the two features of online and mobile banking? | convenience and security |
| Customers had limited access to their money because banks used to maintain what type of hours, Monday through Friday? | standard banking hours |
| What is the largest disadvantage of online and mobile banking? | Manual bank reconciliation is still required. |
| Using your birthdate as your PIN is NOT a security feature. True or False? | True |
| PIN is an acronym for what? | Personal Identification Number |
| What type of expense SHOULD you treat your savings account as each month? | a fixed expense |
| In which order SHOULD you pay your expenses? | fixed, variable, then discretionary expenses |
| Potential employers who are looking for new employees with good credit have access to your credit report. True of False? | False |
| 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 |
| How SHOULD you achieve discretionary spending goals? | Save money each month |
| Each bank sets its own fees for services. True or False? | True |
| What type of decision are you making when the location of ATMs is very important? | choosing a bank |
| Which piece of information will you most likely NOT have receipts for when reconciling your bank statement manually? | Interest earned |
| Which types expenses do you NEED to factor in in how much money to have to earn as “take-home pay”? | fixed and variable expenses |
| The conversion of a message into code is known as which of the following? | Encryption |
| What is a generous gift of money or time to a person or organization? | Charitable Donation |
| What is the same amount of money earned on a set interval basis, such as monthly or quarterly? | Fixed Income |
| What is the amount of money earned is not the same each pay period? | Variable Income |
| What is a bill, such as monthly rent, which is the same each month? | Fixed Expense |
| What is a bill, such as a utility bill, which is a different amount each month? | Variable Expense |
| What is money without a specific purpose left over each month after all bills have been paid? | Discretionary Expense |
| What is the amount of a paycheck one gets to keep after taxes and other deductions are taken out? | Take-home Pay |
| What is the 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 |
| What is 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 |
| What is phony business deal created to get money from people with intention of giving anything in return? | Scam |
| What are requests for money, services, donations, etc.? | Solicitations |
| What is strong, usually irresistible impulse to perform an act against a person’s usual behavior? | Compulsive Behavior |
| What is the sudden, involuntary inclination prompting one to take an action which is not well thought-out? | Impulse |
| What is the schedule of recurrent times in any regular system of preparing or sending bills? | Billing Cycle |
| What are (business or institution) initiated or operated for the purpose of making a profit? | For-profit organizations |
| What are not established for the purpose of making a profit? | Nonprofit organizations |
| What is cash withdrawn by using a debit card and entering a PIN in an ATM? | ATM Withdrawals |
| What is the log of deposits and withdrawals from a checking account? | Checkbook Register |
| What is the balance of an account on the day the bank runs the bank statement? | Closing Balance |
| What is money put into an account? | deposit |
| What is the specific listing of individual pieces or units of information? | Itemization |
| What is the (of a statement) balance of an account on a current month’s statement; used as the ending or closing balance in the previous month’s statement? | Opening Balance |
| What is the moving money from an account, whether paying expenses, making transfers to other accounts, getting money from an ATM or making purchases? | Withdrawals |
| What is balance bookkeeping account information to be consistent with the bank’s bookkeeping of the same account information? | Reconciliation |
| What is anything which saves or simplifies work, adds to one’s ease or comfort, etc.? | Convenience |
| What is the conversion of a message, information, etc., into code? | Encryption |
| What is an integrated collection of security measures designed to prevent unauthorized electronic access to a networked computer system? | Firewall |
| What is an acronym for personal identification number; number chosen by an account holder which gains access to various accounts? | PIN |
| What are services which are delivered via a form of technology such as the Internet? | Technological-based Services |
| What is the 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 |
Created by:
Mr.Johnston
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