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Banking and Finance Unit 2 - Financial Literacy: Getting Started

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