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MONEY MANAGEMENT

Introduction to Health Occupations

QuestionAnswer
FINANCIAL TERMS: Personal property desired by others is called: goods.
Helpful acts desired by others are called: services.
Something accepted as a way to pay for goods and services is called: money.
The study of money and how it is used or to obtain or provide money is called: finance.
Monetary income for goods and/or services rendered (provided) is called: earnings aka wages or gross.
Earnings minus deductions is called: net income aka take-home pay.
A statement of estimated income and expenses or the amount of money available for some purpose is called a: budget.
To put money in a bank account is called a: deposit.
Money on deposit by which checks (drafts) and/or debit cards can draw (remove) is called: funds.
Removal of money from a place of deposit or investment is called: withdrawal.
Withdrawal of insufficient (inadequate) funds from an account is alled an: overdraft.
Money that is subtracted from earnings (wages or gross) are called: deductions.
Deductions include: 1. Taxes based on earnings called income tax.
Deductions include: 2. SS which stands for Social Security.
Deductions include: 3. Federally funded health insurance for citizens over age 65 called Medicare.
A record of credit (income) and debit (paid) entries is called an: account.
Credits (income) minus debits (payments) is called the: account balance.
Something that is owned is called: property.
Something of value that is owned is called an: asset.
Money, goods, or services owed is called: debt.
Assets minus debts is called: net worth.
The amount one borrows or invests is called the: principal.
Land and the improvements on the land is called: real estate.
Fair market value minus the principal (amount borrowed) is called: home equity.
It is prudent (appropriate) to seek pre-approval of a home equity loan to: cover losses before a disaster.
An exchange of good and/or services and/or funds is called a: transaction.
A continual rise in the cost of goods and services is called: inflation.
An extended decline in general business activity is called a: recession.
The price of goods and services is called the: cost aka expense.
A planned reduction in cost is called a: discount.
The monetary worth of goods and services is called: value.
Property easily converted into cash is called a: liquid asset.
An increase in property value is called: appreciation (appreciate)
A decrease in property value is called: depreciation (depreciate)
An offer of money from one person to another is called: tender (tendered).
To give money for goods and/or services is called: spending aka purchasing.
The act of spending (purchasing) is called an: expenditure.
To legally possess is called: ownership.
Taking ownership is called: buying.
Legal documentation of ownership is called a: title.
To ask for something is called: soliciting.
A tax or the act of taxing is called a: levy.
The federal agency responsible for collection of income tax and Social Security (SS) is abbreviated IRS which stands for: Internal Revenue Services.
Expenses the Internal Revenue Service allows to be subtracted from owed taxes are called: tax deductions.
A formal examination of finances is called an: audit.
Purchasing goods and services using the promise of payment at a later date is called a: loan aka credit.
Assets pledged as a security for a loan are called: collateral.
Those who are owed are called: creditors.
The price of borrowing money usually expressed in a percentage rate over a period of time is called: interest.
Price means: cost.
A legal agreement in which a person borrows money to buy real estate and pays back the principal (amount borrowed) plus interest (cost of borrowing) over a period of years is called a: mortgage.
A legal claim of another's property until a loan is paid is called a: lien.
A legal document in which one transfers ownership of property to another is called a: deed.
A legal declaration of the inability to pay debt is called: bankruptcy.
Types of bankruptcy include: 1. The liquidation (selling) of a person or company's assets and creditors repaid called Chapter 7 bankruptcy.
Types of bankruptcy include: 2. A person or company remains in debt but payments to creditors are lowered and repayment periods are extended called Chapter 13 bankruptcy.
Types of bankruptcy include: 3. A court approved reorganization of a company in exchange for forgiven debts called Chapter 11 bankruptcy.
Spending money to make money is called an: investment.
Money used to invest is called: capital.
Profit from an investment is called: the return or yield.
Uncertainty associated with an investment is called: risk.
A no risk investment of money for a specified period of time at a fixed interest rate is abbreviated CD which stands for: certificate of deposit.
A retirement investment plan that allows an employee to put a percentage of earned wages into a tax-deferred account is called a: 401 (k).
An IRA in which a person can invest after-tax income to be withdrawn tax free after age 59 1/2 is called a: Roth 401 (k)
IRA stands for: individual retirement account.
An investment over a period of time to receive the principal (amount invested) plus earnings after retirement is called an: annuity.
A retirement plan in which an employer makes a contribution into an account each month for the employee is called a: pension.
A portion of ownership in a corporation is called: stock.
Proof of stock ownership is called: securities.
Where securities are traded (bought and sold) is called the: stock market.
Goods that are traded on the stock market are called: commodities.
Goods refer to: personal property desired by others.
REDUCING CREDIT CARD DEBT. Methods to reduce credit card debt include: 1. Using credit cards only if you plan to pay the account balance every month.
Methods to reduce credit card debt include: 2. Cancelling all your credit cards except the two (2) credit cards with the lowest interest rate.
Methods to reduce credit card debt include: 3. Shopping for a credit card with a lower interest rate and transferring balances with a higher interest rate to that card.
Methods to reduce credit card debt include: 4. Paying more than the monthly minimum payment on the credit card that has the higher interest rate.
Methods to reduce credit card debt include: 5. Asking your lender(s) for a lower interest rate. If you have been paying on time and your credit score is good, there is a chance they will agree to your request.
Methods to reduce credit card debt include: 6. Adding the extra money from a paid off credit card to the monthly payment of your remaining credit card debt.
Methods to reduce credit card debt include: 7. Resist acquiring credit cards from retail stores. Acquiring means obtaining (getting).
MONEY MANAGEMENT CONCEPTS: One of the most important personal characteristics for financial success is: delayed gratification.
Delayed gratification is: the ability to resist temptation for an immediate reward and to wait for a later (larger) reward.
Financially successful people limit nonessential spending called: discretionary spending.
Financially successful people document: every penny of income and every penny of expenditures.
Financially successful people: save any extra income until a six (6) month safety net is achieved.
Financially successful people: do not have a monthly mortgage that exceeds 28% of their gross monthly income.
A mortgage includes: a. The amount borrowed called the principal.
A mortgage includes: b. The price (cost) of the borrowed money called interest.
A mortgage includes: c. Annual taxes based on the value of the property called real estate taxes.
A mortgage includes: d. Financial protection of the property called homeowners insurance.
NONESSENTIAL SPENDING: Methods to reduce nonessential (discretionary) spending include: 1. Avoiding the purchase of a new car.
New cars depreciate the moment you: leave the dealership
Depreciate means: decrease in value.
Methods to reduce nonessential (discretionary) spending include: 2. Eating a meal before grocery shopping and always use a list.
Grocery shopping on an empty stomach and/or without a list encourages: nonessential (discretionary) spending.
A mortgage includes: 3. A grocery list without soda, candy, pastries, chips, and expensive meats such as steak and/or prime rib and/or bacon and/or sausage.
A mortgage includes: 4. Shopping at dollar stores and outlet stores.
A mortgage includes: 5. Investing in a membership-only retail warehouse club such as Sam's or Costco.
Spending means: giving money for goods and/or services.
Methods to reduce discretionary (nonessential) spending include: 6. Searching for and using coupons.
Coupons can be found in: newspaper inserts and coupon websites and store websites.
Most newspaper coupon inserts are valid (accepted) for at least: 4 weeks.
Extra savings can be achieved by matching store coupons with; sales.
Using coupons for the purchase of groceries can easily save: 25%.
Methods to reduce discretionary spending include: 7. Reducing your gasoline expense by grouping errands and only driving when necessary.
Methods to reduce discretionary spending include: 8. Using public transportation whenever possible.
Methods to reduce discretionary spending include: 9. Discontinuing subscriptions to magazines and newspapers.
Methods to reduce discretionary spending include: 10. Using public library to borrow books and/or magazines and or CDs and DVDs.
Methods to reduce discretionary spending include: 11. Returning the borrowed books and magazines and CDS and DVDs to avoid a late fee.
Methods to reduce discretionary spending include: 12. Choosing basic packages for cable television and internet access.
Methods to reduce discretionary spending include: 13. Discontinuing your home telephone.
Methods to reduce discretionary spending include: 14. Preparing lunches at home. Lunches prepared at home are usually healthier and less expensive than fast food and saves fuel.
Methods to reduce discretionary spending include: 15. Avoid eating at restaurants.
Preparing your own meals can save : 50% of your food expenses.
Methods to reduce discretionary spending include: 16. Avoiding mall retail stores because their prices are usually higher and there is a greater risk of impulse spending aka discretionary (nonessential) spending.
Methods to reduce discretionary spending include: 17. Not gambling because the odds are always against you, especially the lottery.
Methods to reduce discretionary spending include: 18. Purchasing holiday gifts for your children that primarily consist of clothes needed for school and a college fund.
Methods to reduce discretionary spending include: 19. Saving money on stamps (49 cents) and avoiding late fees by paying your bills online.
You can pay direct to your creditors (those owed) or set up": automatic bill pay with your bank.
Methods to reduce discretionary spending include: 20. Installing low flow shower heads.
Methods to reduce discretionary spending include: 21. Not letting the water run when shampooing or brushing your teeth or washing your face. This habit can save four (4) gallons a minute.
Methods to reduce discretionary spending include: 22. Putting your car in neutral or turning off the car when waiting long periods of time.
Methods to reduce discretionary spending include: 23. Keeping your car engine tuned because a faulty oxygen sensor can reduce gas mileage by 40%.
Methods to reduce discretionary spending include: 24. Keeping car tires inflated to the correct pressure because underinflated tires can reduce gas mileage by 3.3%.
Methods to reduce discretionary spending include: 25. Removing unnecessary items from your car trunk because an extra 100 pounds of weight reduces gas mileage by 2%.
Methods to reduce discretionary spending include: 26. Not using your car's air conditioning because it can reduce gas mileage by 25%.
Methods to reduce discretionary spending include: 27. Choosing a local community college instead of a distant university for at least the first two (2) years.
Methods to reduce discretionary spending include: 28. Purchasing discounted text books from textbooks.com, cheapesttextbooks.com, textbooksearch.com, halfbay.com.
Methods to reduce discretionary spending include: 29. Recycling by filling used water bottles.
Methods to reduce discretionary spending include: 30. Keeping refrigerators full.
For more tips on debt reduction and saving visit: www.feedthepig.org.
SAVINGS FROM DRIVING HABITS: Driving jus under the speed limit saves money because your gas consumption: decreases.
Avoiding quick acceleration saves money because gas consumption: decreases.
Each time you apply the brakes it costs money because the greatest fuel consumption occurs during: acceleration.
After an average thirty (3)) minute car trip, a speeder will arrive: two minutes ahead of a non speeder.
Driving just under the speed limit eliminates the chance of a: speeding citation.
Driving just under the speed limit decreases the chance of an: accident.
Accidents can be expensive because of: a. Medical bills.
Accidents can be expensive because of: b. Lost wages.
Accidents can be expensive because of: c. Auto repair.
Accidents can be expensive because of: d. Higher insurance premiums.
Driving just under the speed limit decreases: stress.
Stress can decrease the strength of your: immune system.
HOME ENERGY CONSERVATION: Home energy conservation includes: 1. Reducing electricity costs by installing CFLs which stands for compact fluorescent lights or LEDs which stands for light emitting diodes.
Home energy conservation includes: 2. Reducing electricity costs by turning lights off when not in use.
Home energy conservation includes: 3. Reducing electricity costs by unplugging electronic devices when not in use.
Home energy conservation includes: 4. Plugging applicable electronic devices into power strips and turning off the power strips when not in use.
Home energy conservation includes: 5. Keeping your refrigerator and/or freezer full because food and water act as an insulation and decreases the consumption of electricity.
Home energy conservation includes: 6. Installing ceiling fans to increase air circulation and decrease the need for air conditioning (AC).
Home energy conservation includes: 7. Hanging washed clothes to dry on a clothesline or drying rack or shower rod.
Home energy conservation includes: 8. Installing an attic fan to remove hot air.
Home energy conservation includes: 9. Choosing curtains and/or blinds on the sunny side of your home.
Home energy conservation includes: 10. Scheduling air conditioner maintenance to save money by increasing efficiency.
Home energy conservation includes: 11. Keeping your AC system running at peak efficiency by changing the filter every time your electric bill arrives.
Home energy conservation includes: 12. Reducing hot water heater energy consumption by washing your laundry in cold water. The hot water heater is one of the largest energy consumers in your house.
Home energy conservation includes: 13. Using the dish washer, clothes washer and clothes dryer only with full loads.
Home energy conservation includes: 14. Hand washing dishes.
Home energy conservation includes: 15. Asking your electric company for a free home energy audit.
CREDIT SCORE: An independent federal agency whose main goal is to protect consumers is abbreviated FTC which stands for: Federal Trade Commission. www.ftc.gov.
A credit score is an indication of a person's: credit worthiness.
For approval of a mortgage, most banks require a credit score of: 720 or higher.
For mortgage approval, lenders will also consider: 1. The amount of money you earn in relation to your debt.
For mortgage approval, lenders will also consider: 2. The amount of your down payment.
For mortgage approval, lenders will also consider: 3. Your ability to cover your closing costs.
For mortgage approval, lenders will also consider: 4. Your employment history.
A credit score is determined by: 1. Payment history (35%) which refers to whether your payments are made on time.
A credit score is determined by:: 2. Level of indebtedness (30%) which refers to the amount of debt versus your credit limit.
A higher credit score is given if your debt is: 30-35% of your credit limit.
A credit score is determined by: 3. Length of time credit has been in use (15%) which refers to how long you have paid your debt on time.
A credit score is determined by: 4. Types of credit (10%) which refers to the variety of debt you have.
A mixture of mortgage, a car loan and 2 credit cards show you can: handle money management.
A credit score is determined by: 5. Credit inquiries when applying for new credit (10%) which refers to how many times you have applied for credit.
The more times you apply for credit, the lower your credit score.
Methods to increase credit score include: 1. Making payments on time.
Methods to increase credit score include: 2. Paying more than the minimum payment.
Methods to increase credit score include: 3. Eliminating credit card debt.
Methods to increase credit score include: 4. Paying entire credit card balance every month.
Methods to increase credit score include: 5. Keeping the number of credit cards in your name at two.
Having more than 2 credit cards, even if they are inactive, can: reduce your credit score.
Avoid advertisements claiming they can: erase your bad debt.
IDENTITY THEFT: Identity theft fraud in the US occurs: once every 2 months.
The more credit cards that bear your name, the greater the risk of: identity theft.
Identity theft deterrents include: 1. Using checks without your address or your first name (use initial).
A person forging your check will not know how you sign checks but your: bank does.
Identity theft deterrents include: Putting your cell phone number on your checks instead of your home number.
Identity theft deterrents include 3. Not carrying your SSN or birth certificate or passwords.
Identity theft deterrents include 4. Memorizing your SSN and passwords.
Identity theft deterrents include:
Identity theft deterrents include Signing new credit cares immediately before someone else does.
Identity theft deterrents include Matching your credit card receipts against your credit card statement every month.
Identity theft deterrents include 8. Photocopying your credit cards and all the contents of your wallet and the phone numbers needed to cancel accounts.
Identity theft deterrents include 9. Keeping this information in a safe place.
Identity theft deterrents include 10. Not disclosing credit card numbers or other financial account numbers on a website unless the site offers secure encrypted data transaction.
A secure data transaction will include: a. An icon of a lock appearing in the bottom strip of the webpage.
A secure data transaction will include: b. A change in he webpage URL when inputting personal information from " to "https."
Identity theft deterrents include: 11. Immediate notification of a stolen credit card to your credit card company and the three (3) national credit reporting organizations and the police in the jurisdiction where it was stolen.
Identity theft deterrents include: 12. Reviewing your credit report every 4 months and correct any mistakes promptly (immediately).
You are entitled to a free annual credit report from: each of the three (3) national credit reporting organizations.
Identity theft deterrents include: 13. Not leaving outgoing mail in your mailbox.
Identity theft deterrents include: 14. Crosscut shredding of all discarded documents bearing your name and/or address.
Identity theft deterrents include: 15. Eliminating mail solicitation by requesting removal from each solictor's mailing list by using "return postage paid envelopes and company websites ("contact us").
Identity theft deterrents include: 16. Not leaving transaction receipts at ATM machines and/or counters at financial institutions and/or gasoline pumps.
Identity theft deterrents include: 17. Using a dedicated (exclusive) computer for online banking.
Identity theft deterrents include: Freezing your credit if you are not expecting to need credit.
Created by: bterrelonge