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FIN 1100 Review

FIN 1100 MidTerm Exam Review

Adult Life Cycle stages in the family situation and financial needs of an adult
Annual Percentage Rate (APR) percentage cost (or relative cost) of credit on a yearly basis. The APR is your key to comparing costs, regardless of the amount of credit or how much time you have to repay it
Annual Percentage Yield (APY) percentage rate expressing the total amount of interest that would be received on a $100 deposit based on the annual rate and frequency of compounding for a 365-day period
Appraisal estimate of the current value of a property
Appreciation the value of something increases
Depreciation the loss in the vehicle’s value due to time and use
Adjustable Rate Mortgage ARM A home loan with an interest rate that can change during the mortgage term due to changes in market interest rates; also called a flexible rate mortgage or a variable rate mortgage
Asset Management Account An all-in-one account that includes savings, checking, borrowing, investing, and other financial services for a single fee; also called a cash management account
Balance Sheet A financial statement that reports what an individual or a family owns and owes; also called a net worth statement or statement of financial position
Bankruptcy A set of federal laws allowing you to either restructure your debts or remove certain debts
Buying a car/house
Budgeting A specific plan for spending income; also called a spending plan
Borrowing is borrowing money
Career Planning personal assessment, Employment market analysis, application process, interview process, employment acceptance, Career development and advancement
Cash Flow Statement or Personal Financial Statement financial statement that summarizes cash receipts and payments for a given period
Checking Account
Savings Account account that is used to store money that is being saved
Closed & Open Ended Credit closed: you pay back one-time loans in a specified period of time and in payments of equal amounts open: Use as needed until line of credit max reached
Closing Costs Fees and charges paid when a real estate transaction is completed
Co-op Housing
Consumer Purchasing Decisions
Components of Financial Planning
Cosigning Loans means you agree to be responsible for loan payments if the other party fails to make them
Credit (advantages) .. Current use of goods and services Permits purchase even when funds are low A cushion for financial emergencies Advance notice of sales Easier to return merchandise Convenient when shopping Provides a record of expenses
Credit Reports record of your complete credit history
Daily Spending Diary a complete log of all purchases you have made and how much you have spent for a duration of time
Digital Banking
Debit Cards you are spending your own funds rather than borrowing money with a debit card
Debt money you owe
Debt-to-Equity Ratio total liabilities divided by total net worth (excluding home value). total should be less than 1
Down Payment an amount of money you must pay first for something
Electronic Payments debit card transactions, online payments, mobile transfers, stored-value cards, smart cards, peer-to-peer payments
Emergency Fund
Five C's of Credit 1) Character – Will you repay the loan? 2) Capacity – Can you repay the loan? 3) Capital – What are your assets and net worth? 4) Collateral – What if you don’t repay the loan? 5) Conditions – What if your job is insecure?
Financial Planning Activities
Financial Goals
Financial Institutions
Credit (disadvantages) 1) Temptation to overspend 2) Can create long-term financial problems and slow progress toward financial goals 3) Potential loss of merchandise due to late or non-payment 4) Ties up future income 5) Credit costs money 6) more costly than paying with cash
Created by: moo_30



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