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T.S. Final '24-25

Transition Skills Final Semester 1 2024-25

QuestionAnswer
Which of the following steps in the First Foundation? Pay off debt
Why is compound interest more advantageous than simple interest? In compound interest, you earn interest on not only your principal, but also on the interest you've already made.
When it comes to personal finance, the math is easy. What’s challenging is managing your ______. Behavior
Why should interest earned not be a factor with your emergency fund? The emergency fund is not intended to grow wealth.
What is the single most important decision that investors make? How to divide their assets between stocks and bonds
How does investing in the stock market differ from putting money in a savings account at a bank? If you need to access your money within the next few months, putting money in savings account is a better option
Instead of borrowing money for large purchases, you should set money aside in a ______ over time and pay with cash. Sinking fund
Which of these is the MOST compelling reason for young adults to invest? When you're young, you have more disposable income available for investments.
Which of the following statements is true of online and mobile banking? Online banking describes the use of the internet to conduct banking transactions, while mobile banking utilizes a portable device
To ensure that some of your retirement savings will not be subject to income tax upon withdrawal, you would contribute to Roth IRA
Why is having a fully-funded emergency fund so important when it comes to your financial well-being? The purpose of an emergency fund is to set money aside for unexpected financial emergencies and to provide a sense of financial security
What is the largest and most common checking account fee? Overdraft fees
"N/A" means Not applicable
A retirement plan found in nonprofit organizations such as churches, hospitals, and schools. A retirement plan found in nonprofit organizations such as churches, hospitals, and schools. 403b
Which statement is true about liquidity? The more liquid an investment, the less the return
Which of the following statements is an advantage of online banking? Using online banking, you can request transfers, pay bills, and automate your savings without visiting the bank branch
You are at the checkout counter of Quik Trip and use your debit card to pay for your items. Where does this purchase come from? It is deducted directly from your checking account
Teddy's bank is FDIC Insured. What is the benefit to him? If Teddy's bank goes out of business, he will receive all of his money from his account up to $250,000
Savings accounts and money market accounts are most appropriate for Emergency funds and short term goals
Quality of an asset that permits it to be converted quickly into cash without loss of value; availability of money. Liquidity
A list of your investments Portfolio
This term describes the amount of money the employee receives after all deductions are made net pay
A fee paid by a borrower to the lender for the use of borrowed money interest
Money set aside and left alone for a "rainy day." emergency fund
Interest paid on interest previously earned compound interest
If you use your debit card to pay for something, where does the money come from? The money is taken out of your checking account
Savings accounts and money market accounts are most appropriate for emergency funds and short term goals
What are the two most important factors in calculating your credit score? payment history and accounts owed
What is the best way to improve your credit score? make all payments on time
What is a good way to get started on establishing credit history so that you can have a good credit score? ask your parents to co-sign a credit card or add you as an authorized user on their credit card
If I did not make a payment on time, how long will that information stay on my credit report? 7 years
How much money should an adult have in an "emergency fund"? $1,000
Why don't people save money more often? They don't have the discipline or focus, and they don't set up a budget
What is "gross pay"? The amount of money you have earned before taxes are taken out
What is an insurance premium? The amount of money you pay the insurance company every month so that you can have insurance coverage
A reference on a job application or resume should be someone who has knowledge of your skills, work habits, and character (not a relative)
What type of auto insurance are people required to have? insurance for if you injure another person
Why would someone choose to get long term disability insurance even if they already have health insurance? Health insurance only covers medical bills, while long term disability will help compensate for lost work with 40-60% of their income.
Why would investing in the S&P 500 index fund be an example of a diversified portfolio? The S&P index fund has many companies from many different sectors.
What is the Rule of 72? It is the amount of time (in years) that it takes an investment to double
What is an effective strategy for saving money? Save a certain percentage of each paycheck and deposited into a savings account. You can have this automatically transferred every month.
Refers to an arrangement where you are responsible for paying a percentage of covered medical expenses after your deductible is met? co-insurance
What type of insurance would cover if your car window had been smashed when someone tried to break into it at night? comprehensive
Who tracks all of your credit information? Companies named Equifax, Experian, and TransUnion
How can your credit score impact your financial situation? Your credit score can determine whether you are approved for a loan and what the interest rate on that loan will be
Soft skills can be described as... Skills that highlight a person's ability to work effectively with others
What is a deductible? The amount you have to pay before the insurance company starts to pay.
What type of insurance will cover damage to a car caused by a natural disaster such as a tornado or flood? comprehensive
What type of insurance will cover if someone runs into their neighbor's mailbox? collision
Created by: gcowing
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