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PF Final
Final Exam Flashcards
| Question | Answer |
|---|---|
| What is a Want? | Something that's unnecessary but desired |
| What is the elements of a S.M.A.R.T. Goal? | Specific Measurable Attainable Realistic and Time bound |
| What is a Decision? | A choice that is made about things that affects a person’s life |
| What are Taxes? | Compulsory charges imposed on citizens by local, state, and federal governments |
| What is a Paycheck Stub? | A document included each pay period which outlines paycheck deductions |
| What is the use of a Checking Account? | It's used to transfer funds deposited into an account to make a cash purchase |
| What is the 72 Rule? | The time it will take an investment (or debt) to double in value at a given interest rate using compounding interest |
| What is a Common Stock? | Most common form of stock, One vote per share, and Dividends are not guaranteed |
| What is a Bear Market? | The economy is bad and a recession is looming |
| What is a Bull Market? | The economy is great and stock prices are rising |
| What is Online Banking? | The use of the internet to conduct banking |
| What is Mobile Banking? | The use of the portable devices to conduct banking transactions |
| What is a Debt Card? | A plastic card, which looks like a credit card, connected to a person’s bank account |
| What is a ATM? | Automated Teller Machine |
| What is a PIN? | Personal Identification Number |
| What is Credit? | The amount of money or something of value that is loaned on trust with the expectation it will be repaid later to lenders |
| What is Principle? | The amount you actually borrow |
| What is Interest? | The amount you pay to use someone else’s money |
| What is a Installment Loan? | Borrowing cash to be repaid by a specific date |
| What is the 4 C's of Credit | Collateral, Capital, Capacity, and Character |
| What is a Budget? | Document used to record both planned and actual income and expenses over a period of time |
| What is Rent? | The cost of using someone else’s property |
| What is a Landlord? | Owner of the rental property |
| What is a Deductible? | The amount paid by the policyholder for the initial portion of a loss before the insurance coverage begins |
| What is Liability Insurance? | Insurance that provides protection against claims resulting from injuries and damage to people and/or property |
Created by:
mgonzales177
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