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Personal Finance:)
Final Exam
| Question | Answer |
|---|---|
| interest includes: | getting paid for doing a job;earning interest from a savings account;making profit from an investment |
| things that you want but don't need | luxuries |
| helps you spend money more wisely | budget |
| setting aside a small amount of money each week can lead to... | eventually having money built up in savings |
| what are 2 goals of saving money | buying things that you dont have the money for right now;so that you will have enough money to retire |
| examples of long term savings goals | college;house;car;retirement |
| examples of credit | credit card;car loan;home loan |
| to spend money with the hopes of making more money in the furture that what you spent originally | investing |
| borrowed money | credit |
| what are the keys to success in personal finance | have a monthly budget;never borrow money that you cannot pay off in a reasonable amount of time;establish short, medium, and long term finance goals |
| important financial responsibility for every adult | to control and understand personal finance |
| a fee paid for borrowing money;money or fee that a bank pays to use money deposited by its customers | interest |
| the current rate of interest that a bank pays its customers is... | 1 to 3% |
| the largest financial investment that most people make in their lifetime is.... | a house |
| the amount of money that you receive or earn during a specific period of time | income |
| when you create a budget, the items that you have to spend money on are... | expenses |
| a positive cash entry to your account | debit |
| what is the advantage of having a savings account over a checking account | savings accounts usually earn s higher rate of interest thatn a checking account |
| when is it a good time to borrow money | when interest rates are low;need to have a stable job so you can repay the loan;when a person wants to purchaser an expensive item;when a person has a good credit rating |
| what si true about buying things with credit | credit is useful for buying very expensive things such as cars, homes, furniture, appliances |
| what do stocks, bonds, mutual funds, and certificates of deposit have in common | they are all ways to invest extra money |
Created by:
EmCat
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