Financial Unit Review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| "Pay Yourself First" | Putting money away automatically each and every month
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| Compound Interest | Interest computed on the principal each year,
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| Rule of 72 | Divide the interest rate into this number and it will tell you how often your money doubles
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| Millionaire Fact | Someone who spends less money than he/she earns
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| Time | One factor used to figure out how much money one will have in the long run
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| Inflation | Every year prices rise for the items we want to buy, it works against our savings plan
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| Investment Pyramid | The more you earn on your money, the riskier it is (bank savings are at the bottom, stocks are in the middle, collectibles/metals at the top)
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| Down Payment | Amount paid ahead of time to reduce the overall loan (usually required)
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| Appreciate | Asset goes up in value over the years
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| Depreciate | Asset that goes down in value over the years
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| Checking Account | Used to pay your bills, not intended to be used to save money
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| Savings Account | A safe place to keep your money, but not a very high rate of interest is earned here
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| Certificate of Deposit | Lending your money to the bank for a longer period of time earns a slightly higher interest rate than a savings account
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| Education | An ally of making more $ in the long run
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| Federal Reserve Note | Official name of our currency
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| Barter | The oldest form of trading known to us
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| $100 Note | Largest denomonination of currency currently printed in the U.S.
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| Lease | An agreement that is signed that the tenant promises to obey, usually a year in length
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| Mortgage | A legal document giving the lender a claim against the property
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| Foreclosure | When the bank is forced to seize the property and sells it on its own
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| Equity | The difference between what a house is worth and how much is left to pay on the mortgage.
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| Appraiser | A person appoointed by the bank who figures out what your house and property are actually worth
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| Vehicle Loan | Usually three to five year loan at a higher interest rate than a home loan
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| Repossess | The bank takes back a vehicle if the loan is not paid back in a timely manner
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| Vehicle Lease | A consumer who likes to have a nice vehicle rents it for a long period of time, like two to three years.
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| Depreciation | The fact that certain assets go down in value each year like cars, boats, campers.
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| Appreciation | The fact that certain assets go up in value each year like a house
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| Capital Gain | When an asset is worth more than what it originally cost
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| Capital Loss | When an asset is worth less than what it originally cost
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| Liquidity | How quickly an asset can be converted into cash $$$
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| mint.org | A valuable website to use as a financial tool for eighth graders at MMS
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| Eviction | Failure to follow the rules of apartment lease results in this happening to a tenant
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| Collectibles | A high risk investment on the risk vs. reward pyramid (like a baseball card collection)
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| Precious Metals | A high risk investment on the risk vs. reward pyramid like collectibles. (Gold & Silver)
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| Security Deposit | Usually one or two month's rent paid ahead of time before getting the keys to the apartment
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
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