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Personal Finance > Exam Review > Flashcards

Exam Review Flashcards

1
Q

The ways in which people make, distribute, and use their goods and services is called the…

A

Economy

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2
Q

Interest earned on previously earned interest is called…

A

Compound Interest

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3
Q

Financial Plans that are 5+ years off are called…

A

Long term goals

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4
Q

The trade-off made by making one choice instead of another is…

A

Opportunity Cost

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5
Q

Saving for vacation next summer or paying off a small debt are examples of…

A

Short-term Goals

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6
Q

Spending, saving, and investing to have the kind of life you want and financial security can be achieved by…

A

Personal Financial Planning

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7
Q

The amount of goods and services available is called…

A

Supply

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8
Q

The central banking organization for the USA is called…

A

Federal Reserve System

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9
Q

Hair styling and bookkeeping are examples of…

A

Services

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10
Q

A series of equal regular deposits is called an…

A

Annuity

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11
Q

Someone who enjoys nature and the outdoors may have an aptitude for a career in…

A

Forestry Management

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12
Q

A demographic trend that has boosted careers in health, physical fitness, and recreational products is more…

A

LeisureTime

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13
Q

In recent years, some of the fastest growing job markets have been in…

A

Arizona

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14
Q

High interest rates are likely to reduce employment opportunities in…

A

Construction

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15
Q

A good way to gain experience that sometimes leads to permanent employment is an…

A

Internship

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16
Q

A cover letter gives a potential boss…

A

the reason you want the job

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17
Q

Good places to look for job listings include all EXCEPT…

A

the Occupational Outlook Handbook

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18
Q

A pension plan is…

A

Retirement Plan funded by..

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19
Q

An example of a tax exempt benefit is…

A

Free Life Insurance

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20
Q

By law, an employer must pay a portion of…

A

Social Security

21
Q

A disadvantage of using a safe deposit box for keeping financial documents is that…

A

It can cost up to $100 to rent

22
Q

An example of a liquid asset is a….

A

Savings Account

23
Q

An example of a current liability is…

A

Taxes

24
Q

A cash flow statement gives you important feedback on your…

A

Income and Spending Patterns

25
Q

One use of discretionary funds is spending it on…

A

Videos

26
Q

An example of variable expense is…

A

Electric Bill

27
Q

Your net worth goes up when…

A

You pay off previous debt

28
Q

The first step in planning a budget is…

A

Setting Financial Goals

29
Q

A good budget has all of the following characteristics EXCEPT…

A

Inaccessibility

30
Q

A saving option many employers offer is….

A

Pulling paycheck deductions into retirement funds

31
Q

The lowest price is generally the wisest choice when…

A

Quantity & Quality are the Same

32
Q

Products purchased in price negotiation is…

A

Automobiles

33
Q

A drawback of paying on credit is having…

A

Additional Fees

34
Q

A good time to find a bargain on a swimsuit is…

A

Mid-season Sale

35
Q

An advantage of a cooperative is that it…

A

Saves Members Money

36
Q

An advantage of direct selling is…

A

Convenience

37
Q

When shopping, avoid…

A

Impulse Purchases

38
Q

Better Business Bureaus handles…

A

Complaints Against Merchants

39
Q

To find a dispute resolution program, a person should contact…

A

Small Claims Court

40
Q

Disagreements in small claims court are usually settled by…

A

Judges

41
Q

Which of the following financial services is best suited for saving money over a period of years?

A

Certificate of Deposit

42
Q

Credit cards allow you to…

A

Borrow money for short term

43
Q

You will earn a higher interest rate when you…

A

Certificate of Deposit

44
Q

Compared with commercial banks, credit unions generally offer…

A

Lower fees and rate loans

45
Q

The Federal Deposit Insurance Cooperation insures depositors against losing their money in case of a…

A

Bank Failure

46
Q

To earn high interests rates on a Certificate of Deposit, you must accept all the following limitations, EXCEPT…

A

Monthly Bank Reconciliation

47
Q

In which kind of savings plan does the interest rate vary month to month?

A

Money Market

48
Q

If you deposit $100 in an account with an

A

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Personal Finance (2 decks)

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