Exam Review Flashcards
The ways in which people make, distribute, and use their goods and services is called the…
Economy
Interest earned on previously earned interest is called…
Compound Interest
Financial Plans that are 5+ years off are called…
Long term goals
The trade-off made by making one choice instead of another is…
Opportunity Cost
Saving for vacation next summer or paying off a small debt are examples of…
Short-term Goals
Spending, saving, and investing to have the kind of life you want and financial security can be achieved by…
Personal Financial Planning
The amount of goods and services available is called…
Supply
The central banking organization for the USA is called…
Federal Reserve System
Hair styling and bookkeeping are examples of…
Services
A series of equal regular deposits is called an…
Annuity
Someone who enjoys nature and the outdoors may have an aptitude for a career in…
Forestry Management
A demographic trend that has boosted careers in health, physical fitness, and recreational products is more…
LeisureTime
In recent years, some of the fastest growing job markets have been in…
Arizona
High interest rates are likely to reduce employment opportunities in…
Construction
A good way to gain experience that sometimes leads to permanent employment is an…
Internship
A cover letter gives a potential boss…
the reason you want the job
Good places to look for job listings include all EXCEPT…
the Occupational Outlook Handbook
A pension plan is…
Retirement Plan funded by..
An example of a tax exempt benefit is…
Free Life Insurance
By law, an employer must pay a portion of…
Social Security
A disadvantage of using a safe deposit box for keeping financial documents is that…
It can cost up to $100 to rent
An example of a liquid asset is a….
Savings Account
An example of a current liability is…
Taxes
A cash flow statement gives you important feedback on your…
Income and Spending Patterns
One use of discretionary funds is spending it on…
Videos
An example of variable expense is…
Electric Bill
Your net worth goes up when…
You pay off previous debt
The first step in planning a budget is…
Setting Financial Goals
A good budget has all of the following characteristics EXCEPT…
Inaccessibility
A saving option many employers offer is….
Pulling paycheck deductions into retirement funds
The lowest price is generally the wisest choice when…
Quantity & Quality are the Same
Products purchased in price negotiation is…
Automobiles
A drawback of paying on credit is having…
Additional Fees
A good time to find a bargain on a swimsuit is…
Mid-season Sale
An advantage of a cooperative is that it…
Saves Members Money
An advantage of direct selling is…
Convenience
When shopping, avoid…
Impulse Purchases
Better Business Bureaus handles…
Complaints Against Merchants
To find a dispute resolution program, a person should contact…
Small Claims Court
Disagreements in small claims court are usually settled by…
Judges
Which of the following financial services is best suited for saving money over a period of years?
Certificate of Deposit
Credit cards allow you to…
Borrow money for short term
You will earn a higher interest rate when you…
Certificate of Deposit
Compared with commercial banks, credit unions generally offer…
Lower fees and rate loans
The Federal Deposit Insurance Cooperation insures depositors against losing their money in case of a…
Bank Failure
To earn high interests rates on a Certificate of Deposit, you must accept all the following limitations, EXCEPT…
Monthly Bank Reconciliation
In which kind of savings plan does the interest rate vary month to month?
Money Market
If you deposit $100 in an account with an
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