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Financial Literacy > Final > Flashcards

Final Flashcards

1
Q

Opportunity Cost

A

Your next best option – the choice you could have made but did not make.

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2
Q

Human resources (examples)

A

The physical, intellectual and creative talents of people.

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3
Q

Capital resources

A

man-made goods such as tools and factories.

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4
Q

Natural resources

A

gifts of nature such as water and natural gas.

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5
Q

Scarcity

A

A fundamental condition of all economic systems. Because of scarcity we must make choices.

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6
Q

Wealth

A

How much a person has in property, investments, income, etc.

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7
Q

Banking fee’s

A

Charges imposed by financial institutions on their customers for various services.

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8
Q

Advantages of an entrepreneur

A

Proves flexibility of working hours and job satisfaction, offers personal freedom, promotes innovation, paves ways of generating wealth.

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9
Q

Characteristics of an entrepreneur

A

Confident, hard-working, well organized, and self-starters.

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10
Q

Disadvantages of being an entrepreneur

A

Very long hours. Low salary in the beginning. Job stability relies on the success of the business.

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11
Q

Human capital

A

Personal attributes that are considered useful in the production process

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12
Q

Gross pay

A

The total amount of money a worker earns before any deductions are made.

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13
Q

Net pay

A

The amount left after all deductions are taken out of the gross income.

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14
Q

Paycheck - mandatory deductions (who pay)

A

Taken from an employee’s paycheck. To fund Social Security and Medicare programs.

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15
Q

FICA (what is stands for)

A

Federal Insurance Contributions Act.

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16
Q

Itemized deductions

A

Requires that you list out specific things to recieve tax deductions on (like real estate, losses)

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17
Q

Standard deductions

A

Do NOT require a seperate itemized form (details) to receive the tax deductions.

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18
Q

Income

A

The money you receive in exchange for your labor or products.

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19
Q

Median Pay

A

The pay in the middle.

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20
Q

Check cashing store

A

Allows customers to cash checks, send wire transfers (electronic transfers of money from one financial institution to another) and purchases money orders (pre-paid paper documents, other than checks, used for payments).

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21
Q

Payday Loan store

A

Offer customers loans for small amounts of money that must be repaid by the borrowers next payday.

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22
Q

Bank

A

Offers customers checking and savings accounts that are insured by the federal government; longer-term loans; home mortgages; credit cards; and retirement and investment accounts.

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23
Q

Credit Union

A

a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

24
Q

Insurance

A

A means of protection from financial loss

25
Q

Why people buy insurance

A

To reduce the potential problems that risks may cause.

26
Q

Premium

A

The amount you’re charged for your insurance policy

27
Q

Writing a check - what should be included

A

The current date, the name of the person or company receiving the check, the amount of the check in numbers, the amount of the check in words, your signed name.

28
Q

Check register

A

A check register is a record of your checking account transactions that helps you track your balance and everyday expenses.

29
Q

Bank statement

A

Statement that summarizes the activity of your checking account including deposits, checks written, service charges, debit card & ATM activity , and any interest earned.

30
Q

Deposit slips

A

A paper form that a bank customer includes when depositing funds into a bank account.

31
Q

FDIC

A

Federal Deposit Insurance Corporation, an independent government agency that protects bank customers in the event of a bank failure.

32
Q

Credit card

A

A type of loan that allows the cardholder to “buy now and pay later” up to an approved credit limit. Allows customers to complete basic transactions without the aid of a bank teller.

33
Q

ATM

A

Allows you to conveniently deposit, withdraw, or transfer funds from your account and to verify you account balance.

34
Q

Wire transfer

A

An electronic movement of money from one financial institution to another Allows people to quickly and safely transfer money around the world, but the user will pay a fee.

35
Q

Credit

A

Allows people to obtain the use of money that they do not have.

36
Q

Interest

A

Money paid regularly, at a particular rate for the use of borrowed money

37
Q

Types of credit

A

Home mortgage, car loan, personal loan, credit card

38
Q

Credit report

A

A record of your credit history.

39
Q

Credit score

A

A number assigned to you indicating your ability to repay a loan.

40
Q

Principal

A

The amount you borrow.

41
Q

APR - what is it, what does it stand for

A

The rate you pay in a single year on the money you borrow. Stands for annual percentage rate.

42
Q

Postsecondary opportunities

A

Higher education

43
Q

Scholarships - costs/benefits

A

Cost: Applications can take considerable time and are not guaranteed. Benefits: Do not have to be paid back, offered by many institutions.

44
Q

Credit cards - Benefits

A

Convenient to use and useful in an emergency, provide a record of charges. Great way to build your credit score. Protected on purchases.

45
Q

Credit Card - Fees

A

May have relatively high interest rates, card holders may borrow more than their income should allow.

46
Q

Investment

A

An asset or item acquired to generate income or gain appreciation.

47
Q

Scams

A

Banking, Charity, Tickets, Lottery or Sweepstake, Government Grant, Identity Theft, Telephone Scams, Dating, Internet.

48
Q

Stocks

A

A share of the ownership of the company.

49
Q

Bonds

A

Financial instruments that represent loans to companies or governments.

50
Q

Diversification

A

The attempt to reduce risk by spreading your assists classes and investments.

51
Q

Benefits of saving

A

Saving builds wealth, enabling you to buy goods and services in the future-[perhaps a car, a college education, a house, a vacation.

52
Q

Saving

A

Income not spent

53
Q

Entrepreneur

A

Uses their skills to launch a new business

54
Q

Risk

A

Refers to the degree of uncertainty and potential financial loss in an investment decision.

55
Q

Finance charge

A

Refers to any cost related to borrowing money, obtaining credit, or paying off loan obligations.

56
Q
A

Financial Literacy (1 decks)

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