Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Family Finance > Final > Flashcards

Final Flashcards

You may prefer our related Brainscape-certified flashcards:
Series 65 flashcards Series 63 flashcards Series 66 flashcards Series 7 Top-off Exam flashcards SIE Exam flashcards CFA flashcards Series 79 Top-Off Exam flashcards
1
Q

Endorsement

A

A signature on the back of a check

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Overdraft

A

Issued when a lack of sufficient funds to cover a check

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Payee

A

One to whom the check is written

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Reconcile

A

To bring your bank statement and check register into agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Outstanding

A

Financial transactions that you know about but the bank doesn’t know about yet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Interest

A

A fee paid for the opportunity to use someone else’s money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Credit union

A

A non-profit financial institution owned by its members

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Savings and loans

A

Originally specialized in providing funds to home buyers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Mutual savings bank

A

State chartered financial institutions operated by trustees for the benefit of the depositors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Commercial bank

A

Owned by the shareholders and operated for their profits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Internet bank

A

Financial institutions that operate exclusively using on-line banking

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Wire transfer

A

A financial institution that moves funds from one bank to the other electronically

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Money order

A

A purchased certificate used to lay a specific amount

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Debit card

A

A card that allows the user to subtract money from their bank account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Prepaid card

A

Sold in specific dollar amounts and can sometimes be reloaded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Money transfer service

A

Money can be sent almost anywhere in the world when purchasing this type of service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

FDIC

A

A federal agency that insures savings, checking, and other deposits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Pin

A

A secret code that protects the security of your account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

ATM

A

A computer that gives customers electronically access to their accounts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Cashiers check

A

A check issued and guaranteed by a bank

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Certified check

A

A check written from your personal account that has been stamped by a bank guaranteeing heir is enough money in your account to cover the check

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Cancelled check

A

A check at sled by the bank indicating it’s been paid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

EFT

A

The movement of funds electronically

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Signature card

A

Must fill out when opening an account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Banks make money by…

A

Charging borrowers interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

EFT stands for

A

Electronic funds transfer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

FDIC stands for

A

Federal deposit insurance corporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

ATM stands for

A

Automated teller machine

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

In case your bank fails, what does your bank need…

A

FDIC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

All banks must offer the same interest rate

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

The EFT act stats that if your credit card is stolen and you report it within two business days your are liable for no more than…

A

$50

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

What is identify theft?

A

Illegal use of someone’s personal information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

What should you do if your identity has been stole?

A

File report with police
Notify you bank and credit card companies
Call the three major credit agencies
Call FTC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

What does the financial services modernization act do for consumers?

A

Requires companies involved in financial activities to send privacy notices to customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

What is online profiling?

A

Companies collect information from the websites consumers are using

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

What are cookies?

A

Some files stored on your computers hard drive when you visit a site

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Bait and switch

A

When companies persuade you to buy an item at a higher price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

False promise of free gift

A

When a store offers a free gift but the gift isn’t really free

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Deceptive pricing

A

Advertising a sale that isn’t better then apthe everyday price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Hidden catches

A

Extra charges and fees hidden in products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Pyramid schemes

A

Multiple people pitch in and each get money back

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Chain letter

A

A message sent that instructs the recipient to send copies to multiple people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

What agencies should you contact if you have been a victim of fraud?

A 
Better business burea
FTC
Local consumer protection agency
State attorney generals office
National fraud information center
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

When is income tax day?

A

April 15th

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

How does your employer help you with tax obligation?

A

Takes the taxes out for you

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

What is the name of the government agency in charge of collecting income tax?

A

IRS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Where does the W-2 come from?

A

Employer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

What form do most teens use to file their federal income tax?

A

1040EZ

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

2 places to find form and instructions for free to complete your taxes

A

Libraries

IRS site

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

What is a tax deduction?

A

Reduced amount of income that is taxed

51
Q

2 examples of tax deduction

A

Charities or interest on home loan

52
Q

What is a Standard deduction?

A

Amount that the IRS allows without listing expenses

53
Q

2 examples of tax credit

A

Paying college tuition

Childcare expenses

54
Q

Phishing

A

Scammers who use fraudulent emails or texts or copycat a website to get you to share personal information

55
Q

Malware

A

Viruses and other unwanted software that gets installed on your devices without consent

56
Q

How to protect yourself from phishing scams

A

Use secure software you trust

Make sure to set it to update automatically

57
Q

What to do when you are a victim of scam

A

File a report with the federal trade commission

58
Q

3 major credit reporting agencies

A

Equifax
Experian
Transunion

59
Q

What is the difference between first party cookies and third party cookies?

A

First party is placed by the site

Third party is placed by someone else

60
Q

Social security number

A

A unique number used by the government to track your earnings

61
Q

Skimmer

A

A palm sized gadget to collect and save your credit card information

62
Q

Interest

A

The extra amount you pay in “favor” in carrying over an unpaid balance

63
Q

APR

A

Annual Percentage Rate: determines the amount of interest you’ll pay on credit card purchases

64
Q

Fixed rate

A

An interest rate that doesn’t change

65
Q

Introductory rate

A

Zero or low APR’s for the first few months

66
Q

Minimum payment

A

Lowest amount of money you are required to pay on your credit card statement each month

67
Q

Annual fee

A

A yearly fee companies will charge you for the use of a credit card

68
Q

Charge card

A

A card issued by a bank allowing the user to purchase items on credit

69
Q

What are the three C’s?

A

Character
Capacity
Capital

70
Q

Open-end credit

A

Credit that may be used up to a certain amount

71
Q

Closed-end credit

A

Borrower must repay the amount in a specific number of equal payments

72
Q

When can a credit card company change the terms on your agreement?

A

Whenever after a 15 day notice

73
Q

When choosing a credit cards APR, it’s important to…

A

Find low APR to pay low interest

74
Q

How is affinity cards different from regular credit cards?

A

Offered by two groups, a bank, an airline, or college

75
Q

Default

A

Frequently late to paying your credit card bill and you have been reported to a credit burea

76
Q

How will your payment be applied if you have different APR’s?

A

Payment will go to the lower APR

77
Q

When will you lose your grace period on your credit card?

A

When you carry a balance

78
Q

Credit score

A

A number between 300-850 that reflects your credit history

79
Q

Installment credit

A

A loan that is paid in equal monthly installments with a fixed interest rate

80
Q

Credit report

A

A document containing important information about a person

81
Q

Balance transfer

A

The process of moving an unpaid credit card debt from one issuer to another

82
Q

Credit bureau

A

A business that collects and sells information about how consumers repay debt

83
Q

Card holder agreement

A

The written statement that gives the terms and conditions of a credit card account

84
Q

Capital

A

The money paid to use money

85
Q

Finance charge

A

The charge for using a credit card, compromised interest cost and fees

86
Q

Introductory interest rate

A

The low rate charged by the lender for an initial period to entice consumers to switch credit cards

87
Q

Payday loan

A

Short terms, high interest cash loan secured by a paycheck

88
Q

What type of credit is a car loan an example of?

A

Installment credit

89
Q

Bankruptcy

A

A legal proceeding designed for customers who are no longer able to pay their bills

90
Q

Charge card

A

A card used in which purchases must be paid in full each month at the end of the month

91
Q

Credit card

A

A plastic card issued by a financial institution for the purchase of goods or services on credit

92
Q

Minimum finance charge

A

Zero or low interest payments for the first few months

93
Q

Piggybacking

A

The act of improving your credit score or rating by becoming a member of someone else’s credit card

94
Q

Schumer box

A

The area where you will find the terms and conditions of a credit card offer

95
Q

Secured credit card

A

This credit card requires collateral. Designed for people who don’t have a credit history or poor credit history

96
Q

Universal default

A

A common practice for credit card users that allows them to increase cardholders interest rate for any change in a persons credit history or profile

97
Q

Overdraft

A

Lack of money to pay a check

98
Q

Reasons for using checks

A

More secure

Can send photo copies of your checks

99
Q

Balance transfer

A

The process of moving an unpaid credit card debt from one issuer to another

100
Q

Credit bureau

A

A business that collects and sells information about how consumers repay debt

101
Q

Card holder agreement

A

The written statement that gives the terms and conditions of a credit card account

102
Q

Capital

A

The money paid to use money

103
Q

Finance charge

A

The charge for using a credit card, compromised interest cost and fees

104
Q

Which kind of tax is tax on interest you earn on savings?

A

Income tax

105
Q

Which kind of tax helps pay for people’s retirement?

A

Social security tax

106
Q

Which level of Government is primarily responsible for providing public elementary education?

A

Local

107
Q

What is another name for consumption tax?

A

Sales tax

108
Q

Which level of government pays for the good of traffic lights and sidewalks in different towns?

A

Local

109
Q

Who pays the payroll taxes to the government?

A

Employers

110
Q

Which tax is a progressive tax?

A

Income tax

111
Q

Which kind of tax would make gasoline cost more?

A

Excise tax

112
Q

Which kind of tax is a tax that is sometimes used to decrease demand for a particular item?

A

Sales tax

113
Q

Which level of government pays for services like bridges, highways, and hospitals?

A

All three

114
Q

Which level of government gets most of its revenue from property tax?

A

Local

115
Q

Which kind of tax is a tax on something you buy?

A

Sales tax

116
Q

Which kind of tax is a tax on something you own?

A

Property tax

117
Q

What level of government gets most of its revenue from income tax?

A

Federal

118
Q

What is another word for excise tax?

A

Luxury tax

119
Q

What are taxes on gasoline, cigarettes, and airplane tickets called?

A

Excise tax

120
Q

Which kind of tax is a tax on money people get for working?

A

Income

121
Q

Which kind of tax is different of different people based on their ability to pay?

A

Income

122
Q

What level of government can tax people’s income?

A

All three

123
Q

Which level of government pays for the service of medical care for people who can’t afford it?

A

Federal

Family Finance (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions