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Marriage and Family > Marriage and Family State Test > Flashcards

Marriage and Family State Test Flashcards

1
Q

what is financial planning

A

setting goals and developing a plan for finances

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2
Q

financial institutions

A

bank, credit unions and savings and loan firms

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3
Q

what are FDIC, SAIF, and NCUA

A

insurance for banks, credit unions and savings and loan

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4
Q

what are ooutstanding checks

A

checks that havent cleared the bank

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5
Q

what is overdraft protection

A

an instant loan that guarantees checks up to a specified amount

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6
Q

debit vs. credit card

A

debit card transactions are deducted out of checking, credit cards are loans

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7
Q

what is the cost of credit

A

the interest you pay to use other’s money

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8
Q

what is a credit limit

A

the max amount you can borrow

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9
Q

what does APR stand for

A

annual percentage rate

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10
Q

credit history/credit report

A

a record of your personal financial transactions used to determine risk. kept by credit bureaus

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11
Q

what is bankruptcy

A

two types: chapter 7 and chapter 13

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12
Q

what is the Fair Credit Reporting Act

A

law that says you can see your credit report and dispute anything that is false

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13
Q

what is interest

A

the amount you pay for the money you borrow

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14
Q

what is the principle loan amount

A

the original amount you borrow

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15
Q

what is a cosigner

A

a person who accepts responsibility to pay the loan if you default

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16
Q

what is a flexible expense

A

expenses that change from month to month

ex. groceries, recreaction

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17
Q

fixed expense

A

expenses that stay the same every month

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18
Q

review and revise or update your budget

A

update and make changes to spending plan as needed

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19
Q

recommended percentages for budgeting household expenses

A

housing 30-35%
food 10-15%
savings 10%
transportation 15%

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20
Q

savings

A

money set aside for emergencies or short term needs

21
Q

PYF

A

pay yourself first 10% before anything else

22
Q

emergence funds

A

money saved that is easily accessible in case of an emergency

23
Q

3 major taxes

A

federal
state
local- property and sales

24
Q

1040EZ

A

easiest tax form to do

25
Q

compounding interest

A

earning interests on interest

principleinterestinterest

26
Q

rule of 72

A

how long it takes to double your money

72/the interest=how long it takes to double

27
Q

interest

A

percentage charged to borrow money. (higher rate=more cost)

28
Q

risk and return principle

A

the higher the investment risk the higheer the investment return

29
Q

stocks

A

you have part ownership in a company

30
Q

liquidity

A

an asset that can be easily converted into cash

31
Q

mutual funds

A

and investment security that is a diversified portfolio

32
Q

diversification

A

reducing investment risk by putting money in several different types of investments

33
Q

retirement

A

when you live off your pension and your savings

34
Q

IRA

A

individual retirement account

35
Q

what is estate planning

A

a plan to use wills and trusts to distribute assets

36
Q

purpose of a honeymoon

A

to get to know each other, to provide relaxation, time alone together and time to adjust to marriage

37
Q

purpose of engagement

A

showing commitment, plan wedding, and making sure it is the right person

38
Q

marital roles: traditional vs. equalitarian

A

roles in a marriage are defined as masculine and feminine vs. roles are divided up equally

39
Q

marital risks

A

getting married too young, unhappy childhood, different values, parents are divorced, parents disprove, emotionally or physically unhealthy

40
Q

discussing finances in marriage

A

finances are the #1 cause of divorce

41
Q

communication in marriage

A

focus on positive, constructive communication

42
Q

touch oriented person

A

enjoys hugging, holding hands, and physical closeness

43
Q

verbally oriented person

A

enjoys physical closeness, sharing feelings, and heart to heart conversations

44
Q

task oriented person

A

want achievements recognized, want things, value hard work

45
Q

conflict resolution

A

use communication to solve problems and compromise and accommodate each others needs

46
Q

5 stages of grief

A
  1. denial
  2. anger
  3. bargaining
  4. depression
  5. acceptance and recovery
47
Q

strengthen families

A
  1. commitment
  2. time together
  3. sharing values
  4. appreciating one another
  5. decision making
  6. share responsibility/chores
  7. problem solving
48
Q

homeowners insurance

A

replacement value. protects home and loss in house

49
Q

liability insurance (auto)

A

pays for your car to get fixed

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