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Econ > MidTerm 2020 > Flashcards

MidTerm 2020 Flashcards

1
Q

True financial security is achieved when your money begins to generate an income- your money starts working for you

A

True

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2
Q

Since you are a teenager, what you do now with money will have little effect on your financial future

A

False

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3
Q

Most Americans today are wealthy and will have financial security when they retire

A

False

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4
Q

Most Americans avoid the use of credit when it comes to buying big-ticket items like a car or furniture for their home

A

False

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5
Q

Learning the language of money is not that important because you will be able to depend on financial planners to manage your money

A

False

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6
Q

Having debt keeps you from building wealth

A

True

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7
Q

The credit system today is structured to accommodate a state of uncertain employment and income instability, utilizing high interest rates and fees to turn huge profits

A

True

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8
Q

Expensive houses and new cars are a true indication of wealth

A

False

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9
Q

When developing a personal financial plan, one of the first things you should do is assess your current financial situation. This includes your income, assets and liabilities

A

True

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10
Q

Everyone should have the same financial plan. A budget that works for one person should be sufficient for everyone

A

False

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11
Q

The first thing you should save for is your retirement fund

A

False

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12
Q

Your income level greatly affects your saving habits

A

False

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13
Q

Americans typically maintain a very high savings rate

A

False

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14
Q

You should save money for three basic reasons: emergency fund, purchases and wealth building

A

True

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15
Q

When it comes to saving money, the amount you save is determined by how much you have left at the end of the month once all of your spending is done

A

False

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16
Q

When you’re older and out of school, you’ll need to grow your emergency fund into a full three to six months worth of expenses

A

True

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17
Q

You should keep your emergency fund in the same account as your spending money

A

False

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18
Q

An interest-bearing account is an account that generates interest income on the available balance in the account

A

True

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19
Q

When you’re in high school, you won’t have the same emergency expenses as your parents

A

True

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20
Q

You should hold off in on investing for retirement until you have college or other post-secondary education paid for

A

True

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21
Q

The number-one cause of divorce in North America today is stress and disagreements over money

A

True

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22
Q

The envelope system works great for managing spending on things that don’t normally have a fixed monthly expense

A

True

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23
Q

If you write a zero-based budget every month, it it not necessary to reconcile your account

A

false

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24
Q

Budgeting is crucial to your financial success

A

True

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25
Q

Writing and following a zero-budget will help you avoid overspending and impulse purchases

A

True

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26
Q

A debit card cannot be used for online purchases

A

False

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27
Q

“Pay yourself first” means you should assign a portion of your income to Saving and investing every month

A

True

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28
Q

Online bill pay allows you to make payments to whomever you wish without having to write a check and send it in the mail

A

True

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29
Q

Having more than one bank account is never a good idea since it can complicate money management

A

False

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30
Q

Setting up automatic account transfers is the easiest way to build your savings for your emergency fund or large purchases

A

True

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31
Q

You must establish credit in order to buy a house

A

False

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32
Q

If you are a victim of identity theft, you are only responsible for paying back half of the debt

A

False

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33
Q

There are three credit bureaus: experian,transunion and equifax

A

True

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34
Q

You can and should obtain a free copy of your credit report annually in order to check for any suspicious activity

A

True

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35
Q

You need to have a credit card to rent a car or check in to a hotel

A

False

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36
Q

It is okay to use a credit card if you pay it off every month

A

False

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37
Q

The federal trade commission (FTC) is one of many U.S federal agencies that regulate the consumer credit system and enforce the laws related to it

A

True

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38
Q

Under the fair credit reporting act (FCRA), any person or organization may check a persons credit information without having a legitimate need

A

False

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39
Q

Teens are a huge target of credit card companies today

A

True

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40
Q

Co-signing a loan is a good way to help a friend or relative

A

False

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41
Q

Which of the following best explains why students should learn about personal finance

A

Learning to manage money at this stage can be eliminate financial mistakes and promote huge financial benefits for the future

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42
Q

Key components of financial planning include all of the following except:

Key components:

  1. Write out a detailed plan for accomplishing your goals.
  2. Replace money myths with money truths.
  3. Regularly monitor and reassess your financial plan
A

Allow your financial planner to make all of your major money decisions

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43
Q

Which of the following statements best describes how Americans are being outsmarted by banks and other lenders

A

Credit is marketed so well that we desire to have it while completely dismissing the fact that interest rates and fees continue to destroy our financial well-being

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44
Q

Personal financial success is primarily the result of

A

Managing your money behavior

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45
Q

Which of the following statements best explains why income alone does not determine wealth

A

How much money a person does not dictate his or her spending and saving behavior

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46
Q

Which of the following is a consequence of spending more than you make

A
  1. Missed opportunity to save and invest
  2. Stress
  3. A cycle of debt
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47
Q

Which of the following is not a true statement

A

The credit industry in America has not changed much since 1917

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48
Q

When it comes to managing money, success is about___% knowledge and___% behavior

A

20,80

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49
Q

The widespread financial insecurity of Americans is primarily because

A

The saving rate of Americans is low and many borrow in order to spend more that they earn

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50
Q

Which of the following is not a factor in becoming money smart

A

Learn how to read your credit card statements

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51
Q

Which of the following is not a benefit of understanding your own money personality

A

Knowing your money personality allows you to excuse excessive spending because it is simply part of you nature

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52
Q

Why was the use of credit uncommon prior to 1917

A
  1. Laws prevented lenders from changing high interest rates
  2. Borrowing money was generally not socially acceptable
  3. Lending money to others was not profitable
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53
Q

When it comes to personal finance, the math is easy. What’s challenging is managing your___

A

Behavior

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54
Q

Which of the following is not a reason credit is marketed heavily to consumers in the United States

A

The use of credit is not socially accepted in the United States

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55
Q

During the Great Depression, new deal policymakers came up with mortgage (home loans) and consumer lending policies that convinced commercial banks that:

A

Consumer credit could be profitable

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56
Q

Which of the following steps is the first foundation

A

Save a $500 emergency fund

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57
Q

Instead of borrowing money for large purchases, you should set money aside in a____ ____

A

Sinking fund

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58
Q

What does it mean to have a negative savings rate

A

Spending more money than you make and acquiring debt

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59
Q

The saving habits of ben and Arthur best illustrate which principle of saving

A
  1. The length of time money is invested matters

2. Rate of return matters

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60
Q

For which of the following should you save

A
  1. Purchases
  2. Wealth building
  3. Emergency fund
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61
Q

Using the sinking fund approach,how much do you have to each month to buy a $4,800 car one year from now

A

$400

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62
Q

At your age, fully funded emergency fund should be

A

$500

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63
Q

Which of these is not a key to saving money

A

Your income

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64
Q

Which of the following is a reason that people don’t save money

A
  1. They lack discipline
  2. They do not live on a budget
  3. They lack focus
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65
Q

Which of the following is not one of the three basic reasons for saving money

A

Have money available to lend to friends

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66
Q

Which of the following is not a reason your emergency fund should be kept in a separate savings account away from your spending money

A

So that it is clear what money is only to be used for emergencies

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67
Q

Why is having a fully funded emergency fund so important when it comes to your financial well-being

A

The purpose of an emergency fund is to set money aside for unexpected financial emergencies and to provide a sense of financial security

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68
Q

Saving is about

A

Contentment and emotion

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69
Q

Why should interest earned not be a factor with your emergency fund

A

The emergency fund is not intended to grow wealth

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70
Q

This principle suggests that a certain amount of money today has different buying power than the same amount of money in the future. This is due to both the opportunity to earn interest on the money and because inflation will drive prices up, thereby changing the “value” of the money

A

Inflation

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71
Q

Which of the following is a consequence of overdrawing your checking account

A
  1. Bounced check fee from the store
  2. Stress from money mismanagement
  3. Overdraft fee from the bank
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72
Q

Doing a budget does not

A

Make overspending more likely

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73
Q

Your monthly budget should include

A
  1. Variable expenses
  2. Discretionary expenses
  3. Fixed amount
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74
Q

Which of the following statements is false

A

A budget is meant to summarize the saving and spending that has taken place over the past year

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75
Q

Which of the following is something that typical millionaire would do

A

Spend less money than he or she makes

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76
Q

Rent is a

A

Fixed expense

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77
Q

Eating out is a

A

Discretionary expense

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78
Q

Car repairs are a

A

Intermittent expense

79
Q

Groceries are a

A

Variable expense

80
Q

A written budget, if followed; removes___ from your finances

A
  1. Overspending
  2. Guilt
  3. Management by crisis
81
Q

The following are guidelines for budgeting with a. Irregular except

A

Budgeting with an irregular income is no different than budgeting with an a regular income

82
Q

Percentage of Americans living paycheck to paycheck

83
Q

The zero-based budget is the best method of budgeting because

A

The zero-based budget ensures that every dollar you make is assigned a specific purpose

84
Q

Which of the following is it a record-keeping feature you could expect from your bank

A

Customer service reconciles your account for you

85
Q

Which of the following account records would have the most current balance

A

Your own account register

86
Q

Which of the following is not a factor in determining a FICO score

A

Paying cash for all purchases

87
Q

Which of the following is not a good idea for getting out of debt

A

Borrow money from your parents to pay for the debt

88
Q

Which of the following things cannot be done with a debit card but can be done with a credit card

A

Go into debt

89
Q

What factors affect a credit score

A
  1. Type of debt
  2. New debt
  3. Duration of debt
90
Q

Which of the following statements is false

A

Under FCRA, consumers are allowed to receive one free credit report every five years

91
Q

Which of the following is not a recommended step in the Drive Free method of purchasing a car

A

Explore new car dealerships for the best interest rate

92
Q

Which of the following is the most cost-effective option for purchasing a home

A

The most ideal way to buy a house is with 100% down; if that is not an option, you should get no more than a 15 year, fixed rate mortgage with a down payment of at least 10%

93
Q

Which of the following is not recommended in the debt snowball method of getting out of debt

A

Every extra dollar you get should be thrown at the largest debt first

94
Q

What is paycheck garnishment

A

A court-ordered attachment that allows a lender to take money owed directly from a borrowers

95
Q

Which of the following best summarizes how the use of a credit card for purchases instead of cash can change ones spending behavior

A

Studies show that consumers typically spend more when using credit as opposed to cash purchases

96
Q

Which of the following is not a credit Myth

A

Borrowing money can have serious consequences and prevent you from building wealth

97
Q

If you do not have a FICO score, what factors will determine whether or not you qualify for a mortgage

A
  1. History of rental and utility payments

2. Amount of your down payment and employment history

98
Q

A credit score is intended to measure

A

The risk of your not repaying debt

99
Q

Which of the following is a sign that your identity may have been stolen

A
  1. A call from a collection agency about a debt you didn’t incur
  2. Bank and billing statements don’t arrive on time
  3. Your credit report shows accounts you didn’t open
100
Q

Individual account information is removed from your credit report seven years after the last activity in the account, except for Chapter 7 bankruptcy , which stays on your credit report for

101
Q

A person or business that offers loans at extremely high interest rates

A

Loan shark

102
Q

A person or organization that uses a product or service

103
Q

An obligation of repayment owed by one party to a second party

104
Q

The granting of a loan and the creation of debt: any form of deferred payment

105
Q

The knowledge and skillset necessary to be an informed consumer and manage finances effectively

A

Financial literary

106
Q

A few paid by a borrower to the lender for the use of borrowed money

107
Q

A system by which goods and services are produced and distributed

108
Q

A debt evidence by a “note,” which specifies the principal amount, interest rate and date of repayment

109
Q

A period of temporary economic decline during which trade and industrial activity are reduced; generally identified by a fall in gross domestic product (GDP)

110
Q

All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc

A

Personal finance

111
Q

Money set aside and left alone for a “rainy day”

A

Emergency fund

112
Q

Saving money over time for a large purchase

A

Sinking fund

113
Q

Percentage paid to a lender for the use of borrowed money, or the percentage earned on invested principal

A

Interest rate

114
Q

Interest paid on interest previously earned

A

Compound interest

115
Q

Compares after-tax income to the money people spend on a variety of items

A

Savings rate

116
Q

The first five steps to financial success are called

A

Five foundations

117
Q

Save a $500 emergency fund is which foundation

A

First foundation

118
Q

When a person intentionally invests money in a place where it can earn more money

A

Wealth building

119
Q

The persistent rise in the cost of goods and services

120
Q

Occurs when money is withdrawn from a bank account and the available balance goes below zero

121
Q

A cash flow plan that assigns an expense to every dollar of your income, where in the total income minus the total expenses equals zero

A

Zero-based budget

122
Q

Series of envelopes that are divided into categories and are used to store cash for planned monthly expenses

A

Envelope system

123
Q

An item that is bought without previous planning or consideration of the long-term effects

A

Impulse purchase

124
Q

To match your bank statement with your checkbook

125
Q

A written cash flow plan

126
Q

Expenses that remain the same from month to month

127
Q

Non-essential expenses

A

Discretionary

128
Q

A summary of all the income and outgo over a certain time period

A

Cashflow statement

129
Q

Your own record of all your transactions

A

Check register

130
Q

Preferred method of debt repayment; includes a list of all debts organized from smaller to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments

A

Debt snowball

131
Q

A detailed report of an individual’s credit history

A

Credit report

132
Q

Time frame that a loan agreement is in force, and before or al the end of which the loan should either be repaid or renegotiated

133
Q

Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan

A

annual percentage rate (APR)

134
Q

A decrease or loss in value

A

Depreciation

135
Q

A yearly rate charged to a customer during the early stages of a loan; the rate often goes up after a specified period of time

A

Introductory rate

136
Q

A king-term agreement on a car; a form a secured king-term

137
Q

When a person owes more on a item (like a car or house) than it is worth, the person is said to be____ on the loan

A

Upside down

138
Q

A card issued by a bank that allows users to finance a purchase

A

Credit card

139
Q

Explain why understanding your money personality is important when it comes to developing a money plan that’s right for you

A

Everyone is different some people spend right when the money comes through some put aside for saving or investing.understanding where your at with your personality helps you see your strength and weakness.

140
Q

Explain how marketing can affect your decision when it comes to spending money

A

Marketing can make you feel liken”oh I need that” at that moment or persuade you to buy now or pay later

141
Q

Describe some of the mistakes Americans often make it comes to money

A

They don’t like to be patient enough to save or invest in that item, they would rather take a loan out and get it at that moment. Americans feels that money comes and goes so they spend and know it will comeback

142
Q

Does managing your money well mean that you can’t have fun with your money

A

No you can always have fun meaning set aside the important money and have spending or pocket money. The more you save/budget towards your bills the less stress you will be, because trying not catch up, you can’t have fun that way

143
Q

Does the “history of credit and consumerism segment make you view the use of credit differently than you did before

A

Yes because at first socially credit wasn’t acceptable in U.S but now it a new normal and most people are still paying off the credit loans

144
Q

What two things do you consider when evaluating the time value of money

A

Inflation and interest

145
Q

What are the essential elements of wealth building

A
  1. Discipline
  2. Time
  3. Compound interest
146
Q

Why do you need an emergency fund at your age

A

For unexpected emergencies

147
Q

List and describe each of the five foundations

A
  1. $500 emergency fund- for unexpected emergency
  2. Get out of debt- having debt can mess up future plans and also gives stress
  3. Pay cash for your car- waiting and paying cash is best so you don’t have a long term debt from it
  4. Pay cash for college- college debt is very dangerous so waiting and paying cash will help your financial situation in the future
  5. Build wealth and give- being able to save and budget also give, will help be financially stable
148
Q

Explain why establishing an emergency fund should be your first savings priority before large purchases and wealth building

A

Having an emergency fund can protect you from getting loans. So establish it first so that doesn’t end up happening

149
Q

What is the first foundation? Explain how and why the dollar amount will change as you get

A

Your financial situation change, so having a 3-6 month expenses rises

150
Q

What are the reasons cash flow plans sometimes do not work

A

You don’t follow them, and never tried hard enough to make it work

151
Q

Why is the zero-based budget the best method of budgeting

A

Best method because every time you check comes you assign where each dollar goes

152
Q

Explain why you should always have a cash flow plan

A

To be able to reconcile your money spending and income and to see where and when it was used

153
Q

Describe some changes in circumstances that might affect a personal budget

A

Some changes that might affect a personal budget is probably a big emergency we’re it eats all of emergency fund and then you have to cut some of our spending money

154
Q

Describe the difference between a secured and an unsecured loan

A

Secured loan- borrowing money without any interest rates going up

Unsecured- requires collateral

155
Q

Explain why an adjustable beats mortgage (ARM) is a bad idea

A

You can’t pay off your mortgage in that time period you actually are paying more and the payment can go uo

156
Q

Describe the negative consequences of taking on debt. What effect can debt have in your future

A

Having debt can stop you from building wealth. The effect on your future is you won’t be able to accomplish your goals because you will be constantly looking find working jobs

157
Q

What are somethings you can do to protect your personal information

A

Any statements from the bank should have a digital and paper copy don’t share any private information unless it’s a trusted company

158
Q

Explain how the debt snowball works

A

The goal of the debt snowball method is to put all your debt from least to biggest. First you want to kill the least amount but if you have money left over put it in the bug amount. You want to eliminate each debt 1 by 1 until there’s no debt left for you to pay

159
Q

A four-year degree is necessary regardless of which career youʹre entering.

160
Q

A form of federal or state financial aid that does not need to be repaid; usually given to students who demonstrate financial need

161
Q

A program that allows students to work part time while continuing their studies

A

Work study

162
Q

The average millionaire reads one nonfiction book a month.

163
Q

Allows students to learn basic professional skills in two years or less; typically cut out many of the general courses required by traditional universities

A

Trade school

164
Q

A person that starts his or her own business

A

Entrepreneur

165
Q

Percentage of college students that graduate with student loans:

166
Q

You must shop for the best price for your education in the same way you comparison shop for any large purchase.

167
Q

If you plan to attend a community college for your first two years, you’ll want to work closely with your advisor to make sure that the classes you take will transfer to your four-year school of choice.

168
Q

A wise college plan does not include:

A

Finding the most expensive, prestigious college so that you can impress future employers

169
Q

You must go to a prestigious school in order for employers to recognize your talents and strengths.

170
Q

A two-year government-supported college that offers an associate’s degree

A

Community college

171
Q

Which of the following is not one of the basics of budgeting?

A

Stick to your budget unless something unexpected happens

172
Q

Which of the following could be a negative consequence of taking out student loans?

A
  1. Not having the freedom to be a stay-at-home parent because of student loan payments
  2. Having to delay investing and saving for your future because of student loan payments
  3. Not having flexibility in your career options because of student loan payments
173
Q

When shopping for the best education option, you should narrow down your choice of colleges to 10 schools or less.

174
Q

You’ll only need to complete the FAFSA once during your college education.

175
Q

The average repayment period for a student loan is:

176
Q

Which of the following is not a good option when it comes to paying for your education?

A

Ask your parents to take out a loan

177
Q

You should visit your college’s financial aid office if:

A
  1. Your parentsʹ financial situation has changed
  2. You have any problems with the financial aid application process
  3. A medical situation has come up
178
Q

Which of the following is not recommended when you are cash-flowing your college education?

A

Attend an out-of-state school

179
Q

Which of the following are ways that you can invest in yourself?

A
  1. Find a mentor
  2. Surround yourself with people who have similar goals and ambitions as you
  3. Read books
180
Q

A form that is completed annually by current and prospective college students to determine their eligibility for financial aid

181
Q

Usually a professional trainer serves as the course instructor and uses a combination of hands -on activities and formal classroom training

A

On the job training

182
Q

Which of the following statements is false?

A

All high-paying careers require a four-year college degree.

183
Q

Our culture thinks student loan debt is normal and that it’s an acceptable way to pay for college.

184
Q

Pay as you go

185
Q

These may be free or low-cost; found online, at community colleges, or through government-funded programs

A

Certification

186
Q

The academic and financial choices you make in the next few years will affect the next 40 years of your life.

187
Q

Which of the following statements about college financial aid is false?

A

Scholarships are only for the highest academic achievers.

188
Q

Which of the following statements is false?

A

Students rarely drop out of college due to financial trouble.

189
Q

The total estimated student loan debt outstanding (unpaid) is over:

A

$1trillion

190
Q

The Fourth Foundation is:

A

Pay cash for college

191
Q

Which of the following statements is false?

A

A student loan is an award

192
Q

The best quality colleges are always the most expensive.

193
Q

A form of financial aid that does not need to be repaid; usually awarded on the basis of academic, athletic or other achievements

A

Scholarship

Econ (7 decks)

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