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personal finance Flashcards

1
Q

Biggest part of your budget.

A

Housing

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2
Q

Qualities of a good budget.

A

practical/flexible/geared toward goals

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3
Q

The minimum amount you should save.

A

10%

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4
Q

Non-profit bank owned by its customers who are the shareholders.

A

Credit Union

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5
Q

What debit card feature should you look for if you are going to use the ATM a lot?

A

Free ATM fees

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6
Q

Use this when online shopping.

A

Credit card

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7
Q

Only thing that cannot be done by online banking.

A

Cash a check

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8
Q

Non-sufficient funds, also called overdraft.

A

NSF

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9
Q

Use this endorsement when depositing a check at a later date.

A

restrictive endorsement

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10
Q

Do this to your blank checks that you are not going to use anymore.

A

shred

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11
Q

Write this on a check when you don’t want to use it anymore. Also, make sure to record it in your check register.

A

void

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12
Q

S.M.A.R.T. Goal - How often you will save

A

S.M.A.R.T. Goal - Attainable

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13
Q

S.M.A.R.T. Goal - How much will you save

A

S.M.A.R.T. Goal - Measurable

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14
Q

S.M.A.R.T. Goal - What are you saving for

A

S.M.A.R.T. Goal - Specific

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15
Q

S.M.A.R.T. Goal - What is the opportunity cost or what are you giving up to save

A

S.M.A.R.T. Goal - Relevant

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16
Q

S.M.A.R.T. Goal - What is the end date of your goal

A

S.M.A.R.T. Goal - Timely

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17
Q

An example would be rent or mortgage payment.

A

fixed expense

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18
Q

An example would be your ComEd bill.

A

variable expense

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19
Q

Not having enough money to cover expenses.

A

budget deficit

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20
Q

The money left over after paying bills and putting money into your savings account.

A

Discretionary Income

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21
Q

Another way to say net income.

A

Take home pay

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22
Q

Gross income minus your withholdings.

A

Net income

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23
Q

Review all expenses and cut back.

A

Reconciliation

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24
Q

How to fix a budget

A

Comparing your bank statement to your check register.

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25
Q

Net deposit

A

Another name for your total deposit.

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26
Q

Liquidity

A

How quickly and easily an asset can be converted into cash.

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27
Q

Compound Interest

A

Earning interest on interest.

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28
Q

The idea of putting money into your savings before spending anything.

A

Pay Yourself First

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29
Q

Savings tools are secure because they are protected by this U.S. government agency against loss.

A

FDIC

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30
Q

Savings Account

A

This savings tool should be used if you need money for an emergency.

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31
Q

When buying a stock, there is a potential to do this.

A

Lose money

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32
Q

The idea that riskier investments can have a higher potential reward.

A

Risk vs returns

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33
Q

File away your check until it is officially deposited then shred it.

A

Electronic deposit procedure

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34
Q

A check that is on your register but not your monthly statement.

A

A check that is on your register but not your monthly statement.

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35
Q

The idea to save for as long as possible at the highest rate possible.

A

Time value of money

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36
Q

This type of stock pays dividends.

A

Income Stock

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37
Q

Examples are baseball cards, beanie babies, and American dolls.

A

Collectibles

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38
Q

You should apply for this if you are denied a credit card or have no credit history

A

Secured Credit Card

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39
Q

You should apply for this if you are denied a credit card or have no credit history

A

Secured Credit Card

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40
Q

Close the account by phone, in writing, and then destroy the card.

A

Cancel a credit card procedures

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41
Q

An option if a 401k is not offered. You may contribute $6000 a year tax deferred.

A

I.R.A

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42
Q

You can view these once a year for free from each of the three main credit reporting agencies.

A

credit reports

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43
Q

This is the amount that S&P 500 goes up on average per year.

A

10%

44
Q

Not including mortgage, under 20% of your net income.

A

safe credit limit

45
Q

Pay your credit card statement balance in full every month to avoid this.

A

interest

46
Q

Having this will cause you to pay a higher interest rate on a loan.

A

low credit score

47
Q

This index measures the top 30 blue chip stocks.

A

Dow Jones

48
Q

Paying this means you are going to end up paying a lot more for whatever you bought because of interest charges.

A

minimum payments

49
Q

Wrongfully acquiring and using someone’s personal identification.

A

Identity theft

50
Q

Cost more than leasing.

A

purchasing

51
Q

A company has one of these when they want to go public and raise money.

A

IPO

52
Q

This type of loan is used when you buy a car and make equal payments. It is another name for closed-end credit.

A

Installment Credit

53
Q

Evaluate these when purchasing a car.

A

opportunity costs and trade offs

54
Q

Diversified investment consisting of a variety of stocks and bonds.

A

mutual funds

55
Q

This type of planning helps you create tax shelters, establishing a trust and writing a will.

A

Estate Planning

56
Q

The reason your car goes down in value and is not considered in the cost of owning a car.

A

depreciation

57
Q

A tool used to find the value of a car.

A

Kelley blue book

58
Q

This is a debt a company issues for a period of time.

A

bonds

59
Q

People consider cost, proximity to work, and mass transit when looking for one of these.

A

Apartment

60
Q

Same as renting.

A

leasing

61
Q

This type of credit requires equal payments until it is paid off.

A

Closed-End Credit

62
Q

When you owe more than the value of the car.

A

upside down

63
Q

The costs of using credit, including interest, and late charges.

A

finance charges

64
Q

This type of investment can generate rental income, should appreciate in value, and has less risk.

A

real estate

65
Q

A total credit amount is extended in advance so the borrower does not have to apply for credit each time they borrow money.

A

open end credit

66
Q

Spreading your investments between stocks, bonds, and different industries.

A

Diversify

67
Q

Character, Capacity, and Capital are a measure of this.

A

credit worthiness

68
Q

The account has the money collected before tax, helps you save for retirement, and your company may contribute.

A

401k

69
Q

Group of companies with similar products.

A

Industry

70
Q

Used to pay for damage done to an apartment.

A

Security Deposit

71
Q

Value of home minus what you owe.

A

Equity

72
Q

Examples include a title search, the fee for obtaining a credit report, and title insurance. These do not include repairs needed to be done.

A

closing cost

73
Q

Type of car insurance that is required.

A

Liability - Car

74
Q

This is collected by your city. They do not stay the same every year.

A

property taxes

75
Q

Pays for damages to your car in a hit and run.

A

liability car

76
Q

Pays for damages to your car in a hit and run.

A

uninsured/underinsured

77
Q

Cost of using someone’s property.

A

renting

78
Q

The tax form sent by your employer at the end of January summarizing your wages and taxes withheld.

A

W-2

79
Q

Pays for your car damages if you cause the accident.

A

collisions

80
Q

Good schools, easy to sell, and appreciate in value.

A

Picking a home location

81
Q

The amount paid by the policyholder for the initial portion of a loss before the insurance coverage begins.

A

deductible

82
Q

The tax form summarizing the interest earned.

A

1099-INT

83
Q

The 3rd party holds money to pay property taxes in this account type.

A

Escrow account

84
Q

You complete this when you are hired in order to have your taxes calculated correctly on her paycheck.

A

W-4

85
Q

Federal form is used to reconcile your federal income taxes.

A

1040

86
Q

A contract between the individual and the insurer specifying the terms of the insurance arrangement.

A

Policy

87
Q

Is named to receive the benefits from an insurance policy.

A

Beneficiary

88
Q

When the bank takes house for not making 4 consecutive mortgage payments.

A

foreclosure

89
Q

An unpredictable event which leads to loss or damage.

A

risk

90
Q

The amount a policyholder pays for the policy.

A

premium

91
Q

Insurance that pays for your belongings inside your house when damaged.

A

personal property

92
Q

This protects the lender, not the person borrowing.

A

P.M.I

93
Q

Pays for damage to your car caused by natural disasters.

A

comprehensive

94
Q

Coverage that can be added to a policy, such as towing or rental reimbursement.

A

rider

95
Q

Prevents discrimination when buying a house.

A

fair housing act

96
Q

An arrangement between an individual and an insurer to protect the individual against risk.

A

insurance

97
Q

Pays for medical bills if someone is hurt on your property or dog bites somebody.

A

Liability - Home

98
Q

Pays for damages to your house.

A

structural

99
Q

Pays for the damage to the other car if you caused the accident.

A

Property damage

100
Q

Insuring a portion of your income due to illness or injury that happened outside the workplace.

A

disability

101
Q

Covers fire in your unit, damage to other units you cause, or your pet attacks somebody in your apartment.

A

renters insurance

102
Q

An HMO is cheaper but more restrictive, while a PPO is more expensive but offers more flexibility.

A

PPO VS HMO

103
Q

Pays for the medical bills of the other people if you cause the accident.

A

bodily injury

104
Q

Term life insurance only pays if the policyholder dies during the term of the policy, while whole life insurance pays a death benefit whenever the policyholder dies.

A

term vs whole

105
Q

When you lose your job, this program will cover your health insurance premiums for a period of time.

A

COBRA

106
Q

Covers employees getting sick or injured on the job.

A

workman compensation

107
Q

Pays for your own medical bills if you cause the accident.

A

medical bills

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