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Personal Finance Quiz 7&8 > Personal FInance > Flashcards

Personal FInance Flashcards

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1
Q

Four steps to get yours savings going
1. ____ ____ ____ _____
2. Open a savings account
3. Figure out how to move money into savings account
4. Identify an accountability partner that checks on your savings goals

A

Set your SMART goal

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2
Q

Four steps to get yours savings going
1. Set your SMART goal
2. ____ ___ ____ _____
3. Figure out how to move money into savings account
4. Identify an accountability partner that checks on your savings goals

A

Open a savings account

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3
Q

Four steps to get your savings going
1. Set your SMART goal
2. Open a savings account
3. ____ ____ ___ ____ ____ ____ ____ ____ ____
4. Identify an accountability partner that checks on your savings goals

A

Figure out how to move money into savings account

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4
Q

Four steps to get yours savings going
1. Set your SMART goal
2. Open a savings account
3. Figure out how to move money into savings account
4. ______ ____ _____ ____ ____ ___ ___ ____ ____ _____

A

Identify an accountability partner that checks on your savings goals

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5
Q
  • done over a long period of time
  • most common purpose is for retirement
A

Investing

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6
Q

(ROI) Expectation that if you put money into savings or investments the money will grow over time without touching it

A

investment returns

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7
Q

Increase in value

A

capital gain

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8
Q

Amount a borrower pays to the lender for the use of money

A

Interest

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9
Q

Payments made by a company to a stockholder from excess profit

A

Dividends

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10
Q

PV-FV = ( ) + # of years = ( ) / FV = %

A

Rate of Return

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11
Q

Three factors influencing the future value of your investments
1. ________
2. Length of time
3. Rate of Return

A

Principal

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12
Q

Three factors influencing the future value of your investments
1. Principal
2. ____ ___ _____
3. Rate of Return

A

Length of time

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13
Q

Three factors influencing the future value of your investments
1. Principal
2. Length of time
3. ____ ____ ____

A

Rate of return

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14
Q

controllable with savings

A

Principal, Length of time, and rate of return

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15
Q

controllable with stock market

A

Principal and length of time

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16
Q

Einstein called this the 8th wonder of the world

A

Compounding

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17
Q

Four guidelines for borrowing:
1. ____ _____ ___ ____ ____ ___ _____
2. Use common economic sense
3. Have a guaranteed way to repay loan
4. Ensure unity with family

A

Consider whether you truly need to borrow

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18
Q

Four guidelines for borrowing:
1. Consider whether you truly need to borrow
2. ____ ____ _____ _____
3. Have a guaranteed way to repay loan
4. Ensure unity with family

A

Use common economic sense

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19
Q

Four guidelines for borrowing:
1. Consider whether you truly need to borrow
2. Use common economic sense
3. ____ ___ ____ ____ ___ ____ ____
4. Ensure unity with family

A

Have a guaranteed way to repay loan

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20
Q

Four guidelines for borrowing:
1. Consider whether you truly need to borrow
2. Use common economic sense
3. Have a guaranteed way to repay loan
4. ____ ____ ____ _____

A

Ensure unity with family

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21
Q

___ Percent of How credit scores are calculated is FICO

A

35%

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22
Q

___ Percent of how credit scores are calculated is amount owed

A

30%

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23
Q

___ Percent of how credit scores are calculated is new credit

A

10%

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24
Q

___ Percent of how credit scores are calculated is types of credit used

A

10%

25
Q

___ Percent of how credit scores are calculated is length of credit history

A

15%

26
Q

How to increase credit score
1. ____ ____ ____ ___ ___ ____ _______
2. Pay your bills on time every single time
3. Reduce the amount of debt you have
4. Increase income compared to debt

A

Check credit report and check for errors/fraud

27
Q

How to increase credit score
1. Check credit report and check for errors/fraud
2. ____ _____ ____ ___ ____ ____ ____ ____
3. Reduce the amount of debt you have
4. Increase income compared to debt

A

Pay your bills on time every single time

28
Q

How to increase credit score
1. Check credit report and check for errors/fraud
2. Pay your bills on time every single time
3. _____ ____ ____ ____ ____ ___ ____
4. Increase income compared to debt

A

Reduce the amount of debt you have

29
Q

How to increase credit score
1. Check credit report and check for errors/fraud
2. Pay your bills on time every single time
3. Reduce the amount of debt you have
4. ____ ____ ____ ____ _____

A

Increase income compared to debt

30
Q

The stock market is unpredictable and it is at risk of high and low swings in the short term

A

Market Volatility

31
Q

Three ways to mitigate risk
1. _____ _____
2. Invest in the long-term
3. Play it safe - invest in low risk assets

A

Diversify portfolio

32
Q

Three ways to mitigate risk
1. Diversify portfolio
2. ____ ___ ___ _______
3. Play it safe - invest in low risk assets

A

Invest in the long-term

33
Q

Three ways to mitigate risk
1. Diversify portfolio
2. Invest in the long-term
3. ____ ____ ____ ____ ___ ___ ___ _____

A

Play it safe - invest in low risk assets

34
Q

Common investment vehicles
1. ___ ___ ____
2. Money market account
3. Bonds
4. Stocks
5. Real-estate
6. Foreign and crypto currency

A

Long term savings

35
Q

Common investment vehicles
1. Long term savings
2. ____ ____ ____
3. Bonds
4. Stocks
5. Real-estate
6. Foreign and crypto currency

A

Money market account

36
Q

Common investment vehicles
1. Long term savings
2. Money market account
3. _______
4. Stocks
5. Real-estate
6. Foreign and crypto currency

A

Bonds

37
Q

Common investment vehicles
1. Long term savings
2. Money market account
3. Bonds
4. ______
5. Real-estate
6. Foreign and crypto currency

A

Stocks

38
Q

Common investment vehicles
1. Long term savings
2. Money market account
3. Bonds
4. Stocks
5. _________
6. Foreign and crypto currency

A

Real-estate

39
Q

Common investment vehicles
1. Long term savings
2. Money market account
3. Bonds
4. Stocks
5. Real-estate
6. _____ ____ ______ ______

A

Foreign and crypto currency

40
Q

Permission you have to borrow money

A

credit

41
Q

Personal info, permission to pull credit report

A

credit application

42
Q

Key means that the leading institution uses to determine your financial integrity

A

Credit report

43
Q

The three main credit bureaus

A

equifax, trans union, experian

44
Q

Risk of non-payment

A

raises interest rate

45
Q

Five components of good credit:
1. ________
2. Capacity
3. Capital
4. Collateral
5. Conditions

A

Character

46
Q

Five components of good credit:
1. Character
2. _______
3. Capital
4. Collateral
5. Conditions

A

Capacity

47
Q

Five components of good credit:
1. Character
2. Capacity
3. _______
4. Collateral
5. Conditions

A

Capital

48
Q

Five components of good credit:
1. Character
2. Capacity
3. Capital
4. ______
5. Conditions

A

Collateral

49
Q

Five components of good credit:
1. Character
2. Capacity
3. Capital
4. Collateral
5. _______

A

Conditions

50
Q

Five components of good credit:

A

character, capacity, capital, collateral, conditions

51
Q

Three things the Bible does NOT say about borrowing:
1. ___ ___ ___ ____
2. Going into debt is wise
3. God will bail you out of debt

A

Don’t go into debt

52
Q

Three things the Bible does NOT say about borrowing:
1. Don’t go into debt
2. ____ ____ _____ ___ _____
3. God will bail you out of debt

A

Going into debt is wise

53
Q

Three things the Bible does NOT say about borrowing:
1. Don’t go into debt
2. Going into debt is wise
3. _____ ____ ____ ___ ___ ___ _____

A

God will bail you out of debt

54
Q

Inherently unethical, prey on the poor, 400% APR

A

Payday loans

55
Q

Paying off debt using the “Debt snowball”
1. ___ ___ ___ ____ ___ ___ ___ ___ ___ _____ __ ____
2. Put smallest one on top, largest on bottom of list
3. Pour as much as possible into top loan

A

Line up all debts you have in order of smallest to largest

56
Q

Paying off debt using the “Debt snowball”
1. Line up all debts you have in order of smallest to largest
2. ____ ____ ____ ___ ___ ___ ____ ___ ___ ____
3. Pour as much as possible into top loan

A

Put smallest one on top, largest on bottom of list

57
Q

Paying off debt using the “Debt snowball”
1. Line up all debts you have in order of smallest to largest
2. Put smallest one on top, largest on bottom of list
3. ____ ____ ____ ___ ___ ____ ____ _____

A

Pour as much as possible into top loan

58
Q
A

Personal Finance Quiz 7&8 (2 decks)

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