Semester Flashcards
What does a SMART goal stand for?
Specific. Measurable. Action. Realistic. Time bound.
What is the rate of return?
profit / original investment = decimal = %
What is the net pay formula?
net pay = gross pay - deductions
What is gross pay equal?
amount of hours worked x wage x payment
What are 3 characteristics of saving?
low return, low risk, insured
What are 3 characteristics of investing?
high return, high risk, not insured
What are the advantages of renting?
Cost less, easier to move
What is the formula for rule of 72?
72/years = %
What are two advantages to using a credit card?
Used for emergencies, protection against fraud
What are two disadvantages of using a credit card?
responsible for lost/stolen cards, additional fees
What are four ways to reduce automobile insurance
good grades, driver’s ED, shop around, and good driving record
What is the main benefit of obtaining a good credit score?
lower interest rates
What is the most important element of good credit score?
payment history
What are 4 information that are found in the Schumer box?
Interest rates, fees, how to calculate interests, how to avoid paying interests.
