The bank verifies that the signature is genuine and that the check writer has enough money for the transaction, and sets aside the full amount of the check for when it's cashed or deposited. stands for the Federal Deposit Insurance Corporation, which insures deposits at insured banks up to $250,000 per account. A savings plan offering tax benefits that can be used for any qualified educational expenses. When you buy a bond, you loan an. The 52-week trading range has been between $25 and $35, What is true? a personal loan without assets to cover the loan amount. Personal Financial Literacy Pretest Answerstools. Personal Financial Literacy Test Review DRAFT 9th - 12th grade Someone who advises, evaluates, and signs off on loans to individuals and business. An alert put on your credit file to help prevent additional identity theft. is the effective annual rate of return taking into account the effect of compounding interest. Ex. A retirement account offered through an employer, where an employee can contribute money from his or her, A retirement account similar to a 401(k) plan, but offered by non-profit organizations, like universities or. PLAY. A type of insurance that covers the cost of medical expenses. If you don't pay your minimum balance, they can raise your interest rate. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Lucy is young and single and has no insurance. 5 years c. 7 years d. 10 years 10. Your payments will vary and not be the same. A type of insurance that covers your home as well as your possessions inside it in case of damage or loss. In regards to credit cards, this refers to the least amount of money you are obligated to pay back on a monthly. Say you, Interest is the fee someone pays to be able to borrow money. Balance transfers are typically used when, A bond is basically a loan, except that in this case, you're the lender. Whenever you take out a loan or a, The amount of money that you are able to charge to a credit card. Instead, it, Credit history is a record of a person's borrowing and repayment activity. Learn vocabulary, terms, and more with flashcards, games, and other study tools. financial documents that are used to record and analyze the financial performance of a business. Start studying DECA Personal Financial Literacy. Learn vocabulary, terms, and more with flashcards, games, and other study tools. If you had money invested at 4%, how long would it take your money to double? Services - like electricity, water or gas - provided to the public. things needed for survival, such as food, clothing, shelter, and medical care, things people desire for reasons beyond survival and basic comfort, money or other items of value that are used to acquire goods and services, income from your job, investments, and other sources, expenses, or items for which you must spend money, money and other valuables belonging to an individual or business, the difference between assets and liabilities, the value of your next best option-what you are giving up, a spending and saving plan based on your expected income and expenses, Costs that do not change from month to month, the act of donating money or time to a cause in which you believe, the differences between planned amounts and actual amounts, information recorded in hard-copy format using pen and paper, soft-copy formats of your financial information stored on your computer, a computer program that allows you to insert numbers and formulas to compute amounts. a type of loan where you use something that you own to back the loan and can be taken by the bank or PAWNSHOP if you fail to make your loan payments. s a retirement plan for specific employees of public schools, tax-exempt organizations and certain ministers. This can be any item of value that is accepted as an alternate form of repayment in case of default. A certain amount of money you must have in some bank accounts at any given time to avoid being penalized, Refers to how much money an investor could potentially earn from an investment. Stocks are also called shares, or shares of stock. A common financial service used by many consumers. Learn vocabulary, terms, and more with flashcards, games, and other study tools. What is true about a Treasury Bill (T-Bills)? Items have been randomly selected from the MBA Research Center’s Test-Item … The largest stock market or secondary in the world. It lays out the terms for the property you'd like to rent: how much you're going, A type of insurance that ensures that another person (called a beneficiary) will be financially protected if you. The Widget stock is now selling for $25 a share. What do "points" refer to in the home mortgage application process: a. An amount of money that the property owner holds onto during the lease that can later be used to pay for any. government bonds issued with terms of four, 13, 26 or 52 weeks. If you want more money to invest, you should, reduce your variable expenses (expenses that change from month to month). You don't need to be a money maven to make smart money decisions, but you do need to know a thing or two about income, taxes, and safeguarding your hard earned money. A detail of all the fees that may be charged on a bank account. health, accident or disability insurance. AVOID. revolving credit or open ended credit refers to an account that has a credit limit set by the lender but allows you to determine how much you will charge and how much you will pay off each month. These plans can invest in either annuities or mutual funds. It is also called liquidation bankruptcy because some of a debtor's property may be sold (liquidated) to satisfy creditors. What type of insurance policy would you recommend for Wendy? The most common form of bankruptcy. A tax that pays for health care for people aged 65 and over. Credit rating of bond, inflation rate, interest rate, You can borrow money from your 401K, but you will have to make payments to pay it back. DTI is calculated by dividing total recurring monthly debt by gross monthly income, and it is expressed as a percentage. In this tax system, you are taxed on the money you earn, Shares of ownership in a company. Student loan, Age, gender, neighborhood, marital status, but not your health. is a security that represents ownership in a corporation. a tax on real estate or personal … Test. PLAY. A lease is a rental agreement. A court order directing wages paid by an employer be held from an employees paycheck to satisfy a debt owed to someone. Goals that are specific, measurable, attainable, realistic, and time-bound. Home » Uncategorized » personal finance quizlet unit 1 personal finance quizlet unit 1. money received, especially on a regular basis, for work or through investments. money earned. What is true? Examples: At 6% interest, your money takes 72/6 or 12 years to double. cost or charge: the expense of a good meal. A retirement account designed for individual savers that offers tax, Stands for the Internal Revenue Service. They can help to manage money and make paying bills more convenient. issued by a state or locality, they are federally tax-free. Thomas thinks the stock market will go up by 20% in the near future. Americans are using debit cards, credit cards, and checks instead of cash. life insurance that pays a death benefit if the policyholder dies within a specific time period but has no remaining value at the end of this time. A payment type similar to a debit card that allows you to make electronic purchases but requires that you. A person's debt-to-income ratio is determined by dividing total monthly debts by gross monthly income. Created by. Start studying financial literacy review questions/answers. A clear understanding of your personal values will: enable you to make choices that reflect what is important to you. Test. Terms in this set (6) Payroll tax. tax. This is the main form students use to apply for federal. the money that remains after paying for taxes and necessities. The alert stays on your file for 90 days, An interest rate is the percentage of interest you either make or pay on a principal (like 1% or 5%). The largest stock (securities) exchange in the world. A right to keep possession or property of any individual until the money they owe is paid, The higher the insurance premium the lower the, If a company splits its stock 2 for 1 the number of shares for the stockholders double and the price per share is cut in half, Securities and Exchange Commission protects investors and regulates the stock market. Property owned by an individual or organization that has some value. is the unfair, deceptive, or fraudulent practices of some lenders during the loan origination process. Learn vocabulary, terms, and more with flashcards, games, and other study tools. is a system of transferring money from one bank account directly to another without any paper money changing hands. Thank you for registering for an NGPF Teacher Account! The total amount of money in a banking account at any given time. If you are in the assigned insurance risk pool, it is because, you had three accidents in an 18 month period, Stock Market (NY Stock Exchange NYSE, American Stock Exchange AMEX, NASDQ). to qualify for this type of home loan you must meet the income guidelines. FAFSA is the Free Application for Federal Student Aid. This formula is useful for understanding the nature of compound interest. Insurance, Credit bureaus, also called credit agencies or credit reporting agencies, are companies that collect credit, A credit card is a payment type that does not automatically draw money from your account. Negative financial information (excluding bankruptcy) can stay on your credit report for: a. Information that exists on a physical medium such as paper. Data through February 2014 from the National Financial Educators Council’s (NFEC) National Financial Literacy Test, which tests youth between 15 and 18 on the areas covered within national financial literacy … An individual retirement account designed for individual savers. the largest equities (stock) market in the world? Lenders use this ratio to decide if more debt can be taken on by the borrower. Automated Teller Machine a machine that dispenses cash. Property taxes are taxes an owner pays on the value of any owned property, including land, buildings, or, Rate of return (ROR) is the ratio of the money you gain on an investment in relation to the amount of money, When referring to a vehicle, registration fees are a compulsory charge for registering the vehicle with a. A part-time employment that can be awarded as part of a federal financial aid package. Chapter 11 bankruptcy is a complicated type of bankruptcy that reorganizes the debtor's finances, usually reducing the amount of debt owed and changing debt repayment terms. is the annual rate charged for borrowing or earned through an investment without taking into account the compounding of interest within that year. consumer tax on a specific kind of merchandise, such as tobacco. This activity was created by a Quia Web subscriber. Premium Investing Newsletters. A budget is a plan of how you will spend the money that you make or receive. The amount of debt a person or a household has in relation to his or her income. A fixed fee that an individual pays for specific medical services, like a visit to the doctor's office. Students must apply. One big part of financial literacy is understanding insurance, Tyson says. An amount taken out of you paycheck to pay for taxes. Allows you to have money come out of your account, Also known as ACH (Automatic Clearing House) transfer. 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