Resource management unit 1 & 2

Insurance/Budgeting

100

If I create a budget and try to save $1000 from August- May, what type of goal is this? 

Short term goal 

200

Any form of money received, such as allowance, a paycheck, gifts, and gains from an investment is called what>?

Income 

300

In the state of mississippi, what is the legal insurance you MUST have on your vehicle?

Liability 

400

Items of value that you own such as cash, stocks, bonds, and real estate and personal possessions are called what?

Assets 

500

What is the difference between what you own and what you owe?

Net worth 

Smart Goals / Financial institutions

100

What are the two most common types of financial institutions?

Community Banks and Credit unions 

200

Banks generally provide what type of services?

A. deposit account and loans 

b. Insurance services 

C. Tax advice 

A. deposit and loans 

300

Which of the following is NOT a common way most people use venmo?

a. to pay rent 

b. to pay off credit cards

c. to pay back friends 

B. 

400

What is a typical overdraft fee?

$35

500

List out what each letter in SMART for the smart goals stands for? 

Specific 

Measurable 

Attainable 

Realistic 

Timely 

Miscellaneous

100

A checking account is best used for what? 

Storing money to spend 

200

True or false 

You as the receiver- have to endorse a check for it to be deposited into your account? 

True

300

What is considered a good credit score?

700-750 

400

What is something valuable that you offer to the lender as a guarantee or security for the loan?

Collateral 

500

What must the PAYER write on a check for it to be valid for the payee? 

Signature 

Expenses

100

Is a mortgage considered a fixed or variable expense? 

Fixed expense 

200

True or false. 

Mortgages can have fixed or adjustable interest rates 

True 

300

The ______= how much you are paying for the privilege of borrowing the principal. 

Interest 

400

A _____ is an amount of money borrowed from a lender with the agreement to repay it over time?

Loan 

500

The ______ = the amount you borrowed (loan you take out) 

Principal 

Interest / Deductible

100

What are the fees charged by lenders for borrowing money from them?

Interest 

200

What is the first step to creating a budget?

Figuring out your income and expenses that you have each month 

300

If sally buys a 20,000 vehicle with 5% interest and will pay it back over 5 years, how much interest will she pay? 

$5,000

400

If my deductible is $1800 and I get a hospital bill for $20,000, how much will insurance pay of this bill?

18,200

500

If I get in a car wreck, and my auto insurance deductible is $2000 and my repair bill cost $1500, how much will I have to pay?

$1500