Money Management
What is a benefit of financial planning?
You have more money, know how to use money to achieve your goals, and are financially secure
You have less chance of going into debt you can’t handle
You can help your partner and support your children
What is thought of as the MAIN goal of investing?
Retirement
Define Interest
Interest is the amount you pay to use someone else’s money
What are three factors that affect your auto insurance premiums?
age, gender, type of car, where and how much you’ll be driving, your credit score, your grades, etc.
What year did Ms. O graduate high school AND how old is she?
2020 AND 22
What does S.M.A.R.T. stand for?
Specific, Measurable, Attainable (Agreed Upon), Realistic, Time-Bound (Based)
What factors can affect a stocks price?
Company news, release of a new product/service, economy growth/decline
What are TWO disadvantages of Credit Cards?
Easy to overspend
Pay interest
Greater chance of identity theft
Debt means lenders now have legal claims against your future income if you cannot repay
Debt obligates a person to earn more money and to earn it constantly
Debt enslaves a person to a creditor
Debt undermines joy. Difficult to enjoy activities when you are deep in debt
Doesn’t seem like real money
What three factors influence buying decisions?
Economic, Social, Personal
What is Ms. O's favorite color?
Green
Explain compound interest
Compound interest allows you to earn interest not only on your initial deposit, but also on the interest you earn as you go along
What is the big difference between Traditional and Roth IRAs?
Traditional you pay taxes on when you withdrawal and Roth you pay taxes on immediately
What does APR stand for?
Annual Percentage Rate
What are FOUR types of insurance?
Homeowner’s
Life
Health
Disability
Malpractice
Automobile
Title
Social
Worker’s Compensation
What classes did Ms. O teach in Trimester 2?
Starting a Small Business & IT Fundamentals 1
Name 2 things you can do to have safe internet banking
Make sure the institution is legitimate
Create a strong password
Keep your ID and password private
Don’t fall for phishing scams
Be careful when using public wireless networks (Wi-Fi) or shared computers
Monitor account activity regularly
More Americans invest through ________ ________ than by any other investment method.
Mutual Funds
Give an example for each: Closed-Ended Credit, Open-Ended Credit, Line of Credit
Closed - Loans
Open - Credit Cards
Line of Credit - Personal/Home Equity
What is the correct order of the buying process?
1. Need Recognition
2. Information Search
3. Evaluation of Alternatives
4. Purchase Decision
5. Post Purchase Behavior
Birkenstock Boston Clog
What is the difference between a Credit Union and Bank?
Credit unions are financial cooperatives that are owned by and serve individuals with a common affiliation. Not for profit.
Banks are financial institutions that take deposits, engage in lending and operate for a profit
What is a Prospectus?
A fund’s selling document and contains valuable information such as the fund’s investment objectives or goals, principal strategies for achieving these goals, principal risks of investing in the fund, fees and expenses, and past performance.
What is the difference between Chapter 7 and Chapter 13 Bankruptcy?
Chapter 7 is for discharging most debt by selling assets, while Chapter 13 is for reorganizing debt through a repayment plan.
What is the current minimum liability coverage for Wisconsin?
25/50/10
$25,000/ injury/death of 1 person
$50,000/ injury/death of 2+ people
$10,000/ property
What will Ms. O's new name be when she gets married OR what day does she get married?
Mrs. Russ (Mikayla Russ) OR June 28th, 2025