Counseling and Communication
Open-ended, Close-ended
What are two types of questions asked in a session?
What is financial capacity?
Contractual agreement whereby a borrower receives something of monetary value now and agrees to repay the lender at a later date.
What is credit?
Property and Liability, Health, Disability and Life.
What are the different types of insurance?
Addresses the concepts purchasing assets with the intent that they gain value and developing strategies to increase wealth or income.
What is Investing?
Hearing and understanding what you have been told.
What is listening?
Income, Taxes, Fixed Expenses, Variable Expenses, Periodic Expenses, Discretionary Expenses
What are the six components of a budget?
Agreements by creditors to lend a specific amount of money which can be accessed by the borrower at any time.
What is Revolving Lines of Credit?
Federal insurance program administered by the Social Security Administration.
A type of savings account offered by banks, credit unions, and mutual fund companies. Usually pay slightly higher interest rates and have a minimum balance requirement.
What is a Money Market Account?
Big picture individuals who are inspirational, visionary, and conceptual. These individuals are creative problem solvers. This style is frequently criticized for being unrealistic and impractical.
What are intuitor communicators?
Subtract taxes from gross income to get monthly net income.
What is the second step to reviewing the budget?
What is a Credit Score?
What is Permanent Life Insurance?
Funds may benefit from government insurance protection such as Federal Deposit Insurance Corporation Insurance (FDIC) or National Credit Union Administration Insurance (NCUA).
Visual learners. Auditory learners, Reading and writing learners, Kinesthetic learners
What is the VARK model?
(All monthly income) - (taxes) - (all other monthly expenses) = cash flow analysis
What is cash flow analysis?
Payment history, Utilization, New credit, The Fair and Accurate Credit Transactions Act
What are actions that can help and hinder one's credit score?
Provide additional liability insurance coverage that goes beyond the limits of homeowners insurance or vehicle insurance.
What is the Umbrella Insurance?
Can either increase or decrease in value.
What are Bonds?
Individuals who value logic, objectivity and analysis. They communicate directly and are concerned with honesty and accuracy. This style is often criticized for being too cautious and conservative.
What are thinker communicators?
20 percent.
By what percent should a person's monthly fixed and variable debt payments be less than their monthly gross income?
Third parties who collect, aggregate, and disperse data.
What is the CRA?
Policyholder's Annual Gross Income / (5 percent)
What is the Face Value of Life Insurance?
Can be funded in a lump-sum payment, or the investor may have a flexible payment plan.
What is Annuities?