The Big Picture
The Basics
Standing on Business
Oh, Too Much Debt?
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100

This professional helps individuals and organizations manage their finances, including investments, savings, and retirement planning

What is a financial planner?

100

An individual balance sheet illustrating assets, liabilities, and net worth on a specific date

What is a personal statement of financial position?

100

This form of business has only one owner which had unlimited liability for the business activities

What is a sole proprietorship? 

100

This debt repayment strategy focuses on paying off debts with the highest interest rates first to minimize total interest paid

What is the Debt Avalanche method? 

100

Calculated by the Monthly Debt Payments divided by Gross Monthly Income

What is the debt to income ratio?

200

Your financial planner may urge you to have one of these in case you have any unexpected expenses or financial emergencies 

What is an emergency fund?

200

This is the primary objective of buying an automobile vs. leasing

What is ownership?

200

This form of business has flow-through taxation, however the owners have unlimited liability

What is a partnership?

200

According to this personal finance expert, the motivational aspect of seeing debts disappear one by one is a critical element of the debt snowball method 

What/Who is Dave Ramsey? 

200

This type of loan can change the APR during the life of the mortgage

What is ARM?

300

This measure of a person's ability to pay off debt is based on factors such as payment history, utilization, and length of credit history

What is a credit score?

300

History of timely payments and total amount owed make up 65% of this

What is a FICO score?

300

This form of business is characterized by its limited liability to shareholders, but is subject to double taxation 

What is a C corporation?

300

This is the effect described when using the debt avalanche method, characterized by a disciplined approach to tackle high-interest debt first 

What is delayed gratification? 

300

The fee that must be made when a down payment is less than 20%

What is PMI?

400

The goal of this process is the development and communication of recommendations. It has 7 steps; engage, recommend and implement are three of the steps. 

What is the personal finance planning (PFP) process? 

400

This Act provides victims of identity theft the legal right to challenge incorrect information and provides consumers the right to see their credit reports 

What is the Fair Credit Reporting Act?

400

The form of business that is eligible for the dividends received deduction

What is a C corporation?

400

This term describes a method where you transfer balances from higher-interest debts to a new account with a lower interest rate

What is a low-rate balance transfer?

400

If a fraudulent charge is found on a debit card within 2 days, this is the $ amount of the consumer's liability 

What is 50 dollars?

500

This financial tool may be recommended by a financial planner that helps individuals track income and expenses to manage their spending and saving

What is a budget?
500

This is when, after a specified period, the payment required by the borrower increases significantly

What is a balloon payment?

500

To have less than 100 shareholders that are citizens or legal residents is a requirement of this form of business

What is an S Corporation?

500

This concept involves adjusting the interest rate on balance transfers to temporarily lower the cost of existing debt

What is an introductory or promotional interest rate?

500

This is the first phase in the Personal Financial Planning Process

What is establish and define client-partner relationship?

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