True or false
Fill in the blank
Terms
Savings
Budgeting
100
Another name for a budget is a cash flow plan? T/F?
True.
100
____ is the amount that you have to pay before the insurance company will pay a claim.
Deductible
100
What is the definition of Savings?
The money, time, or other resource that one has saved.
100
How old do you have to be to open a savings account?
18 years old
100
Will a budget give you more money?
No
200
There is no interest charged on debit card purchases. T/F?
True
200
An example of a fixed expense is:_____ 1.clothing. 2.auto insurance. 3.an electric bill. 4.educational expenses.
2. auto insurance
200
What is the definition of budgeting?
An estimate of income and expense.
200
Who has the responsibilty to keep your money safe and secured by the FDIC?
The bank
200
A clearly written financial goal would be: 1.To save money for college for the next five years 2.To invest in an international mutual fund for retirement 3.To establish an emergency fund of $4,000 in 18 months 4.To pay off credit card bills this year
3.To establish an emergency fund of $4,000 in 18 months
300
The budgeting process starts with monitoring current spending.
True
300
If you bought a mutual fund through a bank and it lost money, will bank insurance cover your losses? a. Yes b. No
b. No
300
A contract stating how much the company will cover, how much it will pay for an insurance policy.
Insurance policy
300
What two things are required for a savings account?
1. social security # 2. Id with picture
300
An example of a long-term goal would be: 1.an annual vacation. 2.saving for retirement 3.buying a used car. 4.completing college within the next six months.
2.saving for retirement
400
Rent is considered a fixed expense.
True
400
1. The nearest Stock Exchange is located in _________________.
New York
400
The quantity you pay for an insurance policy
premium
400
What causes a check to bounce? 1. someone added too much money to their checking account 2. the account holder wrote a check for more money than what they have in their account 3. there is a higher interest rate 4. there is more rubber in it
2. the account holder wrote a check for more money than what they have in their account
400
What is commonly considered a flexible expense? 1.rent 2.a mortgage payment 3.home insurance 4.entertainment
4.entertainment
500
Flexible expenses stay about the same each month.
False
500
Which of the following instruments is NOT typically associated with spending? 1.Cash 2.Credit card 3.Debit card 4.Certificate of deposit
4.Certificate of deposit
500
the insurance company paying the amount of a loss as long as you pay the amount, small amount, they give you
deductible
500
A higher rate of return on an investment means greater risk. a. True b. False
a. True
500
The final phase of the budgeting process is to: 1.set personal and financial goals. 2.compare your budget to what you have actually spent. 3.review financial progress. 4.monitor current spending patterns.
3.review financial progress.
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