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VOCABULARY
CREDIT
BANKING
INCOME & TAXES
CONSUMERS
100
It is an agreement between two people.
What is credit?
100
Character, Credit and Capacity.
What are the three C’s of Creditworthiness?
100
Currency, includes paper money and coins.
What is money known as and what does it include?
100
By wages, salaries, commissions, tips, bonuses, and self-employment income.
What are ways to earn income?
100
product and institutional
What are two types of advertising?
200
A quick and unexpected changes in value or price.
What is volatility?
200
Principal (P) x Rate (R) x Time (T) = Interest (I).
What is the formula to calculate simple interest?
200
An institution that accepts money from customers and deposits it into the customer’s account.
What is a depository institution?
200
A 40-hour workweek.
What are the minimum wage hours an individual can work?
200
to help an individual make smart choices and get the most of their money
What is the importance of a spending plan?
300
An illegal strategy that advertises one item and substituting another item.
What is bait and switch?
300
Overspending, Expenses, Reduction of future spendable income, and risk of serious consequences.
What are some disadvantages of using credit?
300
Safe-deposit box, loans, overdraft protection, stop-payment order, & special payment services.
What are the banking services available?
300
Through personal leave, family leave, flextime, job sharing and telecommunication.
What are ways an organization may offer balance?
300
Durable goods can be used over and over again and do not wear out quickly. Nondurable goods are used up immediately/in fewer than three years.
What is the difference between durable and nondurable goods?
400
Financial knowledge, basic skills, and the ability to apply them to making informed, responsible financial choices.
What is financial literacy?
400
Chapter 7 Bankruptcy.
What is the most common filed bankruptcy that stays on your credit report for 10 years?
400
Blank Endorsement Restrictive Endorsement Special Endorsement
What are the three types of endorsements for a check?
400
Provide your personal information, your income, payments, credit, & taxes. Determine if the IRS pays you/you owe the IRS. Lastly, you sign the form.
What are the steps of preparing a 1040EZ form?
400
Loyalty cards, coupons, contests, games, rebates, premiums, and prizes.
What are some buying incentives that sellers offer to consumers?
500
Something a person wants to achieve stated in terms specifically, measurable, achievable, realistic, and time related.
What is a SMART goal?
500
It requires businesses and financial institutions to disclose precise credit terms and costs.
What does the Truth in Lending Act state?
500
It insures customer deposits in credit union accounts.
What is the National Credit Union Administration (NCUA)?
500
The nation’s tax collection agency and administers the Internal Revenue Code enacted by Congress.
What is the Internal Revenue Service?
500
Identify the decision to be made, explore the alternatives, make a choice, implement the decision, and evaluate the purchase.
What are the steps in the decision-making process?