Personal Finance
An expression used to describe a person or household whose monthly income is devoted to expenses and has little to no savings
Paycheck to Paycheck
Money owed to another person or company
Debt
Anything that is owned by an individual, including money in the bank or investments
Asset
When a credit card company contacts a person’s employer or asks for a copy of a school transcript with grades, they are generally evaluating a person’s
What is character
In this holiday classic, Ralphie’s dad’s “leg lamp” causes quite a stir.
A Christmas Story
Having the knowledge and skills to manage your personal finances.
Personal Finance
A person who purchases goods and services for personal use
Consumer
Financial debts or obligations
Liability
Almost half of all Americans report having less than how much in savings?
$1,000
Originally worn by sailors, these flared jeans became popular on college campuses in the 1960’s and 1970’s (and currently making a bit of a comeback).
Bellbottoms
This allows a person to meet not only their immediate needs but also their long-term goals
A person or entity that charges borrowers interest rates above an established legal rate
Loan Shark
The cost of goods or services; money paid out
Expense
The percentage of Americans who are living paycheck to paycheck is almost:
80%
How does having a loan to pay for a college education affect a person’s net worth?
What is education as an investment in the future which increases net worth
One of the reasons lenders review the credit history of individuals applying for credit and loans is to determine
What is how much is owed
The additional cost a lender charges for borrowing their money
Interest
What a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
Net Income
What is a major law that protects consumers who apply for loans and people using credit.
What is The Fair Credit Reporting Act (FCRA)
This is the only U.S. state that grows coffee
Hawaii
A person received a free copy of her credit report and found inaccurate information. What should she do?
What is write to the credit-reporting agency about the mistake
The amount by which the value of a person's assets exceeds or falls behind the value of their liabilities
Net Worth
The percentage of principal charged by the lender for use of its money.
Credit
This happened after the Stock Market crash of 1929
The Great Depression
The third Saturday in May is this American military observance
Armed Forces Day
A major difference between leasing and borrowing to buy is
What is borrowing requires the consumer to make monthly payments with interest
One example of using credit responsibly is
What is charging an expensive item that is on sale for one day when cash will be available next week or any other example
What is is an example of insurance fraud?
What is a person’s claim that another car hit his car causing an injury that existed before the accident or any other example
A person’s credit report includes
What is a history of loans and credit activities
What is an example of collateral?
What is Real estate
One way that leads a person to earn additional income is for the person to
What is increase their knowledge or improve skills
Which of the following terms is correctly matched?
A. Capital Gains = Scholarships
B. Rent = Tax free income
C. Gross Income = Salary before taxes
D. Deductions = Earned Income
What is Gross Income = Salary before taxes
Entrepreneurs who start a new business with the hope of making a profit are
What is accepting the risk of financial loss if unsuccessful
An important responsibility for young adults living independently is to:
What is monitor credit card expenses and debt, pay bills on time, don't go into debt for "wants", set up a budget, etc.
What can cause a person to become a victim of consumer fraud?
What is responding to an email, text, phone call from an unknown sender