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Decision Making and Goals
Depository Institutions
Spending Plans and Checkbooks
Savings Tools
Credit
100
A Fundamental belief or practice about what is desirable, worthwhile, and important to an individual.
What is a value?
100
What is the Most Common type of Depository Institution?
What are Commercial Banks
100
A report that lists each monetary transaction and the current account balance
What is a Monthly Statement?
100
At least 6 months' worth of expenses
To be considered financially secure, it is recommended that a person have how much money in savings?
100
Goods, Services, or money is received in exchange for a promise to pay a definite sum of money at a future date
What is Credit
200
Choices that have long term effects on a person's life.
What is the definition of a major decision?
200
Writes a check for more than the amount in the designated account.
How does an individual "bounce a check"?
200
Balance the checkbook register each month to the balance shown on the statement
What does it mean to reconcile an account?
200
What is the safest method to save money?
Accounts with depository institutions
200
How does one avoid paying interest on a credit card?
Paying the Credit Card balance in full every month.
300
Which characteristics does not describe both routine and major decisions? A. Affect a person's life B. Guided by individual values C. Can be made without thinking and may become a habit D. Contribute to an individual's or family's well being
C. Can be made without thinking and may become a habit
300
Electronic banking allows all of the following services except: A. Move money between accounts electronically B. Make withdrawals, deposits, and bill payments C. Provides worldwide access to funds D. Face-to-Face interaction with depository institution employees
What is D. Face-to-Face interaction with Depository Institution employees
300
The following are benefits to creating a spending plan except: A. Encourage individuals to spend more money B. Track income and expenses C. Help individuals meet financial goals D. Help individuals live within their income
What is A. Encourage individuals to spend more money
300
What savings tool has the potential to earn the most interest?
What are Certificates of Deposit
300
Late Payment Fee
If an individual uses a credit card and does not pay the required amount by the due date, they are charged this.
400
The end result of something a person intends to acquire, achieve, reach, or accomplish
What is a goal?
400
To use an ATM and Debit Card safely, follow the following tips except: A. Memorize the PIN and keep it hidden B. Report lost or stolen debit/ATM cards immediately C. Keep depository institution contact information in your wallet or purse D. Change the PIN if you believe someone knows it
What is C. Keep depository institution contact information in your wallet or purse
400
Money Earned
What is income?
400
A strategy that recommends a person set aside a portion of money for saving each time money is received.
What is the Pay Yourself First strategy?
400
Sign the back of all credit cards with your signature and "Please See I.D."
What is one way to protect credit card information?
500
The following elements describe a SMART goal
What is Smart, Measurable, Attainable, Realistic, Time Bound
500
Convenience and Safety
What are reasons to use a checking account?
500
Money Spent
What is an expense?
500
Which of the following best describes a career? A. Skills obtained from completing various jobs B. Building skills, knowledge, and experiences throughout a lifetime C. An occupation held during one part of a person's life D. Personal Satisfaction obtained from completing a job
What is B. Building skills, knowledge, and experiences throughout a lifetime
500
An arrangement between an individual and an insurance company to protect the individual against risk
What is insurance