Money Mangament 1
Banking 1
Money Managment 2
Banking 2
Misc
100

What is Net worth, and how do you calculate it?

The total value of a person's financial assets minus their liabilities (obligations)


Total Assets- Total Liabilities

100

What is the abbreviation for automatic teller machine 

ATM

100

Money or other items of value that a person owns

Asset

100

A check written against an account with insufficient funds to cover it

Bad Check

100

What does a forged check mean?

A check signed by someone else by someone else other than who is specified on the check without that person's permission.

200

Name the two type of financial goals and explain each one.

Long term financial goal: major purchases that require extensive saving; examples include home ownership, education, retirement, and investments

Short term financial goal: having funds to buy things that require money above what is normally allowed by budget; examples include emergencies, vacations, social events, automobile and home repairs, gifts

200

Not for profit financial institution that is owned entirely by it's members

Credit Union

200

You bought a car, as soon as you leave the dealership with your new car the car starts to?

Depreciate 

200

a written order instructing the bank to pay a certain amount of money to another person or place; must contain date, payee, amount, and signature.

Check

200

The process of comparing the bank balance and check register so that they show the same amounts

Reconciling

300

what is the difference between variable costs and fixed costs

Variable Costs: anticipated expenses that are expected, but may vary in amount each amount; examples include video rentals, restaurant meals, and sports activities. Expenses that fluctuate based on the amount of products produced.

Fixed Costs: anticipated expenses that are the same each month and usually require payment around the same time each month; examples include house payments, rent payments and car payments.

300

Independent federal agency that supervises federal credit unions and insures depositor's money in credit unions

National Credit Union Association 

300

a payment method used to electronically deposit your paycheck into your bank account

Direct Deposit

300

Amount of money paid by a borrower to a lender in exchange for the use of money that has been loaned

Interest

300

what type of expense and cost is Rent?

Anticipated Expense, Fixed

400

Explain what collateral is

an item of value pledged as a guarantee for payment of a loan which can be repossessed by the lender if the loan is not paid back

400

Allows you to cover checks or withdrawals up to a specified amount if you have insufficient funds in the account

Overdraft Protection

400

Money received for work; corporate earnings

Income

400

check that can be further endorsed

Blank Endorsement

400

check that it is more than six months old. It may not longer be honored by the bank.

Stale Check

500

What does SMART Goals stand for?

Specific, Measurable, Achievable, Relevant/Realistic, Time-bound

500

a financial institution that handles money, including keeping it for saving commercial purposes; a for profit company that is owned by investors

Bank

500

What is an unanticipated expense?

Expenses that are not paid every month and cannot always be planned; examples include car repairs, medical bills, loss from theft, and loss from natural disasters.

500
What are the three types of endorsements

Blank Endorsement

Special Endorsement

Restrictive Endorsement

500

What does NSF stand for?

Non-Sufficient Funds