true or false
fill the blank
savings
terms
Budgeting
100
Consumption equals disposable income plus savings.
false
100
__ is the amount that you have to pay before the insurance company will pay a claim.
Deductible
100
Who has the responsibilty to keep your money safe and secured by the FDIC?
The bank
100
What is the definition of Savings?
The money, time, or other resource that one has saved.
100
Will a budget give you more money?
No
200
The most significant determinant of the level of consumer spending is disposable income.
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
How old do you have to be to open a savings account?
18
200
What is the definition of budgeting?
An estimate of income and expense.
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.Toestablish 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 most significant determinant of the level of consumer spending is disposable income.
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
What two things are required for a savings account?
1. social security # 2. Id with picture
300
A contract stating how much the company will cover, how much it will pay for an insurance policy.
Insurance policy
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
The break-even income is the income level at which business begins to make a profit.
false
400
1. The nearest Stock Exchange is located in _________________.
New York
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
The quantity you pay for an insurance policy
premium
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
A higher rate of return on an investment means greater risk. a. True b. False
a. True
500
he insurance company paying the amount of a loss as long as you pay the amount, small amount, they give you
deductible
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.