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Survival Final
Survival in the Real World
| Question | Answer |
|---|---|
| Which of the following statements best describes how Americans are being outsmarted by banks and other lenders? | learning to manage money at this stage can eliminate financial mistakes and promote huge financial benefits in the future |
| Personal financial success is primarily the result of: | managing your money behavior |
| When it comes to managing money, success is about _______% knowledge and _______% behavior. | 20, 80 |
| The widespread financial insecurity of Americans is primarily because: | the savings rate of Americans is low and many borrow money to spend more than they earn |
| When it comes to personal finance, the math is easy. What's challenging is managing your ________. | behavior |
| During the Great Depression, New Deal policy-makers came up with mortgage (home loans) and consumer lending policies that convinced commercial banks that: | consumer credit could be possible |
| Which of the following is a consequence of overdrawing your checking account? | overdraft |
| Doing a budget does not: | make overspending more likely |
| Which of the following is something that a typical millionaire would do? | spend less money than he/she makes |
| Rent is: | fixed |
| Groceries are: | variable |
| Percentage of Americans living paycheck to paycheck: | 70 |
| The zero-based budget is the best method of budgeting because: | every dollar has a purpose |
| Which statement is true about liquidity? | the more liquid, the less return |
| A reason that people need to save and invest money is to: | have your money make money |
| Company X’s board of directors has decided to issue a portion of its earnings to its shareholders. If you own stock in Company X, you can expect to receive a: | dividend |
| Savings accounts and money-market accounts are most appropriate for: | emergency funds and short termed goals |
| The benefit of diversification in your investments is: | reduced risk |
| To ensure that some of your retirement savings will not be subject to income tax upon withdrawal, you should contribute to: | Roth IRA |
| A young investor willing to take moderate risk for above average growth would be most interested in: | mutual funds |
| In some cases, employers will match the employee contribution, but you should fund your plan whether your company matches or not. This statement refers to: | 401K |
| A retirement plan found in nonprofit organizations such as churches, hospitals, and schools. | 403B |
| A savings account sold by an insurance company, designed to provide payments to the holder at specified intervals, usually after retirement. | annuity |
| Quality of an asset that permits it to be converted quickly into cash without loss of value; availability of money. | liquidity |
| Relationship of substantial reward compared to the amount of risk taken | risk-return ratio |
| A list of your investments | portfolios |
| Piece of ownership in a company, mutual fund, or other investment | share |
| Securities that represent part ownership or equity in a corporation | stocks |
| Money that is invested, either tax free or tax-deferred, within a retirement plan | tax-favored dollars |
| Distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders | dividends |
| Occurs when money is withdrawn from a bank account and the available balance goes below zero | overdraft |
| A cash flow plan that assigns and expense to every dollar in your income, wherein the total income minus the total expenses equals zero | zero-based budget |
| A written cash flow plan | budget |
| Expenses that remain the same from month to month | fixed |
| Money set aside and left alone for “a rainy day.” | emergency fund |
| Saving money over time for a large purchase. | sinking fund |
| Percentage paid to a lender for the use of borrowed money, or their percentage earned on invested principal. | interest rate |
| Interest paid on interest previously earned | compound interest |
| A person or organization that owns property that is rented to tenants. | landlord |
| An agreement that requires a tenant to stay for a specific amount of time and restricts the landlord’s ability to change the terms. | lease |
| To force a tenant to leave a property usually because he or she failed to comply with the terms of the rental or lease agreement. | eviction |
| A person who rents a house or an apartment for a fixed period of time. This arrangement is usually under the terms of a lease or some similar legal agreement. | tenant |
| When it comes to health insurance, copays and deductibles are... | Out-of-pocket costs for actual health services and treatments received as part of your healthcare plan |
| What would have the most severe effect on your credit score? | bankruptcy |
| What will most likely cause your credit score to drop the most? | Missing a payment |
| Piece of ownership in a company mutual fund, or other investment | share |
| Quality of an asset that permits it to be converted quickly into cash without loss of value; availability of money | Liquidity |
| Safety features such as anti-theft devices and auto seat belts may result in | a lower premium |
| Comprehensive coverage pays for __________________. | theft, fire, vandalism, or other damage not related to an accident |
| Collision coverage pays for ____________________ | the accident related cost of repairing or replacing your vehicle resulting from a collision with another car or object |
| Liability coverage pays for __________________. | damage or injury for which you are responsible |
| Going to an in-network doctor is a good idea, because... | you will save on overall costs when compared to seeing an out-of-network doctor. |
| The number one reason risk pooling is valuable to the insurance industry is... | It brings together many individuals' premiums so that there is money to cover the select few with losses. |
| Percentage of Americans living paycheck to paycheck: | 70 |
| If someone uses your car and causes an accident, what will happen? | You will be held responsible because you own the car. |
| What form do you have to fill out on the first day of your job that tells your employer how much money to withhold from your check for taxes? | W-4 |
| Copays and deductibles are | both paid out of pocket for health services or treatments |
| How long can a person stay on his/her parents health insurance? | Until he/she is 26 years old |
| What do you use a W-2 for? | It has information about how much money you have made and had withheld from your check for taxes. |
| A Target Date Fund will adjust by | increasing the number of bonds you are in and decreasing the number of stocks you are in. |
| How does a mutual fund differ from an index fund? | Mutual funds are actively managed by a professional while index funds are not. |
| How much does it cost to file the FAFSA? | It's free |
| What are the two most important factors in calculating your credit score? | Payment history and amounts owed |
| What type of auto insurance are you required to carry in almost every state (49 out of 50)? | Liability - insurance that covers if you cause injury to someone else |
| Which term refers to an arrangement where you are responsible for paying a percentage of covered medical expenses after your deductible is met? | coinsurance |
| What is an insurance premium? | Your monthly payment to your insurer, regardless of whether you use any services |
| While parked on the street overnight, the passenger window in Sam's car was smashed by someone trying to break in. Which type of auto insurance coverage will help cover the cost to get the window replaced? | Comprehensive |
Created by:
gcowing
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