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MONEY MANAGEMENT
Introduction to Health Occupations
| Question | Answer |
|---|---|
| FINANCIAL TERMS: Personal property desired by others is called: | goods. |
| Helpful acts desired by others are called: | services. |
| Something accepted as a way to pay for goods and services is called: | money. |
| The study of money and how it is used or to obtain or provide money is called: | finance. |
| Monetary income for goods and/or services rendered (provided) is called: | earnings aka wages or gross. |
| Earnings minus deductions is called: | net income aka take-home pay. |
| A statement of estimated income and expenses or the amount of money available for some purpose is called a: | budget. |
| To put money in a bank account is called a: | deposit. |
| Money on deposit by which checks (drafts) and/or debit cards can draw (remove) is called: | funds. |
| Removal of money from a place of deposit or investment is called: | withdrawal. |
| Withdrawal of insufficient (inadequate) funds from an account is alled an: | overdraft. |
| Money that is subtracted from earnings (wages or gross) are called: | deductions. |
| Deductions include: | 1. Taxes based on earnings called income tax. |
| Deductions include: | 2. SS which stands for Social Security. |
| Deductions include: | 3. Federally funded health insurance for citizens over age 65 called Medicare. |
| A record of credit (income) and debit (paid) entries is called an: | account. |
| Credits (income) minus debits (payments) is called the: | account balance. |
| Something that is owned is called: | property. |
| Something of value that is owned is called an: | asset. |
| Money, goods, or services owed is called: | debt. |
| Assets minus debts is called: | net worth. |
| The amount one borrows or invests is called the: | principal. |
| Land and the improvements on the land is called: | real estate. |
| Fair market value minus the principal (amount borrowed) is called: | home equity. |
| It is prudent (appropriate) to seek pre-approval of a home equity loan to: | cover losses before a disaster. |
| An exchange of good and/or services and/or funds is called a: | transaction. |
| A continual rise in the cost of goods and services is called: | inflation. |
| An extended decline in general business activity is called a: | recession. |
| The price of goods and services is called the: | cost aka expense. |
| A planned reduction in cost is called a: | discount. |
| The monetary worth of goods and services is called: | value. |
| Property easily converted into cash is called a: | liquid asset. |
| An increase in property value is called: | appreciation (appreciate) |
| A decrease in property value is called: | depreciation (depreciate) |
| An offer of money from one person to another is called: | tender (tendered). |
| To give money for goods and/or services is called: | spending aka purchasing. |
| The act of spending (purchasing) is called an: | expenditure. |
| To legally possess is called: | ownership. |
| Taking ownership is called: | buying. |
| Legal documentation of ownership is called a: | title. |
| To ask for something is called: | soliciting. |
| A tax or the act of taxing is called a: | levy. |
| The federal agency responsible for collection of income tax and Social Security (SS) is abbreviated IRS which stands for: | Internal Revenue Services. |
| Expenses the Internal Revenue Service allows to be subtracted from owed taxes are called: | tax deductions. |
| A formal examination of finances is called an: | audit. |
| Purchasing goods and services using the promise of payment at a later date is called a: | loan aka credit. |
| Assets pledged as a security for a loan are called: | collateral. |
| Those who are owed are called: | creditors. |
| The price of borrowing money usually expressed in a percentage rate over a period of time is called: | interest. |
| Price means: | cost. |
| A legal agreement in which a person borrows money to buy real estate and pays back the principal (amount borrowed) plus interest (cost of borrowing) over a period of years is called a: | mortgage. |
| A legal claim of another's property until a loan is paid is called a: | lien. |
| A legal document in which one transfers ownership of property to another is called a: | deed. |
| A legal declaration of the inability to pay debt is called: | bankruptcy. |
| Types of bankruptcy include: | 1. The liquidation (selling) of a person or company's assets and creditors repaid called Chapter 7 bankruptcy. |
| Types of bankruptcy include: | 2. A person or company remains in debt but payments to creditors are lowered and repayment periods are extended called Chapter 13 bankruptcy. |
| Types of bankruptcy include: | 3. A court approved reorganization of a company in exchange for forgiven debts called Chapter 11 bankruptcy. |
| Spending money to make money is called an: | investment. |
| Money used to invest is called: | capital. |
| Profit from an investment is called: | the return or yield. |
| Uncertainty associated with an investment is called: | risk. |
| A no risk investment of money for a specified period of time at a fixed interest rate is abbreviated CD which stands for: | certificate of deposit. |
| A retirement investment plan that allows an employee to put a percentage of earned wages into a tax-deferred account is called a: | 401 (k). |
| An IRA in which a person can invest after-tax income to be withdrawn tax free after age 59 1/2 is called a: | Roth 401 (k) |
| IRA stands for: | individual retirement account. |
| An investment over a period of time to receive the principal (amount invested) plus earnings after retirement is called an: | annuity. |
| A retirement plan in which an employer makes a contribution into an account each month for the employee is called a: | pension. |
| A portion of ownership in a corporation is called: | stock. |
| Proof of stock ownership is called: | securities. |
| Where securities are traded (bought and sold) is called the: | stock market. |
| Goods that are traded on the stock market are called: | commodities. |
| Goods refer to: | personal property desired by others. |
| REDUCING CREDIT CARD DEBT. Methods to reduce credit card debt include: | 1. Using credit cards only if you plan to pay the account balance every month. |
| Methods to reduce credit card debt include: | 2. Cancelling all your credit cards except the two (2) credit cards with the lowest interest rate. |
| Methods to reduce credit card debt include: | 3. Shopping for a credit card with a lower interest rate and transferring balances with a higher interest rate to that card. |
| Methods to reduce credit card debt include: | 4. Paying more than the monthly minimum payment on the credit card that has the higher interest rate. |
| Methods to reduce credit card debt include: | 5. Asking your lender(s) for a lower interest rate. If you have been paying on time and your credit score is good, there is a chance they will agree to your request. |
| Methods to reduce credit card debt include: | 6. Adding the extra money from a paid off credit card to the monthly payment of your remaining credit card debt. |
| Methods to reduce credit card debt include: | 7. Resist acquiring credit cards from retail stores. Acquiring means obtaining (getting). |
| MONEY MANAGEMENT CONCEPTS: One of the most important personal characteristics for financial success is: | delayed gratification. |
| Delayed gratification is: | the ability to resist temptation for an immediate reward and to wait for a later (larger) reward. |
| Financially successful people limit nonessential spending called: | discretionary spending. |
| Financially successful people document: | every penny of income and every penny of expenditures. |
| Financially successful people: | save any extra income until a six (6) month safety net is achieved. |
| Financially successful people: | do not have a monthly mortgage that exceeds 28% of their gross monthly income. |
| A mortgage includes: | a. The amount borrowed called the principal. |
| A mortgage includes: | b. The price (cost) of the borrowed money called interest. |
| A mortgage includes: | c. Annual taxes based on the value of the property called real estate taxes. |
| A mortgage includes: | d. Financial protection of the property called homeowners insurance. |
| NONESSENTIAL SPENDING: Methods to reduce nonessential (discretionary) spending include: | 1. Avoiding the purchase of a new car. |
| New cars depreciate the moment you: | leave the dealership |
| Depreciate means: | decrease in value. |
| Methods to reduce nonessential (discretionary) spending include: | 2. Eating a meal before grocery shopping and always use a list. |
| Grocery shopping on an empty stomach and/or without a list encourages: | nonessential (discretionary) spending. |
| A mortgage includes: | 3. A grocery list without soda, candy, pastries, chips, and expensive meats such as steak and/or prime rib and/or bacon and/or sausage. |
| A mortgage includes: | 4. Shopping at dollar stores and outlet stores. |
| A mortgage includes: | 5. Investing in a membership-only retail warehouse club such as Sam's or Costco. |
| Spending means: | giving money for goods and/or services. |
| Methods to reduce discretionary (nonessential) spending include: | 6. Searching for and using coupons. |
| Coupons can be found in: | newspaper inserts and coupon websites and store websites. |
| Most newspaper coupon inserts are valid (accepted) for at least: | 4 weeks. |
| Extra savings can be achieved by matching store coupons with; | sales. |
| Using coupons for the purchase of groceries can easily save: | 25%. |
| Methods to reduce discretionary spending include: | 7. Reducing your gasoline expense by grouping errands and only driving when necessary. |
| Methods to reduce discretionary spending include: | 8. Using public transportation whenever possible. |
| Methods to reduce discretionary spending include: | 9. Discontinuing subscriptions to magazines and newspapers. |
| Methods to reduce discretionary spending include: | 10. Using public library to borrow books and/or magazines and or CDs and DVDs. |
| Methods to reduce discretionary spending include: | 11. Returning the borrowed books and magazines and CDS and DVDs to avoid a late fee. |
| Methods to reduce discretionary spending include: | 12. Choosing basic packages for cable television and internet access. |
| Methods to reduce discretionary spending include: | 13. Discontinuing your home telephone. |
| Methods to reduce discretionary spending include: | 14. Preparing lunches at home. Lunches prepared at home are usually healthier and less expensive than fast food and saves fuel. |
| Methods to reduce discretionary spending include: | 15. Avoid eating at restaurants. |
| Preparing your own meals can save : | 50% of your food expenses. |
| Methods to reduce discretionary spending include: | 16. Avoiding mall retail stores because their prices are usually higher and there is a greater risk of impulse spending aka discretionary (nonessential) spending. |
| Methods to reduce discretionary spending include: | 17. Not gambling because the odds are always against you, especially the lottery. |
| Methods to reduce discretionary spending include: | 18. Purchasing holiday gifts for your children that primarily consist of clothes needed for school and a college fund. |
| Methods to reduce discretionary spending include: | 19. Saving money on stamps (49 cents) and avoiding late fees by paying your bills online. |
| You can pay direct to your creditors (those owed) or set up": | automatic bill pay with your bank. |
| Methods to reduce discretionary spending include: | 20. Installing low flow shower heads. |
| Methods to reduce discretionary spending include: | 21. Not letting the water run when shampooing or brushing your teeth or washing your face. This habit can save four (4) gallons a minute. |
| Methods to reduce discretionary spending include: | 22. Putting your car in neutral or turning off the car when waiting long periods of time. |
| Methods to reduce discretionary spending include: | 23. Keeping your car engine tuned because a faulty oxygen sensor can reduce gas mileage by 40%. |
| Methods to reduce discretionary spending include: | 24. Keeping car tires inflated to the correct pressure because underinflated tires can reduce gas mileage by 3.3%. |
| Methods to reduce discretionary spending include: | 25. Removing unnecessary items from your car trunk because an extra 100 pounds of weight reduces gas mileage by 2%. |
| Methods to reduce discretionary spending include: | 26. Not using your car's air conditioning because it can reduce gas mileage by 25%. |
| Methods to reduce discretionary spending include: | 27. Choosing a local community college instead of a distant university for at least the first two (2) years. |
| Methods to reduce discretionary spending include: | 28. Purchasing discounted text books from textbooks.com, cheapesttextbooks.com, textbooksearch.com, halfbay.com. |
| Methods to reduce discretionary spending include: | 29. Recycling by filling used water bottles. |
| Methods to reduce discretionary spending include: | 30. Keeping refrigerators full. |
| For more tips on debt reduction and saving visit: | www.feedthepig.org. |
| SAVINGS FROM DRIVING HABITS: Driving jus under the speed limit saves money because your gas consumption: | decreases. |
| Avoiding quick acceleration saves money because gas consumption: | decreases. |
| Each time you apply the brakes it costs money because the greatest fuel consumption occurs during: | acceleration. |
| After an average thirty (3)) minute car trip, a speeder will arrive: | two minutes ahead of a non speeder. |
| Driving just under the speed limit eliminates the chance of a: | speeding citation. |
| Driving just under the speed limit decreases the chance of an: | accident. |
| Accidents can be expensive because of: | a. Medical bills. |
| Accidents can be expensive because of: | b. Lost wages. |
| Accidents can be expensive because of: | c. Auto repair. |
| Accidents can be expensive because of: | d. Higher insurance premiums. |
| Driving just under the speed limit decreases: | stress. |
| Stress can decrease the strength of your: | immune system. |
| HOME ENERGY CONSERVATION: Home energy conservation includes: | 1. Reducing electricity costs by installing CFLs which stands for compact fluorescent lights or LEDs which stands for light emitting diodes. |
| Home energy conservation includes: | 2. Reducing electricity costs by turning lights off when not in use. |
| Home energy conservation includes: | 3. Reducing electricity costs by unplugging electronic devices when not in use. |
| Home energy conservation includes: | 4. Plugging applicable electronic devices into power strips and turning off the power strips when not in use. |
| Home energy conservation includes: | 5. Keeping your refrigerator and/or freezer full because food and water act as an insulation and decreases the consumption of electricity. |
| Home energy conservation includes: | 6. Installing ceiling fans to increase air circulation and decrease the need for air conditioning (AC). |
| Home energy conservation includes: | 7. Hanging washed clothes to dry on a clothesline or drying rack or shower rod. |
| Home energy conservation includes: | 8. Installing an attic fan to remove hot air. |
| Home energy conservation includes: | 9. Choosing curtains and/or blinds on the sunny side of your home. |
| Home energy conservation includes: | 10. Scheduling air conditioner maintenance to save money by increasing efficiency. |
| Home energy conservation includes: | 11. Keeping your AC system running at peak efficiency by changing the filter every time your electric bill arrives. |
| Home energy conservation includes: | 12. Reducing hot water heater energy consumption by washing your laundry in cold water. The hot water heater is one of the largest energy consumers in your house. |
| Home energy conservation includes: | 13. Using the dish washer, clothes washer and clothes dryer only with full loads. |
| Home energy conservation includes: | 14. Hand washing dishes. |
| Home energy conservation includes: | 15. Asking your electric company for a free home energy audit. |
| CREDIT SCORE: An independent federal agency whose main goal is to protect consumers is abbreviated FTC which stands for: | Federal Trade Commission. www.ftc.gov. |
| A credit score is an indication of a person's: | credit worthiness. |
| For approval of a mortgage, most banks require a credit score of: | 720 or higher. |
| For mortgage approval, lenders will also consider: | 1. The amount of money you earn in relation to your debt. |
| For mortgage approval, lenders will also consider: | 2. The amount of your down payment. |
| For mortgage approval, lenders will also consider: | 3. Your ability to cover your closing costs. |
| For mortgage approval, lenders will also consider: | 4. Your employment history. |
| A credit score is determined by: | 1. Payment history (35%) which refers to whether your payments are made on time. |
| A credit score is determined by:: | 2. Level of indebtedness (30%) which refers to the amount of debt versus your credit limit. |
| A higher credit score is given if your debt is: | 30-35% of your credit limit. |
| A credit score is determined by: | 3. Length of time credit has been in use (15%) which refers to how long you have paid your debt on time. |
| A credit score is determined by: | 4. Types of credit (10%) which refers to the variety of debt you have. |
| A mixture of mortgage, a car loan and 2 credit cards show you can: | handle money management. |
| A credit score is determined by: | 5. Credit inquiries when applying for new credit (10%) which refers to how many times you have applied for credit. |
| The more times you apply for credit, | the lower your credit score. |
| Methods to increase credit score include: | 1. Making payments on time. |
| Methods to increase credit score include: | 2. Paying more than the minimum payment. |
| Methods to increase credit score include: | 3. Eliminating credit card debt. |
| Methods to increase credit score include: | 4. Paying entire credit card balance every month. |
| Methods to increase credit score include: | 5. Keeping the number of credit cards in your name at two. |
| Having more than 2 credit cards, even if they are inactive, can: | reduce your credit score. |
| Avoid advertisements claiming they can: | erase your bad debt. |
| IDENTITY THEFT: Identity theft fraud in the US occurs: | once every 2 months. |
| The more credit cards that bear your name, the greater the risk of: | identity theft. |
| Identity theft deterrents include: | 1. Using checks without your address or your first name (use initial). |
| A person forging your check will not know how you sign checks but your: | bank does. |
| Identity theft deterrents include: | 2. Putting your cell phone number on your checks instead of your home number. |
| Identity theft deterrents include | 3. Not carrying your SSN or birth certificate or passwords. |
| Identity theft deterrents include: | 4. Memorizing your SSN and passwords. 5. Notifying the financial institution when you apply for a credit card and do not receive it when expected. |
| Identity theft deterrents include | 6. Signing new credit cares immediately before someone else does. |
| Identity theft deterrents include | 7. Matching your credit card receipts against your credit card statement every month. |
| Identity theft deterrents include | 8. Photocopying your credit cards and all the contents of your wallet and the phone numbers needed to cancel accounts. |
| Identity theft deterrents include | 9. Keeping this information in a safe place. |
| Identity theft deterrents include | 10. Not disclosing credit card numbers or other financial account numbers on a website unless the site offers secure encrypted data transaction. |
| A secure data transaction will include: | a. An icon of a lock appearing in the bottom strip of the webpage. |
| A secure data transaction will include: | b. A change in he webpage URL when inputting personal information from " to "https." |
| Identity theft deterrents include: | 11. Immediate notification of a stolen credit card to your credit card company and the three (3) national credit reporting organizations and the police in the jurisdiction where it was stolen. |
| Identity theft deterrents include: | 12. Reviewing your credit report every 4 months and correct any mistakes promptly (immediately). |
| You are entitled to a free annual credit report from: | each of the three (3) national credit reporting organizations. |
| Identity theft deterrents include: | 13. Not leaving outgoing mail in your mailbox. |
| Identity theft deterrents include: | 14. Crosscut shredding of all discarded documents bearing your name and/or address. |
| Identity theft deterrents include: | 15. Eliminating mail solicitation by requesting removal from each solictor's mailing list by using "return postage paid envelopes and company websites ("contact us"). |
| Identity theft deterrents include: | 16. Not leaving transaction receipts at ATM machines and/or counters at financial institutions and/or gasoline pumps. |
| Identity theft deterrents include: | 17. Using a dedicated (exclusive) computer for online banking. |
| Identity theft deterrents include: | Freezing your credit if you are not expecting to need credit. |
Created by:
bterrelonge
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