Personal Finance Final Exam Review

What does the S in the SMART Goals acronym represent?

• Smart
• Safe
• Specific
• Start

What does the R in the SMART Goals acronym represent?

• Realistic
• Relationship
• Real
• Rate

A student that goes from one class to another when the bell rings is an example of what type of decision?

• Routine decision
• Major decision
• Common decision
• Big decision

According to the 70-20-10 Rule, 70% of your income should be...

• Saved
• Spent
• Invested
• Taxed

A goal that may take more than five years to achieve is considered a...

• Short-term goal
• Intermediate goal
• Long-term goal

An item that you must have for survival is considered a...

• Need
• Want
• Value
• Decision

To become financially successful, you must follow two steps:

• Have a goal and be able to spend money
• Have a place and be able to invest
• Have a goal and a plan
• Be able to save money and have a plan

According to the 70-20-10 Rule, what percent of your income should be saved?

• 70%
• 20%
• 10%

Bank accounts in most banks are protected by the FDIC by up to $_____.

• $100,000
• $150,000
• $200,000
• $250,000

The insurance protection agency that protects most credit union accounts up to $250,000 is called the...

• NACU
• FDIC
• FICA
• NCUA