personal finance

an asset that loses value over time, such as a car that’s worth less every year

Target dates in the future when certain financial objectives are expected to be completed

Set each year and cover a 12-month period

With your authorization, your bank will withdraw the amount of your monthly payment or bill from your bank account.

• Automatic Payment

• Direct Deposit

• Automated Teller Machine

• Plastic Payments

Do you need proof of Identification to open a checking account?

• No, because you have money that you are willing to deposit therefore that would be enough proof

• Yes, because you must prove that you are a citizen of the U.S as well as you are the person you say you are

• Yes, because you must prove that the money you have comes from a good job or a reputable source

• No, because according to the law you are not required to show identification if you do not want to

The most commonly used credit score

• Credit Utilization Rate

• Credit Report

• Fico Score

• Credit Counselor

IRA stands for Individual Retirement Account

• True
• False

When do you start paying taxes?

• When you turn 18

• When you make more than the minimum income requirement

• When you get a full-time job (part-time does not count)

• When you are notified by the IRS that you are required to pay federal income taxes

cost of money which is borrowed or rented

• interest

• simple interest

• Personal Financial Planning

• future value

Which of the following represents the 50/20/30 Rule for budgeting?

• 20% Needs, 50% Wants, 30% Savings

• 50% Savings, 30% Needs, 20% Wants

• 30% Wants, 50% Savings, 20% Needs

• 50% Needs, 30% Wants, 20% Savings