Personal Finance Final Review Part 1

Bargaining on your own behalf for a better deal is known as?

• Negotiating

• Setting

• Trading

• Bartering

Notify creditor of error in writing within 60 days; Pay the portion of the bill not in dispute. Creditor must respond within 30 days. Credit Card Company has two billing periods buy no longer than 90 days to correct your account or tel lyou why they think the bill is correct.

• EEOA Act 1964

• Equal Credit Opportunity Act (ECOA)

• The Truth and Lending Act

• Fair Credit Billing Act (FCBA, 1975)

When actual spending exceeds planned spending?

• Under Budgeting

• Financial Deficit

• Poor Planning

• Over Spending

List the tree most popular IRS Federal Tax Forms used to complete income tax returns.

• 1040, EZ1540, 1490

• 1040, EZ1300, 1500

• 1040, 1350EZ, 1200

• 1040, 1040EZ, 1040A

Please list the Five C's of Credit below

• care, caution, condition, collateral, capital

• compassion, capital, care, character, condition

• caution, care, condition, capital, character

• character, capacity, capital, collateral and condition

What is the sales tax rate for Lorain County

• 7.50%

• 6.50%

• 8.0%

• 6.25%

What kind of loan is based on the current market value of your home minus the amount you still owe on the mortgage?

• Survivorship

• Open-End Credit

• Home Equity Loan

• Closed-End Credit

Gives all applicants the same rights, credit provider may not discriminate based on: Race or nationality - prohibits redlining: Age, Social Security or Public assistance, Sex and Marital status

• The Equal Credit Opportunity Act

• Fair Credit Billing Act (FCBA, 1975)

• Truth in Lending Act

• EEOC Act of 1964

For the Goal -Setting Guidelines, What is the "SMART" Approach?

• Safe, Meaningful, Attentive, Reasonable, True

• Stern, Manageable, Able Reliable, Talendted

• Specific, Maintainable, Applicable, Reachable, Tentative

• Specific, Measurable, Action-oriented, Realistic, Time-based

Characteristics of a successful Budget includes being

• well planned, realistic, flexible, clearly communicated

• well explained, timed, understood, repeated

• well planned, real timely, organized

• planned, realistic, thought out, explained