Personal Finance Final Review Part 2

Amount that will be available at a later date - or- the original amount + interest.

• Future Value of Money

• Current Value of Money

• Time Value of Money or Simple Interest

• Present Value of Money

An estimate of the current market value of a property is called?

• Ruling

• Time Value

• Appraisal

• Marketing

What is a contingency clause? (meaning)

• Offer comes after the loan closes and you have moved into your new home

• Offer dependent on certain events; such as obtaining financing or sale of current home

• Offer that helps to speed up the sale of the home

• Offer money to the seller

The following are three national credit bureaus/regional credit bureaus. Which one does not belong?

• Experian

• Carfax

• TransUnion

• Equifax

Law requires out-of-date information to be deleted, gives consumers access and the ability to correct misinformation and places limits on who can obtain your credit report?

• Current Agricultural Use Value (CAUV)

• U.S. Equal Employment Opportunity Civil Rights Act of 1964

• The Fair Credit Reporting Act of 1971

• U.S. Bankruptcy Act of 1978

Amount that will be available at a later date - or- the original amount + interest?

• Future Value of Money

• Current Value of Money

• Time Value of Money or Simple Interest

• Present Value of Money

An estimate of the current value of a property is called?

• Ruling

• Time Value

• Appraisal

• Marketing

Percentage cost of credit on a yearly basis (Key to compare costs when shopping rates)

• Annual Housing Market (AHM)

• Current Agricultural Use Value (CAUV)

• The Federal National Mortgage Association (FNMA)

• Annual Percentage Rates (APR)

Which of the following are some characteristics of the U.S. Bankruptcy Act of 1978?

• Wage Review Analysis

• Chapter 14 straight bankruptcy

• Chapter 7 = straight bankruptcy & Chapter 13 = wage earner plan

• Wage earned salary

What are counteroffers?

• Negotiating and bargaining of the purchase price

• Asking for more money

• Asking for more time

• Defaulting