AFJROTC Review

Your budget is a detailed summary of expected blank and blank during a given period.

• liquidity and assets

• income and expenses

• liquidity and expenses

• assets and expenses

Your goal should be for your income to be blank, not just equal to, your expenses.

• less than

• separate

• 20% greater than

• greater than

Which of the following is an advantage of savings accounts?

• They pay interest

• They cannot be touched until you reach your goal

• They will ensure you retire comfortably

• They are a high risk investment with a potential for large growth

Liquidity is something of value that you own.

• True

• False

You shouldn't start setting aside money for retirement until you are near retirement age.

• True

• False

When setting a short-term financial plan, it should cover the following time frame:

• 0-1 Years

• 1-5 Years

• 5+ years

• Retirement

The US government protects up to blank of customers money deposited in licensed banks.

• $100,000

• $150,000

• $200,000

• $250,000

When choosing a bank, make sure the bank you choose is insured by the which organization?

• Federal Deposit Insurance Corporation (FDIC)

• Federal Credit Union Insurance Company (FCIC)

• National Credit Union Administration (NCUA)

• Federal Credit Union Company (FCUC)

A bank that gives you credit is offering to lend you money.

• True

• False

Which of the following is a tip to becoming a smart grocery shopper.

• Don't go to the store hungry

• Don't prepare a list ahead of time

• Don't have a specific grocery budget

• Buy prepared foods