Quiz Personal Finance Appendix

What is a detailed forecast of the financial inflows (income) and outflows (expenses) to determine your net inflow or outflow for a given period?

• Inflow/outflow analysis

• Invoice

• Budget

• Ledger

What are the first two steps to start a budget?

• Assess Standards

• Assess Revenue

• Assess Assets

• Assess Expenses

What are expenditures for which the spender has significant control in terms of the amount and timing?

• Discretionary payments

• Mandatory payments

• Fixed expenses

• Unavoidable costs

What are expenditures that the spender has little or no control over?

• Luxury purchases

• Optional expenses

• Non Discretionary payments

• Voluntary contributions

What is an interest-bearing account holding funds not needed to meet regular expenditures?

• Loan account

• Current account

• Fixed deposit

• Saving account

What is an independent agency created by Congress to maintain stability and public confidence in the nation’s financial system, primarily by insuring bank deposits?

• Securities and Exchange Commission (SEC)

• Federal Deposit Insurance Corporation (FDIC)

• Federal Reserve Board (FRB)

• Office of the Comptroller of the Currency (OCC)

How much does the FDIC insure for individual deposits?

• $250,000

• $100,000

• $500,000

• $1,000,000

What terms allows a borrower to buy a good or acquire an asset without making immediate payment and to repay the balance at a later time?

• Dividend

• Deposit

• Withdrawal

• Credit

What is a numerical measure of a consumer’s creditworthiness?

• Credit score

• Net worth

• Annual income

• Debt-to-income ratio

What is the most commonly used credit scoring system?

• Experian PLUS Score

• TransUnion VantageScore

• Equifax Risk Score

• Fair, Isaac and Company (FICO) scale