WorksheetsPersonal Finance & Economics Final Review
Total questions: 77
Worksheet time: 53mins
What is a want?
something you need to have
something you desire to have
something to maintain survival
a purchase that is made often
What are values?
beliefs and principles the individual considers important, correct, and desirable
material items
something you need to give up in order to gain something else
something you desire to have
What are your goals?
What is personal financial planning?
something needed for survival
something you need to give up for a better option
a task that someone else performs for you
arranging to save, spend, and invest money
What is an opportunity cost?
the amount of money that is lost when making a decision
how much making a decision will cost
something you need to give up in order to gain a more desirable outcome
the best option when making decisions
Short-term goals take less than (a) year(s) to complete. (Write out the number)
What is a service?
volunteer work
becoming a soldier in the army
giving away money to others
a task that a person or machine performs for the individual
What is liquidity?
describes how flexible the economy is
measures the rate at which money can be lost
describes how likely the economy is going to fluctuate
describes how easy financial assets can be converted into cash without losing value
Intermediate goals take ____ to ____ year(s) to complete. (Write out the numbers like "three, eight")
(a)
Long-term goals take (a) year(s) or more to complete. (Write out the number)
What are SMART goals?
Specific, Measurable, Attainable, Reliable, Truthful
Superior, Measurable, Artistic, Reasonable, Truthful
Specific, Measurable, Attainable, Resourceful, Timely
Specific, Measurable, Attainable, Realistic, Timely
What is a consumable good?
an ideal good for businesses to make
a good that a person can physically consume for nutrients
a good that is made often or used up quickly
a type of desirable good amongst consumers
What is a good?
purchases that are made often
opposite of bad
physical item that can be weighed or measured
physical item that lasts for long periods of time
What is a durable good?
a good that is scarce
a good that does not last for long
a good that lasts for long periods of time
a good that needs lots of maintenance
What is economics?
the study of the market
the study of how people spend money
the study of decisions that go into making, distributing, and using goods and services
the study of the art of making money
Demand is the amount of people that would (a) a good or service.
What is the Federal Reserve System? (Select all that apply)
regulates money supply
central banking system
determines interest rates
buys and sells government security
What is supply?
how much people want a certain item
necessary items in order to start a business
amount of goods and services people are willing and able to buy
an unimportant part of economics
What is inflation?
the rise in level of prices for goods and services
when money physically appears bigger
the fall in level of prices for goods and services
when money physically appears smaller
What is a safe-deposit box?
a metaphorical box that describes how safe your money is
a secret underground box filled with money that no one wants you to know about
small compartment used to hold valuables
provides information about current financial status
What do you keep on a home computer?
sensitive information that could cause problems if leaked
an embarrassing video of you hitting the griddy
certain financial records such as digital documents, transactions, budget/tax software, e.t.c.
a list of every purchase that was made
What are examples of personal opportunity costs? (Select all that apply)
knowledge
health
money
skills
What do you keep in home files?
receipts and financial papers that are very hard to replace
receipts and financial papers that are not very hard to replace
birth certificates, car titles, valuable items
financial records that need to be protected
What is interest?
a factor of economics that is not important
how likely someone is going to buy an item
when cash flow increases
price paid for borrowing someone else's money
What do you keep in a safe-deposit box?
bills that need to be paid
transactions, digital documents, budget/tax software
car titles, birth certificates, valuables
bank statement, felony records
What is a personal financial statement?
a statement given by the bank on financial status
provides information about financial position, income, and spending
a statement that needs to be written in order to be accepted by the top banks
also known as a net worth statement; list of items of values owned, debts owned, and a person's net worth
What is a personal balance sheet?
difference between debts owed and amount owned
lists how much money is needed in order to keep bank account stable
list of items owned, debts owed, and a person's net worth
list of value owned
What is an asset?
abundance of material possessions
item of value owned such as cash, property, personal possessions, and investments
items that can be converted into cash
real estate
What are the four categories of wealth? (Select all that apply)
liquid assets
real estate
personal possessions
investment assets
What is net worth?
another way of saying a billion dollars
how much a fishing net costs
abundance of valuable items possessed
difference between debts owed and amount owned
What is insolvency?
when assets are more than liabilities
when liabilities are more than assets
when money is unknown
when the future of the economy can not be predicted
What is wealth?
how valuable an item is
something you don't have
abundance of valuable material possessions and resources
another word for liability
Deficit occurs when (a) is more than cash inflow.
Net (take-home) pay is the income left after taxes and deductions are taken out of (a) pay.
A good budget meets ____ and ____. (Write out answers with a comma and space like "hi, hello")
(a)
What are common banking fees? (Select all that apply)
ATM
Overdraft
Minimum balance
Maintenance
What is discretionary income?
income left over after taxes and deductions are taken out
when money is too dangerous to be used at the current time
income left over after paying for essentials
money that the bank gives you when the bank account is going low
What is a bank statement?
document used to pay money
list of all transactions according to account holder
used to put money into an account
list of all transactions for bank account
For overdraft protection of checking accounts, the bank covers fee while the fee for the coverage is paid (a) .
What is a check?
document used to pay a person or business
list of all transactions
used to put money in account
document needed in order to use an ATM
What is bank reconciliation?
the process of depositing a check
when you have to speak to the bank about not being able to pay loans
deposit of funds electronically
a report that accounts for inconsistencies with bank statement and checkbook balance
Savings accounts have ____ interest than checking accounts, but it is ____ to pay bills and shop with a checking account. (Write answer like "hi, hello')
(a)
A checkbook register is a list of all transactions for bank account according to (a) .
A deposit slip is used to put (a) into an account.
What is direct deposit?
paying someone with a check
when you deposit funds on paper
when a bill is paid automatically
when funds are deposited electronically
Which actions reduce the balance of a checking account? (Select all that apply)
paying with a check or debit card
depositing paycheck
withdrawing from ATM
digital transfer of money into account
What are the benefits of online banking? (Select all that apply)
transfer funds between accounts
able to check transactions and balances from any location
bills are paid automatically
bank account is more secure
(a) is when interest is earned on the original amount and previously earned interest.
Will APR go lower or higher if you miss a credit payment?
lower
higher
Should compound interest make your money go slower or faster?
slower
faster
Annual percentage rate (APR) is the cost of credit on a (a) basis, expressed as a percentage.
What are the 5 C's of Credit? (Select all that apply)
Character
Capacity
Capital
Collateral
Conditions
Are you using your own money when you buy on credit?
yes
no
Short loan payments require the individual to pay ____ over a ____ period of time while long loan payments are the opposite.
(a)
(a) is the amount of money paid to the owner of the property to cover any damage.
What is a credit rating/score?
measures person's ability to pay on time
amount paid to owner in order to cover for damage
a number based upon how much money you make
portion of total cost that is required to be paid
What covers the loss of a tenant's personal property from damage or theft?
bond
down payment
common stock
renters insurance
What arranges the sale and purchase of homes and other property?
mutual funds
common stock
preferred stock
real estate agent
(a) is the unit of ownership in a company.
(a) is the portion of total cost that is required at time of purchase.
What gives owners the advantage of dividends before common stock holders?
mutual fund
bond
preferred stock
common stock
A _____ is written pledge of corporation to repay sum of money with interest while a _____ is an investment where investors pool money to buy bonds, stocks, and securities. (Write answers like "hi, hello")
(a)
Why would someone invest in real estate?
to be financially secure
for more houses to flex on other people with
to own property that will hopefully increase in value
to increase credit score
(a) increases likelihood of loss.
(a) describes spreading assets among several different types of investments to reduce risks.
List from lowest risk to highest risk: mutual funds, stocks, bonds, savings ("Write answers like "hi, hello, yahoo, wuzgudma, yippee")
(a)
Insurance is protection against possible financial loss through a contract called a (a) .
(a) is anything that may cause loss.
(a) is failure to take ordinate or reasonable care to prevent accidents from happening.
A (a) is the amount a policyholder must pay per loss on an insurance policy.
What are the four risk management methods? (Select all that apply)
risk it all
avoid risk
reduce risk
assume risk
shift risk
(a) is a legal responsibility for the financial cost of another person's losses or injuries.
A checkbook register is a list of all transactions for a bank account according to (a) .
Collision insurance covers damage to a (a) of insured person no matter whose fault it is.
Why might insurance premiums be different for the same coverage?
due to net worth
due to income
due to perceived differences in risk
due to how often the individual is at risk
A (a) is a fee paid for insurance coverage.
A deposit slip is used to put (a) into an account.
