WorksheetsHS 101 Midterm Exam
Total questions: 44
Worksheet time: 24mins
A yearly fee that's charged by the credit card company for the convenience of the credit card
Annual Fee
Annual Percentage Rate (APR)
ARM
Balloon Mortgage
An arrangement to receive cash, goods, or services now and pay for them in the future.
credit
credit card
credit limit
debit card
A plastic card used to make purchases now and pay for them later.
credit
credit card
credit limit
debit card
The maximum dollar amount that can be borrowed
credit
credit card
credit limit
debit card
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder
credit
credit card
credit limit
debit card
a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments
debt consolidation
debt Snowball
Depreciation
finance charge
foreclosure
a lessening in value
debt consolidation
debt Snowball
Depreciation
finance charge
foreclosure
Time frame that a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated for another term
loan term
myth
paradigm
tax deduction
Income that comes in at different amount or different times or both
budget
irregular income
fixed income
gross income
a plan for how you spend your money
budget
discretionary expense
commission
gross income
this type of expense stays the same each month
fixed income
variable expense
discretionary expense
fixed expense
earnings based on a percentage of sales made
commission
variable income
irregular income
net income
what a person earns after payroll taxes and other deductions are taken out
irregular income
commission
gross income
net income
an expense that changes based on usage
fixed expense
variable expense
discretionary expense
intermittent expense
which of the following is NOT a fixed expense
car payment
house/mortgage payment
groceries
subscription like netflix or hului
your monthly budget should include
income
variable expenses
fixed expenses
all of the above
a cash flow plan that assigns every dollar of your income to an expense
budget
fixed income
cash-flow statement
zero-based budget
all are categories of your budget except
debt loans
giving
saving
spending
when calculating income for a budget, what must you do when given an annual income?
multiply by 52
divide by 10
divide by 12
multiply by 12
money received for work, as a gift, or through investments
income
variable income
variable expense
commission
a savings account set up specifically to be used to cover financial emergencies
Emergency Fund
Time Value of Money
Large Purchase
Compound Growth
a purchase that requires a significant amount of money
Large Purchase
Rate of Return
Principal
Inflation
the measure of an investment’s profit or loss, usually expressed as a percentage of the initial investment
Rate of Return
Accrued Interest
Compound Growth
Interest Rate
the initial amount of money invested or borrowed
Principal
Inflation
Rate of Return
Time Value of Money
the percentage of principal charged by the lender for the use of its money
Interest Rate
Accrued Interest
Compound Interest
Compound Growth
a person or organization that uses a product or service
Consumer
Personal Finance
Debt
Loan Shark
money owed to another person or company
Debt
Credit
Interest
Personal Finance
the amount by which the value of a person’s assets exceeds or falls behind the value of their liabilities
Net Worth
Asset
Expense
Net Income
anything that is owned by an individual, including money in the bank or investments
Asset
Net Worth
Consumer
Tax
financial debts or obligations
Positive Net Worth
Net Income
Expense
Liability
Save a $500 Emergency Fund
Get out and stay out of Debt
Pay cash for your car
Pay cash for college
Build wealth and give
the cost of goods or services; money paid out
Assest
Expense
Liability
Budget
Budgeting is crucial to your financial success.
True
False
why are online purchases risky
you could get ripped off
you could buy the wrong product
you could buy something that never comes
all of the above
what is a resume?
A summary of someones life achievements and goals
A picture of yourself
A picture of your job.
The Five Foundations are:
1) Save a $500 Emergency Fund
2) Get out and stay out of debt
3)Pay cash for your car
4) Pay cash for college
5) __________________________?
Build wealth and give
Retire early
Pay someone else's debt off
Build wealth and be selfish
Net worth is ____________
anything that is owned by an individual
the money you bring home after taxes
value of the liabilities a person or corporation owns, minus the assets they owe
value of the assets a person or corporation owns, minus the liabilities they owe
We all have _____ personalities; We can be spenders, savers, or a little bit of both
different
strange
financial
money
something owned (that has value) offered as security on a debt; if the debt is not repaid as agreed, the item is forfeited to the lender
Collateral
Liel
Equity
Predatory Lending
failure to repay a loan on time
Default
Term
Depreciating Asset
Debt
a statistical number used to represent a consumer‘s creditworthiness
Credit Score
Credit Bureau
Lien
Principal
The biggest difference between a debit card and a credit card is
Credit cards allow you to make online purchases; debit cards do not
A debit card only allows you to use the money you already have in the bank
A credit card shows the world that you are a grown-up with money
Credit cards can be used to rent cars; debit cards cannot
