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WorksheetsBasic Wise Review
Total questions: 35
Worksheet time: 2hrs 38mins
______ refers to the processes of budgeting, saving, investing, spending or otherwise overseeing of all finances.
Savings
Money Management
Banking
Expenses
Poor money management can lead to cycles of debt and financial strain
True
False
_______ is a spending plan based on income and expenses.
Budget
Money Management
Savings
Investment
What are the three types of expenses?
Fixed
Federal
Occasional
Flexible
A source of income for a retiree can include the person's
mortgage loan
401(k) Account
loan from a commercial bank
credit card cash advance
The money that you receive for mowing the lawn, babysitting or getting an allowance is called__________.
Income
Credit
Debt
Interest
_____ something that serves as a medium of exchange, a unit of accounting, and a store of value.
Silver
Gold
Barter System
Money
Paying yourself first simply involves building up a retirement account, creating an emergency fund or saving for other long-term goals.
True
False
_____ is a debt that a person incurs when purchasing a good or service with someone else’s money.
Credit
Consumer Credit
Debit
Investing
The main advantage of consumer credit is that consumers can purchase goods and services and pay for them now.
True
False
What are smart ways to build credit?
Pay credit card debt
Buy a house
Finance a car
Pay student loans
Leisure spending
What are ways to build a good credit history?
Pay bills periodically
Establish a steady work record
Open a checking/savings account
Apply for a consumer credit card and make monthly payments
Apply for a loan that requires a co-signer
You are able to pull one free credit report from TransUnion, Equifax, and Experian once a year.
True
False
What are reasons to check your credit report once a year?
It's Free
You can identify fraud against your friend
Your credit report can be impacted by other's mistakes
Helps you find and dispute errors
What are ways you can protect yourself from fraud? (select all that apply)
DO NOT keep your pin on your person
Shop online ONLY on unsecure websites
Never give card info over the phone
Report lost or stolen cards immediately
Protect your card number
What are the three credit reporting agencies?
TransUnion
Experian
Equifax
Expedia
_____ is a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations.
Consumer Credit
Credit Fraud
Liquidation
Bankruptcy
______ is an independent agency created by Congress to maintain stability and public confidence in the nation's financial system.
Federal Reserve
Federal Deposit Insurance Corporation
Banks
Coach Dent's Class
What does the FDIC do?
Insures deposits
makes large and complex financial institutions resolvable
examines and supervises financial institutions for safety
consumer protection
Credit Unions
not-for-profit organizations owned by their customers (most banks are owned by investors).
Mutual Banks
are owned by members (or customers) instead of outside investors
Savings and Loans
take savings from one customer and make loans to another.
Online banks
offer online services, such as the ability to view accounts and pay bills online
You protect yourself and your assets by having insurance.
True
False
Liability
Responsibility to another person for one's own negligence
Premium
the amount paid by a policyholder to an insurance company to obtain or maintain an insurance policy
Insurance Agent
A person who sells insurance policies
Policy Owner
The person or party who owns an individual insurance policy. (policyholder)
Deductible
the amount the insured must pay in a loss before any payment is due from the company
Investing is the act of allocating resources with the expectation of generating an income, profit, or gains.
True
False
What are bond examples of investing?
Treasury
Domestic Corporations
U.S. Government
U.S. Corporate
What are the types of Investments?
Bonds
Cash Equivalent
Brokerage
Stocks
Capital
_______ is a security that represents the ownership of a fraction of the issuing corporation. You are considered a shareholder if you have this in a company.
Bond
Stock
Cash Equivalent
Broker
Stocks are also known as _______.
Capital
Bond
Shareholder
Equity
_____ is a fixed-income instrument that represents a loan made by an investor to a borrower (typically corporate or governmental).
Bond
Stock
Investment
Savings Account
______ the primary federal regulatory agency for the security industry. They are responsible for protecting investors against fraudulent and manipulative practices in the security market.
FBI
South Eastern Conference (SEC)
Federal Deposit Insurance Corporation (FDIC)
Securities and Exchange Commission (SEC)
Match the following
employer-sponsored and salary-deferral retirement plan for for-profit organizations
401(k)
employer-sponsored and salary-deferral retirement plan for non-profit organizations
403(b)
employer-sponsored and salary-deferral retirement plan for state, local, or employees of a non-profit organization (no penalty for early withdrawal)
457(b or f)
Make contributions with money you may be able to deduct on your tax return
Traditional IRA
Make contributions with after tax income
Roth IRA
Money rolled over from a qualified retirement plan
Rollover IRA
______ is an amount of money that a government requires people to pay according to their income and the value of their homes.
Rent
Taxes
Retirement
After Tax Income
Earned Income is money you earn from working.
True
False
Money you earn but you didn't have to work for it is considered.....
Income
Earned Income
Tax Refund
Unearned Income
The coupon rate attached to a bond is also known as the interest rate.
True
False
