family consumer science chapter 3 quiz 2

FDIC insures an account up to ___________. $1,000.00 $25,000.00 $100,000.00 $250,000.00

$250,000.00

Two retirement financial plans that companies offer are ____________. Social Security 401K pension IRA annuity

401K pension

Social Security is collected at age __________. 45 50 60 67

67

What is a good rule to adopt when considering long-term credit?

A good rule to adopt when considering long-term credit is credit is usually obtained at a bank, savings and loan, finance company, or credit union.

How can you avoid paying finance charges on short-term credit?

How you can avoid paying finance charges on short-term credit is by if you pay the full amount owed each month on your store charge account or bank credit card, you do not have to pay interest.

Why is having insurance important to your overall financial plan?

Hving insurance is important to your over financial plan because without it you could loose money and something could happen to you home , or car, or child.

Two retirement plans that you might set up for yourself are _____________. Social Security 401K pension IRA annuity

IRA annuity

What is the difference between a claim and a premium?

The difference between a claim and a premium is well a claim thats the money you owe to the bank for haveing insurance in generall and premium is the money you pay for insurance coverage.

Describe the difference between wants and needs, giving specific examples of each.

The difference between wants and needs is well needs are the things that we must have, and wants is somthing that we want but dont really need. AN example is for want - candy and for need- food

Why should you have liability insurance on your car?

Why you should have liability insurance on your car because If you are stopped by a police officer you may have to show proof of insurance , this will protect your financial stability in case the injured party sues you.

What is a credit report?

a peport of your history of when you have bought somthing.

What two things do loan institutions expect from the borrower? a.b.

a.that you pay back the amount you borrowed b. that you pay a finance charge for the use of the money.

A credit card that can be used to charge purchases at many different stores and businesses is called a ____________ credit card. bank store limitless debit

bank

The monthly record listing the checks, charges, and deposits for an account is called the ___________. signature card register bank statement payee

bank statement

A ____________ offers investment services. savings bank commercial bank credit union brokerage firm

brokerage firm

An account that requires a minimum deposit for a certain period of time is called a(n) ___________ account. regular interest certificate of deposit money market

certificate of deposit

How do banks make money?

charging fees for services and by collecting interest on loans.

An order to a bank to pay money is called a(n) ___________. endorsement deposit slip check signature card

check

Forms answering a mix of questions are _____________ forms. descriptive financial combination

combination

A ____________ has numerous branches. savings bank commercial bank credit union brokerage firm

commercial bank

Which of the following offers a full range of banking services? savings bank commercial bank credit union brokerage firm

commercial bank

Give an example of a short-term credit.

computer

___________ is the right to buy something now and pay for it later. Social Security 401K Pension Credit

credit

A nonprofit organization owned by its members is called a ____________. savings bank commercial bank credit union brokerage firm

credit union

Members may have the same place of employment at a ____________. savings bank commercial bank credit union brokerage firm

credit union

The form listing the checks and money to put into an account is a (n) ___________. endorsement deposit slip check signature card

deposit slip

Forms answering questions such as Who, What, When, Where, and Why are _____________ forms. descriptive financial combination

descriptive

Before a check can be deposited, it should be ___________. endorsed paid registered overdrawn

endorsed

A CD player warranty should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

expandable file

A heavy paper folder with files for storing papers is called a(n) ____________. ledger expandable file fireproof safe safe-deposit box

expandable file

A high school diploma should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

expandable file

An apartment lease agreement should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

expandable file

Earnings records should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

expandable file

Rental leases should be stored in a(n) ____________. ledger expandable file fireproof safe safe-deposit box

expandable file

Savings account passbooks should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

expandable file

A budget is a plan for using your income to meet your needs only. True False

false

Effective money management usually comes naturally as we reach adulthood. True False

false

Group health insurance is more expensive than individual health insurance. True False

false

There is very little difference between wants and needs. True False

false

Forms answering questions such as How much and How many are _____________ forms. descriptive financial combination

financial

A locked container made to resist heat is a(n) ____________. ledger expandable file fireproof safe safe-deposit box

fireproof safe

A marriage certificate should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

fireproof safe

Birth certificates should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

fireproof safe

Last year's tax records should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

fireproof safe

Photographs of furnishings should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

fireproof safe

Give an example of an adjustment deduction that you might have.

insurance

For the use of a depositor's money, the bank pays ___________. insurance interest a deposit a money market

intersest

A book with pages for recording financial information is a(n) ____________. ledger expandable file fireproof safe safe-deposit box

ledger

An account that requires a minimum deposit yet allows the depositor to deposit more money or withdraw funds is called a ___________ account. regular interest certificate of deposit money market

money market

When the check amount is greater than the account balance, the check is called ___________. reconciled endorsed registered overdrawn

overdrawn

The person to whom a check is written is called a(n) ___________. endorsee registrar payee reconciler

payee

Making the bank statement balance and the check register balance is called ___________. over drafting registering endorsing reconciling

reconciling

A list of insurance policies should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

record book

A list of medical expenses should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

record book

The date for expiration of a TV warranty should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

recorded book

The booklet of forms used to record checks and account balances is called a ___________. check register bank statement reconciler

register

A savings account that offers a fixed rate of interest in called a (n) ___________ savings account. regular interest certificate of deposit money market

regular

Stock certificates should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

safe deposit box

U.S. Savings Bonds should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book

safe deposit box

A locked container within a bank vault is a(n) ____________. ledger expandable file fireproof safe safe-deposit box

safe-deposit box

Mortgage papers should be stored in a(n) ____________. ledger expandable file fireproof safe safe-deposit box

safe-deposit box

A ____________ is considered more personal. savings bank commercial bank credit union brokerage firm

saving bank

Service fees will likely be lower at a ____________. savings bank commercial bank credit union brokerage firm

savings bank

The form with the official account holder's written name is called a(n) ___________. endorsement deposit slip check signature card

signature card

Which would you most likely use: itemized deductions or the standard deduction?

standard deduction

A good cash flow plan can help you plan for long-range goals like college. True False

true

Goals can be reached, but it may take more time than originally thought. True False

true

Whole life insurance has fixed death benefits and a fixed premium. True False

true

Your homeowner's insurance covers all your personal possessions for up to 50% of the amount of insurance on the building. True False

true