Government part 9
In most cases the most you will owe for unauthorized charges is:
$50
A "rollover" IRA is one that gets money from another qualified plan.
true
If you buy items at a retail store, there is a bit of money that gets added on, meaning that money will not only go to the manufacturer but also to the store that stocks and sells the product.
Middle Man
Although it is a good idea to pursue financial aid, the Christian teen ought to be diligent to get a job and save as much as possible. "In all labour there is profit: but the talk of the lips tendeth only to penury." The hard worker will be able to meet many financial goals. This work ethic principle is found in .
Proverbs 14:23
God should receive honor in our handling of finances. "Honour the LORD with thy substance, and with the firstfruits of all thine increase: So shall thy barns be filled with plenty, and thy presses shall burst out with new wine." Where is this passage found?
Proverbs 3:9-10
Taxes are paid when funds are invested, and there is not requirement for when withdrawal must begin.
Roth IRA
IRA withdrawals must begin at age 70 ½. This refers to the:
basic IRA
The amount of spending that the credit card company will allow you is known as the limit.
credit
When using a credit card, a good fact to remember is that you are not paying on credit, you are actually paying on a .
debt
IRAs are tax-free.
false
It is okay to overlook a "small" expense because it is not much of your overall budget.
false
Pay bills two weeks after due date to keep the finance charges as low as possible.
false
Remember that buying a car should be subjective, not objective.
false
The great thing about IRAs is that you can withdraw money anytime you want with no financial penalty.
false
Here are some questions any young person should ask themselves as they make a budget: Are my creditors charging me with ? Are my checking and savings accounts smaller than they were months ago?
late fees, six
Many Christians give according to the New Testament verse found in 1 Corinthians 16:2 which is actually than a 10% tithe.
more
When no taxes are due until the required time and the payments are held off, the action is called:
tax-deferred
Never charge more on your credit cards than you can afford to pay in one .
year
Biblical tithing basically means you will give percent of your income to the Lord.
10
What is an Annual Percentage Rate (APR)?
A measure of the yearly cost of credit
When choosing a credit card you are worried about if your plan will offer Free Periods. What is a free period?
A way to pay in full to avoid finance charges
A is assistance from the government which is not to be repaid; the assistance may be thousands of dollars.
Federal Pell Grant
13:11 says, "Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase." In other words, a person who tries to get money by fraudulent means will not get more, but the steady worker will add to his savings.
Proverbs
The passage in 3:27-28 gives this advice: "Withhold not good from them to whom it is due, when it is in the power of thine hand to do it. Say not unto thy neighbor, Go, and come again, and to morrow I will give; when thou hast it by thee."
Proverbs
"He that tilleth his land shall be satisfied with bread." This verse about a diligent worker comes from .
Proverbs 12:11
What is Expected Family Contribution?
The amount of money you and your family will contribute to your college education
On a check, what is the purpose of the memo line?
To serve as a personal reminder of purchases
Which type of federal student aid is being described below? This aid is not awarded on the basis of financial need and is not interest free. The government will charge you interest from the start, making it important to pay interest as it grows.
Unsubsidized loan
Which has the best system for keeping track of your spending?
Using Checks
Keep a list of your credit card , checking account information, and the telephone numbers of each credit card issuer in a safe place in case your cards or checks are ever lost or stolen.
account numbers
Keeping a balance means you keep a current total of what you have deposited into your account as well as what you have spent out of your account.
bank
You might find bargains at a place where people may take their used clothes or other items and sign an agreement to have the store sell the clothes on consignment, meaning that the store will pick up a percentage and give a percentage of the money to the individual who brought it in for sale. This place is called a:
consignment shop
bank balance The current money available in the depositor's account. cashless society A society where consumers rely solely on credit cards, debit cards, electronic accounts, and checks. check date Tells the bank the length of time used in the processing of the check as well as the day of purchase. checking account Written orders that direct payment from a bank based upon the funds available from a depositor's account. memo/signature Your personal autograph attesting to the validity of the checking account; the memo tells of the purchase. minimum balance The smallest amount allowed in an account without a financial penalty. non-sufficient funds Notice sent to the customer if his deposits are not enough to cover the costs of the check he has written. on-line information Phone system allows you to call in to a service center and find out your balance up to the minute. overdraw Writing a check for more money than is available in your account. payee The person who will receive the check as payment. process Actions which take the check from the merchant to the accounting centers of the bank.
consignment shop The store that sells an individual's goods in an agreement where both parties split the profit. factory direct Another name for manufacturer-to-consumer selling. frivolous Trivial, not requiring serious thought; considered silly. impulse buying Making a purchase on the spur of the moment without careful planning. middle man Money will not only go to the manufacturer, but also to the store that stocks and sells the product. name-brand A famous-name product that may be more expensive due solely to its high-recognition logo or slogan. steward One who manages money or the affairs of a household. wholesale club Type of business that eliminates the retail part of the transaction.
A partial payment given in order to show intent of purchase is called what?
down payment
An adjusted balance is computed by subtracting the payments you made and any credits you received during the present billing period from the balance you owed at the of the previous billing period.
end
"Quick-cook" convenience foods are a better financial decision than home-cooking.
false
A check date is necessary so the bank will know the amount of money used in the processing of the check as well as the day of purchase.
false
Total income, before deductions are made, is called .
gross income
Your IRA money can be meted out in periodic payments rather than one large sum.This is called .
installment payments
Mark the statement that is NOT TRUE.
not Biblical tithing basically means you will give 10 percent of your income to the Lord.
A(n) item means it comes with the car at no extra cost.
standard
A famous-name product that may be more expensive due solely to its high-recognition logo or slogan is known as a name-brand product.
true
A quote in Proverbs 22:7 says, "The rich ruleth over the poor, and the borrower is servant to the lender."
true
An explanation of how the card's balances are determined is required to appear on billing statements.
true
If you attempted in good faith to work out the problem with the seller about a charged item or service, the law gives you the right to withhold from the card issuer payment for the merchandise or services.
true
If you receive a subsidized loan you will not be charged any interest before you begin repayment.
true
A is another type of business that eliminates the retail part of the transaction. Many times a consumer can buy products in bulk, or larger quantities than are available in retail stores.
wholesale club
There is also an education benefit with IRA's: you can take a penalty-free for certain approved higher education-related expenses.
withdrawal
