Q/Government and Economics - Unit 9: Budget and Finance
In most cases the most you will owe for unauthorized charges is:
$50
Biblical tithing basically means you will give _ percent of your income to the Lord.
10
Which statements are NOT TRUE?
A "variable rate" plan means that the rate you pay will be based upon a political indicator they will explain in the agreement. A credit card is an arrangement for you to "go into credit" in order to get the item that you want.
Select the statements that are true.
A card issuer is required to credit your account on the day the issuer receives your payment. An affinity card issuer donates a portion of the annual fees or transaction charges to the sponsoring organization. Keep your credit card receipts and promptly compare them when your bills arrive.
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
Which statements are TRUE?
Be on the lookout for telltale paint differences which may tell you that the car has been in a serious accident. A CD player in a car is considered an option.
Mark the boxes that are genuine student loans.
FFEL Stafford Loan Pickett and Hatcher Educational Loan USA Student Loan
A _is assistance from the government which is not to be repaid; the assistance may be thousands of dollars.
Federal Pell Grant
Select the TRUE statements.
NSF stands for "non-sufficient funds." Over 75 percent of the country's money in circulation is in checking accounts. Some banks offer interest on the money that is in the checking account. When you talk with a customer service representative, you can tell them of your particular needs in opening a checking account.
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
Basic IRA or Roth IRA? Taxes are paid when funds are invested, and there is not requirement for when withdrawal must begin.
Roth IRA
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
"no haggle" dealership
a car market where the price sticker is the final sale price
warranty
a guarantee that is legally binding to hold the dealership to what it has promised
unsubsidized
a loan that will charge you interest from the start
subsidized
a loan where you will not be charged any interest before you begin repayment
cashless society
a society where consumers rely solely on credit cards, debit cards, electronic accounts, and 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
library
an alternative to a bookstore
financial aid
assistance for the potential college student
Federal Pell Grant
assistance from the government which is not to be repaid; may run in the thousands of dollars
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
IRA withdrawals must begin at age 70 ½. This refers to the:
basic IRA
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
Better Business Bureau
consumer "watchdog"; assists the car buyer by reporting unfair business practices
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
Official permission to postpone the payments of a loan is known as a:
deferment
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
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?
fees,six
federal student aid
government financial help; it may be in the form of a grant or a loan
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
capitalized
interest added to principal amount of loan; more interest will be based upon the higher amount
frivolous
making a purchase on the spur of the moment without careful planning
impulse buying
making a purchase on the spur of the moment without careful planning
factory direct
manufacturer-to-consumer selling
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
Never charge more on your credit cards than you can afford to pay in one _ .
month
Many Christians give according to the New Testament verse found in 1 Corinthians 16:2 which is actually _ than a 10% tithe.
more
deferment
official permission to postpone the payments of a loan
steward
one who manages money or the affairs of a household
A card issuer is required to credit your account on the day the issuer receives your payment - that is known as (spelling) credit for payment.
prompt
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
_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
_3:5-10 could be titled, "God's Plan for Financial Prosperity."
proverbs
"He that tilleth his land shall be satisfied with bread." This verse about a diligent worker comes from _.
proverbs 12:11
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
A(n) _item means it comes with the car at no extra cost.
standard
When no taxes are due until the required time and the payments are held off, the action is called:
tax-deferred
check date
tells the bank the length of time used in the processing of the check as well as the day of purchase
Expected Family Contribution
the assumed amount that the family will contribute to the student's college tuition
payee
the person who will receive the check as payment
minimum balance
the smallest amount allowed in an account without a financial penalty
A "rollover" IRA is one that gets money from another qualified plan.
true
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
option
will cost you above the price of the car
There is also an education benefit with IRA's: you can take a penalty-free _ for certain approved higher education-related expenses.
withdrawl
overdrawing
writing a check for more money than is available in your account
checking account
written orders that direct payment from a bank based upon the funds available from a depositor's account
using the Internet
you may find tips on savings, dealerships, and financing that you may have not known before
