Economics Test 4
A verse which tells us of people giving more than a 10% tithe
1 Corinthians 16:2
Savings
10%
Many Christians give according to the New Testament verse found in 1 Corinthians _________, which may be actually more than a 10% tithe
16:2
Taxes
20
Housing and utilities
25 to 40%
Clothing
5%
Food
5% or more
Keep a list of your credit card ______________________________, checking account information, and telephone numbers of each credit card issuer in a safe place in case your cards or checks ever get lost or stolen
Account numbers
An ________________ card allows you to qualify for free travel or other bonuses
Affinity
One of the questions any young person should ask themselves as they make a budget is:
Are my creditors charging me with late fees
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
The money currently available in the depositors account
Bank balance
IRA withdrawals must begin at age 70 1/2. This refers to:
Basic IRA
The amount of spending that the credit card company will allow you
Credit limit
When using a credit card, a good fact to remember is that you were not paying on credit, you're actually paying on a _______
Debt
Official permission to postpone the payment of a loan
Deferment
Partial payment given in order to show intent of purchase is called a
Down payment
Assistance from the government which is to be repaid
FFEL Strafford loan
Banks rarely offer interest on the money that's in the checking account
False
Card issuers are not allowed to charge a fee when you use the card to obtain a cash advance
False
IRAs are tax-free
False
Assistance from the government which is not to be repaid
Federal Pell Grant
Also called a grace period
Free period
Total money earned, exclusive of any deductions
Gross income
The smallest amount allowed in an account without a financial penalty
Minimum balance
A tithing principle verse
Nehemiah 10:37
A car market where the price sticker is the final sale price. There is no discussion or dickering over a final price
No haggle dealership
A notice that will be sent to the bank customer if his deposits are not enough to cover his check
Nonsufficient funds
Will cost you above the price of the car
Option
The person who will receive the check as payment
Payee
Actions which take a check from the merchant, to the accounting centers of the bank, to it's full payment
Processed
__________________ 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
"He that tilleth his land shall be satisfied with bread: but he that followeth vain person's is void of understanding"
Proverbs 12:111
Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase"
Proverbs 13:11
Lending can make you a slave to your creditor
Proverbs 22:7
A _________________ item means it comes with the car at no extra cost
Standard
You will not be charged any interest before you begin repayment
Subsidized loan
Basic IRAs are
Tax-deferred
What is the Expected Family Contribution
The amount of money you and your family will contribute to your college education
A finance charge is a cost for the convenience of borrowing money
True
Loan that will charge you interest from the start is called an unsubsidized loan
True
Never charge more on your credit card and you can afford to pay in one month
True
The time when there is no obligation to repay your loan is called a grace period
True
You may find tips on savings, dealership, and financing that you did not know before
Using the internet
A guarantee that is legally binding to hold the dealership to what is promised
Warranty
A consumer can buy products in bulk at a:
Wholesale club
If you have a taxable savings account, each ___________ you must pay income taxes on your earnings and capital gains you would make
Year
