FCS

A bill of sale is legally binding.

true

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

true

Good posture sends a message of confidence.

true

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

true

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

true

What is the difference between a claim and a premium?

The difference between a claim and a premium is that a claim is your request for payment from an insurance company; whereas a premium is the annual amount you pay for insurance coverage.

List the four steps required to figure your income tax.

The four steps required to figure your income tax include; a.) add up your total income such as wages, interest, and dividends. b.) subtract your deductions: the result is your taxable income. c.) apply the tax rates to find your tax. d.) subtract your withholding and other payments and credits.

What three things should a bill of sale include?

Three things a bill of sale should include are; a.) a detailed description of the item b.) the date of transfer from seller to buyer c.) ​the signatures of both parties

What two things do loan institutions expect from the borrower?

Two things loan institutions expect from the borrower include; a.) you pay back the amount that you borrowed. b.) you pay a finance charge for the use of money.

Savings account passbooks should be stored in a(n) ____________.

record book

The booklet of forms used to record checks and account balances is called a ___________.

register

A savings account that offers a fixed rate of interest in called a (n) ___________ savings account.

regular

Personal Budgeting

---

Personal Finance

---

Social Security

---

The Resume

---

As a teenager you will most likely fill out a _______ tax form.

1040EZ

Two retirement financial plans that companies offer are ____________.

401K pension

Social Security is collected at age __________.

67

What is a credit report?

A "credit report" is a summary of your finacial history. This summary will tell the bank how dependable you are.

What is a résumé?

A "resume" can be defined as a document which includes all of your education as well as jobs you have had prior.

What is a dependent?

A dependent is someone that you rely on for aid or support.

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

A good rule to adopt when considering long-term credit is to make sure it is a good investment to your future.

Give an example of a short-term credit.

A short-term credit means that you are buying something that isn't super expensive and you are able to pay for over a short period of time. An example could be a pair of headphones.

A list of insurance policies should be stored in a(n) ____________.

fireproof safe

A marriage certificate should be stored in a(n) ____________.

fireproof safe

Birth certificates should be stored in a(n) ____________.

fireproof safe

FDIC insures an account up to ___________.

$250,000.00

How do banks make money?

Banks make money by charging fees for services and by collecting interest on loans.

___________ is the right to buy something now and pay for it later.

Credit

Define a bill of sale.

"A bill of sale" can be defined as a detailed description of the item as well as the date of transfer from seller to buyer and the signatures of both parties.

Insurance and Income Tax

---

Legal Matters, Forms, and Contracts

---

Personal Banking and Investment

---

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

Student loan interest is an example of an adjustment deduction.

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

descriptive

You receive a _______ from your employer.

Form W2

You fill out and give your employer a ________ if you have a full-time job.

Form W4

Two retirement plans that you might set up for yourself are _____________.

IRA annuity

If you had to pick one word to describe the way you should dress for an interview, what would it be?

If I had to pick one word to describe the way you should dress for an interview, it would be modest. I say this because I feel as if you are dressed in a modest way; you may be taken more serious. Dressing modest can also gain you more respect and even make you look more mature.

Why is it so important to be on time for an interview?

It is SO important to be on time for an interview because a good first impression is key. It's even good to arrive early so that the employer thinks good of you; and so that you have more confidence in yourself.

Why is it bad to frequently look away from the interviewer or to look down?

It is bad to frequently look away from the interviewer/frequently look down because having good eye contact shows that you are interested in what they have to say. If you are constantly looking down it might give the impression that you are unfriendly, distant or are trying to hide something.

Why is having insurance important to your overall financial plan?

It is important to have insurance when it comes to your overall financial plan. This is true because without it; property loss due to fire or some other catastrophe or the serious illness or death of a wage earner, could leave you with virtually no money.

Why should you learn as much as possible about the company for which you are interviewing?

It is important to learn as much as possible about the company which you are interviewing so that you gain confidence you will have. It is also good to know about the company so you know whether or not you would even like to work for it.

Why is it so important to be polite to the interviewer's support staff?

It is very important to be polite to the interviewer's support staff because these people often tell their supervisor their first impressions on you; this could affect whether or not you get the job you are applying for.

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

Standard deduction.

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

There is a big difference between wants and needs. Wants are the things that we think we want but we are able to live without. Wants could include things such as designer bags, or a brand new toy like a four wheeler. Needs are the things that we cannot live without. Needs include, a roof over our head/shelter, food, and water.

What are three advantages of a savings account?

Three advantages of a savings account include; a.) they earn interest for depositors b.) they are safe to keep your money in c.) ​depositing money into or withdrawing money from savings accounts is very convenient.

What are three other options for investing your money?

Three other options for investing your money include; a.) stocks b.) bonds c.) mutual funds

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

You can avoid paying finance charges on short-term credit if you pay the full amount owed each month on your store charge account or bank credit card.

In what areas will you need to be prepared to answer questions by the interviewer concerning your personal background?

You should be prepared to answer questions regarding; your education, your achievements, an dyour work experiences by the interviewer.

How should you first greet the interviewer?

You should first greet the interviewer you should; be pleasant, be sure to smile, shake their hand (firmly), and give eye contact.

Why should you have liability insurance on your car?

You should have liability insurance on your car in case of an accident. This protects your financial stability if the other party were to sue you.

List two reasons for you to fill out forms in your personal life.

a.) when trying to get a job. b.) when trying to get a drivers license.

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

bank

The monthly record listing the checks, charges, and deposits for an account is called the ___________.

bank statement

A ____________ offers investment services.

brokerage firm

An account that requires a minimum deposit for a certain period of time is called a(n) ___________ account.

certificate of deposit

An order to a bank to pay money is called a(n) ___________.

check

A résumé that lists all of your previous job experience from most to least recent is a _________ résumé.

chronological

A ______________résumé gives the most overall general information.

combination

Forms answering a mix of questions are _____________ forms.

combination

A ____________ has numerous branches.

commercial bank

Which of the following offers a full range of banking services?

commercial bank

A nonprofit organization owned by its members is called a ____________.

credit union

Members may have the same place of employment at a ____________.

credit union

Service fees will likely be lower at a ____________.

credit union

The form listing the checks and money to put into an account is a (n) ___________.

deposit slip

Before a check can be deposited, it should be ___________.

endorsed

A CD player warranty should be stored in a(n) ____________.

expandable file

A heavy paper folder with files for storing papers is called a(n) ____________.

expandable file

A high school diploma should be stored in a(n) ____________.

expandable file

An apartment lease agreement should be stored in a(n) ____________.

expandable file

Earnings records should be stored in a(n) ____________.

expandable file

Rental leases should be stored in a(n) ____________.

expandable file

The date for expiration of a TV warranty should be stored in a(n) ____________.

expandable file

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

false

A job applicant should not bring his/her own questions to an interview.

false

Effective money management usually comes naturally as we reach adulthood.

false

Group health insurance is more expensive than individual health insurance.

false

There is very little difference between wants and needs.

false

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

financial

Last year's tax records should be stored in a(n) ____________.

fireproof safe

Photographs of furnishings should be stored in a(n) ____________.

fireproof safe

A résumé that that concentrates on previous skills and responsibilities is a _________ résumé.

functional

For the use of a depositor's money, the bank pays ___________.

interest

A book with pages for recording financial information is a(n) ____________.

ledger

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

money market

When the check amount is greater than the account balance, the check is called ___________.

overdrawn

The person to whom a check is written is called a(n) ___________.

payee

Making the bank statement balance and the check register balance is called ___________.

reconciling

A list of medical expenses should be stored in a(n) ____________.

record book

Stock certificates should be stored in a(n) ____________.

safe deposit box

U.S. Savings Bonds should be stored in a(n) ____________.

safe deposit box

A locked container made to resist heat is a(n) ____________.

safe-deposit box

A locked container within a bank vault is a(n) ____________.

safe-deposit box

Mortgage papers should be stored in a(n) ____________.

safe-deposit box

A ____________ is considered more personal.

savings bank

The form with the official account holder's written name is called a(n) ___________.

signature card

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

true