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Which of the following defines a budget?

A plan to match expected income with expected outflow

Credit Report

A written report issued by a credit bureau

In many cases, people with poor credit ratings have:

All of these (missed some monthly payments, have failed to pay back debts, have filed for bankruptcy)

Which of these is not an advanced degree?

Bachelor's degree

Which of these is a liability?

Car Loan

which of the following debts is not erased by bankruptcy

Child support

What occurs when more than one producer or supplier exits, each trying to sell its product?

Competition

conditions

Existing debts, stability of employment, and personal factors that determine a person's ability to meet financial obligations.

the act that provides that you may see your credit file at no charge within 30 days of credit denial is

Fair credit reporting act

Which of the following workplace trends allows flexibility for employees in work hours?

Flextime

The IRS form used to claim allowances for purposes of withholding is called the ____.

Form w-4

Training employees to be efficient in more than one skill is called ____.

Job Rotation

The most common purpose for a net worth statement is __________

Loan or credit application

In what kind of economy do both consumers and producers play important roles?

Market

What exists when there is only one producer or supplier of a product?

Monopoly

The amount of your take-home pay is also known as ____.

Net Pay

The amount remaining after the value of all liabilities is subtracted from the value of all assets is ____

Owner's equity

Persons 18 years of age or older who have known you for at least a year and can attest to your character are called ____.

References

A summary of information about you, including your education, skills, and experience, is called a(n) ____.

Resume

A __________ is a safe place to store stocks and bonds, deeds, and other important documents.

Safe Deposit box

Which of these is not considered a job benefit?

Salary

general motors acceptance corporation (GMAC) is an example of a

Sales finance company

Goals that will be accomplished in the next few days or weeks are called ____.

Short-Term Goals

Which of the following is an example of a service credit?

Telephone bill

If a person earns $350 gross pay, and has $125 in deductions, what is that person's net pay?

$225

How much must an employer pay an hourly employee for hours worked beyond a regular workweek?

1.5 x base pay

Most financial experts agree that families should set aside at least ________ percent of their disposable income each pay period

10

Insurance up to ____ on each account is provided for depositors by the FDIC.

200,000

A regular workweek consists of _____ hours.

40

Checks over _________ old may not be honored by a bank.

6 months

Credit Cards such as VISA and Mastercard are examples of

? Revolving credit agreements

Finance companies charge higher rates of interest on loans because?

They take more risk

Which of the following is not a credit reporting union?

Trans Continental

Things in life that are important or meaningful to you are called ____.

Values

Greg is having trouble meeting his budget, what should he look at first to determine where he can save money?

Variable EXpenses

Lunches, medical bills, personal care items, and clothing are all examples of _________.

Variable Expenses

which of the following would probably not be included in your credit report?

Your medical history

Character

a responsible attitude toward paying bills and meeting obligations

which of the following is not an example of a long-term savings goal?

automobile purchase

Property pledged to assure repayment of a loan is ____.

collateral

The interest or money that is charged a borrower for the use of credit is the

finance charge

A house payment, car payment and student loan payments are examples of _________.

fixed expenses

Under ___________, the court sells the debtor's assets and uses the proceeds to pay the debts.

liquidation

Which of the following would be a good first step in getting started with credit?

open a savings account

Credit that can be used again and again (as long as the balance owed does not exceed the limit) is called ____.

open-ended

the amount borrowed is known as the

principal

A personal property inventory is most commonly used for _________

proof of loss from fire, theft, or property damage.

Federal Income Tax, State Income Tax, FICA, and Medicare are all considered to be ______.

required deductions

Which of the following is not considered a required deduction?

savings deposit

A loan for which the borrower pledges property to ensure repayment is a(n) ____.

secured loan

When you multiply principal times rate of interest times length of repayment time, the result is the ____.

simple interest

When your assets are greater than your liabilities, you are said to be __________

solvent

What is an itemized bill showing charges, credits, and payments posted to your account during the billing period?

statement

credit history

Answers questions about how you have paid your bills, how many bills you have had and what type, how much total credit you have been given, and how much credit appears to be outstanding now.

The net worth statement is most often stated as ____.

Assets = Liabilities + Owner's Equity

An example of an asset is __________

Home

A Zero-based Budget means

Income = Savings + Expenses

Jim is starting to plan for his future and wants to create a zero based budget. To do this he needs to come up with a plan that ensures his__________________.

Income = Savings + Expenses

capcity

The ability to repay a loan or make payments on a debt out of current income.

Which of the following types of debts would be discharged by bankruptcy?

credit card bills

Mary is starting her first full time job and wants to make sure she doesn't overspend; as she works on creating her budget the first thing she should do is_____________________

estimate her total expected income for a certain period

The first step in preparing a budget is ___________.

estimate total expected income

The act known for its provisions requiring full disclosure of all charges in a credit transaction is called the

truth in lending act

to be insolvent meants that

you are unable to pay your bills

Creditworthiness

your passed performance is used to determine your_______