Personal Finance Unit 1
why is it important to be financially responsible?
helps secure a solid financial future helps one make purchases helps in decisions to invest decreases the chances of filing for bankruptcy
why is it important to be financially responsible
helps secure a solid financial future helps one to plan purchases helps in decisions to invest decreases the chances of filing for bankruptcy
setting a financial goal that is within reach
measurable
Which of the following are the parts of a contract
offer acceptance consideration
which of the following are the parts of a contract?
offer acceptance consideration
all of the following are strategies for communicating family financial need EXCEPT
satisfy every financial want before every need
All of the following are strategies for communicating family finical plans EXEPT
satisfying every want before every need
which of the following is an example of a mid-term goal
save for a new car
Which of the following is an example of a long term financial goal
save for retirement
which of the following is an example of a long-term financial goal?
save for retirement
telemarketing fraud
sending money over the phone
measurable
setting a financial goal that is within reach
state exactly what is to be done with the money involved
specific
SMART goal
specific measurable attainable realistic time bound
time bound
specifically state when the gaol needs to be reached
Which of the following is NOT a financial decision saving for a family vacation spending 30minutes exercising spending money wisely purchasing new items
spending 30 minutes exercising
if you have a ___ or ___, you have a financial responsibility
spouse, dependents
specific
state exactly what us to be done with the money
deciding to purchase a car is usually a major financial decision
true
if you have dependents you have a financial obligation to support them
true
if you have depends, you have a finical responsibility to support them
true
bond fraud
use of fraudulent
____ are fundamental beliefs or practices about what is desirable and important
values
things that are desirable, worthwhile and important reflect one's
values
what is pretexting
when someone gains access to your personal information pretenses
which of the following should be considered when joining a potential partnership in business
whether or not a spouse of child will want to later join the business how it will be handled if one partner acts unethically what to do if one partner wants to move out of country
attainable
write the exact dollar amount the goal is for
contracts are
written or oral agreements between two or more people
person ___ influence financial thinking
habits, health, goals
fraud schemes relating to medical recors, equipment and testing are called
health care fraud
If you have dependents, you have a financial obligation to support them
true
Insurance companies must safeguard your information
true
gives parents control over information online companies can collect about their children
Children's Online Privacy Protection Act
ensures the accuracy and privacy of information kept by credit bureaus
Fair Credit Report Act
requires financial institutions to ensure the security and confidentiality of customer information
Gramm Leach-Bliley Act
IndianaConsumer.com is a website offered by the
Indiana Attorney General Consumer Protection Division
which website is provided by the Indiana Attorney General's division for consumer information and education?
IndianaConsumer.com
SMART
Specific, Measurable, Attainable, Realistic, Time bound
what is a robocall?
an automated and unsolicited phonemail to your phone with a message
The FTC's Bureau of Consumer Protection stops unfair, deceitful business practices by all the following EXCEPT collecting complaints and conducting investigations asking consumers and businesses to get along developing rules to maintain a fair marketplace education people and businesses about their rights
asking consumers and businesses to get along
write the exact dollar amount the goal is for
attainable
in evaluating resources, AAOCC stands for:
authority, accuracy, objectivity, currency, coverage
which of the following provide a way for individuals to fight back against business practices?
consumer rights consumer protection laws
what is an oral or written agreement between two or more parties
contract
what is an oral or written agreement between two or more people
contract
which of the following is a job financial decision
deciding to accept a job offer investing a large inheritance
realistic
determined how it can be reached
the FCT suggests all of the following for protecting your personal information EXCEPT
emailing you social security number to all of your friends
Fair Credit Reporting
ensures the accuracy and privacy information kept by credit bureaus
Deciding to purchase a house is a minor financial decision
false
all financial decisions are minor
false
financial planning should involve winning the lottery
false
if you have a spouse of a dependent, you do NOT have a finical responsibility for someone else
false
if you receive a robocall, you should follow its instructions on your keypad
false
it is generally safe to give your credit card information over the phone
false
identity theft
falsely assuming
which of the following personal circumstances influence financial
family structure, health, career choice, age
What are ways one could file a complaint with the FTC?
fat.gov/complaint 1-877-FTC-HELP
in 1914 the US Congress passed legislation creating the ___, which combats a competitive business practices but also converts a variety of consumer rights issue
federal trade commission
which federal government agency protect consumers abasing unfair business practices
federal trade commission
sound ___ is bases on trough understanding of your previous circumstances and goals
financial planning
sound ____ is based on thorough understanding of your personal circumstances and goals
financial planning
what is a tool used to achieve financial success based upon implementation of financial goals?
financial planning
financial planning is a tool used to achieve __ bases upon and implementation of financial goals
financial success
financial planning is a tool used to achieve ____ bases upon the ...and implementation of financial goals.
financial success
values are
fundamental beliefs or practices about that is desirable and important
values are ___
fundamental beliefs or practices about what is desirable,worthy, important
which of the following should be done before agreeing to a partnership with someone?
get to know the partner learn about partner's values, ideas, goals consult a third party to draw up written agreement
which of the following should be done before agreeing to a business partnership with someone
get to know your potential partner learn about your potential partner's values, ideas, and goals consult a third party to draw up a written agreement
Children's Online Privacy Protection Act
gives parents control over information online companies can collect about their children
what is the order for developing a good family financial plan
identify the issue generate alternative strategies choose the "best" strategy develop an action plan
what is the correct order of steps in making effective financial decisions
identify the problem list alternative decide evaluate results
what is the correct order of steps to making effective financial decision
identify the problem list alternatives decide evaluate results
What is the correct order of steps to making ...
identify the problem list alternatives evaluate results decide
When making a financial decision, what is the correct order of steps?
identify the problem, list the alternatives, decide, evaluate results
credit card fraud, false credit applications, and fraudulent withdraw of accounts are all examples of
identify theft
credit card frauds, false credit card application, and fraudulent withdrawal of accounts are all examples of
identity theft
being alert to imperators, safely disposing personal information... encrypting your data, keeping your passwords private, and not ... social media are all ways to
keep personal information secure online
using security software, avoiding phishing emails, being wise about wi-fi, locking your laptop and reading privacy policies are all ways to
keep your devices secure
being alert to impersonators, safely disposing person information, encrypting your data, keeping your passwords private, and being careful on social media are all ways to
keep your personal information secure online
a contract answers all the following EXCEPT
likes
which of the following is an example of a short-term financial plan
pay off a medical bill
"Ponzi" scheme
promise of higher pay back from initial investors
consumer rights and consumer protection laws
provide a way for individuals to fight back against abusive businesses
when decision making skills improve, ___ is enhanced.
quality of life
determined how it can be reached
realistic
Gramm Leach-Bliley Act
requires financial institution to ensure the security and confidentiality of customer information
evaluating information sources is an important part of the
research process
when considering forming a partnership with someone.... planing, all of the following should be considered EXCEPT
the types of food your potential partner prefers
Specifically state when the goal needs to be reached
time bound
Deciding to purchase a car is usually a major financial decision
true
