Personal Finance Unit 1

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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


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