POB Test Questions

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

List the steps of the financial planning process

1- Determine your financial situation 2- develop you financial goals 3- identify possible course of action 4- evaluate you plan 5- implement a financial plan of action 6- review and revise

What are the 7 steps to prepare a budget?

1- set financial goals 2- estimate income 3- budget for the unexpected 4- budget fixed expenses 5- budget variable expenses 6- record spending 7- review and revise

explain major functions of the federal reserve system in the US economy

Clearing checks, acting as the fed. gov. fiscal agent, supervising member banks, regulation the money supply, setting reserve requirements, supplying paper currency

How are fixed expenses and variable expenses different?

Fixed expenses occur regularly and are paid regularly, variable expenses are expenses that can be changed and can be controlled more easilyy then fixed expenses

What are some examples of long-range financial goals that consumers may have?

Getting a college education, buying a car, and starting a business

list 7 types of financial institutions

commercial banks, savings and loan associations, credit unions, mortgage companies, finance companies, insurance companies, and brokerage firms

compare and contrast three types of banks that are found in our economy

commercial banks- checking, saving, ect saving and loan associations- interest credit unions- not-for-profit

How are credit union different from a commercial bank?

credit union are not-for-profit banks set up by organizations fro their employees to use, in a commercial bank it is entire range

What is the difference between gross and net pay?

gross pay is he total amount of money you earned for a specific time, net pay is your gross pay minus deductions

Name some financial risk

inflation, interest rate, income, personal, and liquidity

Discribe he functions and characteristics of money

medium of exchange, standard value, store of value, and what money looks like

What are 4 types of loans that a bank makes?

mortgage, commercial, individual, line of credit

What are 5 characteristics that money must have?

stable, accepted, divisible, portable, and counterfeit

what are the three main functions of a bank?

storing money, transferring money, and lending money

What is the mission of the federal reserve?

to provide the US with a safe, flexible, and stabile monetary and financial systems

Disscuss sources of risk

trying to do things that may help you a lot but also hurt you a lot if you were to fail


संबंधित स्टडी सेट्स

Chapter 4 The First Age of Empires

View Set

CSCI 387: Software Testing (Ole Miss)

View Set

Pharmacology Prep U Chapter 51: Diuretic Agents

View Set

Level D Unit 7: Completing the Sentences

View Set