Collegiate Personal Finance F151 (Ch 1, 2, 4, 5, 6,& 7)- IUS Spring 2020

Lakukan tugas rumah & ujian kamu dengan baik sekarang menggunakan Quizwiz!

The Bureau of Consumer Protection protects consumers​ by: A. suing on behalf of consumers any company or individuals that break consumer laws or regulations. B. educating consumers about their rights and businesses aout their responsibilities. C. collecting consumer​ complaints, investigating consumer​ complaints, and sharing information with law enforcement agencies. D. developing and overseeing regulations aimed at maintaining a fair marketplace. E. All the answers are correct.

All fo the answers

Maya had an unresolved conflict with a local business. They finally agreed to ....... which means the decision was binding on both parties. ​

Arbitration involves a binding decision to settle a dispute.

Kaneesha can no longer pay her​ debts, because her budget is simply too tight. The judge determined she would go through a​ five-year repayment program by paying the courts directly and they would proportionally pay her creditors. The judge determined she would go through

Chapter 13 bankruptcy

Jacob can no longer pay his debts due to his recent job loss. The judge determined he would have to liquidate all his​ non-exempt assets and pay that amount to his​ creditors, but then they could no longer collect any more from him. The judge determined he would go​ through:

Chapter 7 bankruptcy

Bryan wants to purchase a​ car, but due to several missed payments in the​ past, identified on his credit​ report, his loan is denied. The dealership says they will loan him the​ money, but he will have to bring in a much larger down payment. The​ dealership, using the five Cs of​ credit, denied his loan due to his​ _________ but will still give him the loan if he improves his​ ______.

Character; capital

Neil is an aggressive loan officer. He really wants to make as many loans as possible to earn his commission. No matter what​ anyone's history with payments has​ been, or their income​ level, he approves auto loans at nearly​ 100% since the car itself has value and can be repossessed to pay off the loan. Neil is basing his decisions on auto loans almost entirely​ on:

Collateral

​Bob's friends invited him to a concert this​ weekend, but he​ doesn't have any cash to pay for the tickets. Bob decides to use his credit card and purchase a ticket anyway. In other​ words, Bob is using​ ______ to buy the tickets.

Credit

Zena opened up her first credit card account about three months ago. Her friends wanted her to join them on a​ last-minute trip to Vegas. She​ didn't have enough​ cash, so she charged her flight and hotel to her credit card since she knew she could pay it off over the next six months. Which credit rule did Zena​ break?

Credit cards are not to be used to supplement your income.

Zachary really wanted to go on spring break with his friends.​ However, his​ rent, car​ payment, monthly student loan​ payment, and cellphone bill took up so much of his income that he did not have enough left over. In other​ words, his ............. too high.

Fixed expenses are

Fillipe has a much lower credit score than Jane. If they both apply for the same loan what is likely to​happen?

Jane and Fillipe will be​ approved, but Fillipe will pay a higher interest rate.

Benjamin recently used small claims court to settle a dispute. Most​ likely, his dispute​ was: A. his divorce. B. his name change. C. an injunction. D. a bankruptcy. E. None of these disputes can be settled in small claims court.

Non of these disputes can be settled in small claims court.

We must retrain our brains because they have been trained​ to:

Spend

Monica received a letter in the mail stating that a Nigerian prince was trying to transfer​ $100,000 into her account because he needed to convert his money to dollars. If she​ complied, she would be allowed to keep​ 10% of the money. Being​ suspicious, Monica correctly referred this letter to​ the:​

U.S. Postal Inspection Service. The U.S. Postal Inspection Service defends against​ illegal, fraudulent, and dangerous use of the postal service such as this scenario. Next Question

Xinyu was shopping for the granola bars that she eats for a snack every day. She wants to buy 50 bars to get her through the next several weeks. The store sold them individually for 90 cents​ each, a box of 10 for​ $9.99, and a box of 25 on sale for​ $27.00. Making a wise shopping​ decision, she decided​ to:

buy 50 of them​ individually, since that is the least expensive option. 50 granola bars times × ​$0.90 =​ $45.00. This is the least expensive option.

Sharice was concerned that she would not be able to afford the payments on her new credit card. Even though she has not used it for any​ purchases, they issued her a credit line of ​$10,000--and now she is really upset and​doesn't know what to do.​Sharice's concern is probably because she is confusing the concepts​of:

credit and debit

Victor was denied his application for a credit card. The reason is that his​ ____________ was only 620.

credit score

Jenna has always been told to avoid debt for any reason whatsoever and always saw it only as something bad. She was surprised when her professor correctly explained​ that:

debt is important to the economy.

Rebecca found a great job after graduation that paid​ $60,000 per year. She went ahead and purchased a new​ car, rented an expensive​ apartment, and furnished the apartment using her credit card. A few months after she was​ hired, the company had budget cuts and had to fire everyone who was hired in the past year. Since Rebecca could not find another job that paid as​ much, she was unable to make her payments anymore. She learned​ that:

debt is risky

Paramveer borrowed a lot of money to attend college. His monthly student loan payments are​ $800. He cannot afford the rent on the apartment he really wants because he is​ $200 short each month. Paramveer learned the hard way​ that:

debt reduces your options

Troy was looking at his most recent credit card statement and was surprised when he realized............ not listed on the statement.

his social security number was

Alexi just purchased tickets to the basketball game from her​ friend, Jorve. She picked up the tickets this​ morning, but she is.............. because she is not going to pay him until she gets paid next week

in debt

Enrique wanted to start his own band. He purchased all his sound equipment and instruments on his credit card with 12 months financing at only​ 3%. After his first​ year, his monthly payments suddenly jumped way up and he was unable to keep up with the minimum monthly payments and had to sell his equipment. The damage was done because he​ had:

increasing finance charges.

Brianna went to www.annualcreditreport.com to get her free credit score. When she logged in​ she:

received three free credit​ reports, but no free credit score.

Kevin was asking his friend​ Regina, who is a loan​ officer, about the entire loan process. Regina explained a lot of details that confused Kevin. She finally summarized the whole process and said the bank wants to determine what type of​ _______ the borrower will present.

risk

Assuming your credit report is​ accurate, all the following are in your credit report except​ your:

salary

Kris and Bobbi just bought their first house together in an upscale neighborhood. They were jealous of the swimming​ pools, nice SUVs and fancy vacations of their neighbors. Because they did not want to seem out of​ place, they borrowed money and used their credit cards to purchase the same things as their neighbors.​ Bobbi's parents told her she was spending so much​ because:

she wanted to keep up with the Joneses'

Allyn just borrowed money to purchase a car to drive to work each day. The convenience of the car will allow her to stay later at work and impress her boss. Her financial adviser says the car loan is still bad debt​ because:

the car depreciates in value.

Barry grew up in a home where his parents made a good income. They had a swimming​ pool, a home media​room, and a​ 3,000-square-foot house. When Barry first​ graduated, he rented a large apartment that had many of the same amenities as his​ parents' house, which caused him to end up in debt. This is most likely due to his

unrealistic expectations

Lilly used to be able to save over​ $500 per month.​ Lately, she​ can't seem to find any money in her budget to save anymore. Her finance professor pointed out that she is spending more on​ cosmetics, dining​ out, and morning coffees than ever before. Her professor was trying to point out that she can save more if she quickly adjusts her

variable expenses

Taylor was speaking with a mortgage broker. She said the interest rate would be​ 6.00% per​ year, but the​__________ was​ 6.42% because of the fees.

APR

Chad is trying to improve his credit score. Which action would most likely​ help?

Reduce the amount of debt he has.

Almost all lenders look at anyone applying for a loan based on the​ ___________ presented to the lender.

Risk

Personal financial success is not about how much you make but about how much​ you:

Spend

How you choose to manage your career is one of the​ ___________________ you will make.

biggest financial decisions

For maximum protection with online​ purchases, it is best for people to​ use:

their credit card

Most lending institutions use a process called​ ________ when deciding whether to lend you money.

underwriting

Marcy was scheduled for a​ 9:00 AM interview and she knew the commute would take 25 minutes. She left her house precisely at​ 8:30 AM, but due to a local protest march traffic was slower than usual and she did not arrive until​ 9:15 AM. She still met with the employer and completed her interview but the employer did not seem happy with her and she did not get the job. She could have had a much better interview in this instance if she had

arrived early

James wants to make sure he​ doesn't fall for​ so-called tricks of the credit card industry. That means he looks out​for: A. a decreasing minimum payment. B. enticements to use his credit card for everything. C. hidden fees. D. an increasing credit limit. E.All the answers are correct.

All the answers are correct

Elijah is trying to decide on a career.​ Ultimately, he knows that his family is all on the East Coast and the most important thing for him is that he stays near his family no matter what career he chooses. Elijah has identified which career​ 'W' as the most​ important?

Where do you want to work?

Once you establish a reputation as​ ___________, that reputation can carry you far beyond the little bit of effort it takes to prove yourself.

a hard worker

Nancy put gas in her car earlier in the day at the local gas station using her debit card. She had​ $90 in her checking account and only put​ $30 of gas in her car. When she went to purchase an item that cost just​ $25, her card was declined. This is most likely​ because:

a merchant put a block on her card.

Kai wants to save some money over the next 12 months for vacation.​ Unfortunately, he chose the wrong place to save his money. Where did he likely put the money that made it a wrong​ choice?

Stock mutual fund

John wants to buy​ cheese, which lasts for 20 days before going bad. The​ 7-slice pack is​ $2.00, the​ 12-slice pack is​ $3.50 and the​ 25-slice pack is​ $5.00. To spend the least amount of​ money, which should John purchase assuming he eats one slice per​ day?

The 25-slice pack

Joseph grew up in a wealthy​ home, went to a​ well-known university and has a large income. Assuming he is like most people in his​ situation, he is more likely to​ __________ than is a financially disadvantaged single parent working two​ minimum-wage jobs to support a family.

avoid playing the lottery and be focused on at least one goal

Samantha just started her new job. She met a​ co-worker who has been there for several years and was higher up in the company. The​ co-worker offered to explain to Samantha how the company​ worked, what skills she needed to move up in the company and the types of accomplishments that the company rewarded.​ Basically, the​ co-worker was:

being a mentor

Most people need to​ __________ at some time to accomplish their financial goals and to better their lives.

borrow

Creditors and collection agencies are not allowed to make outrageous​ threats, call neighbors or​ family, or harass by telephone or​ in-person if the​ _________ stating such.

borrower sends a certified letter.

Peter wrote a check to cover his rent payment this month for​ $650. Unfortunately, he only had​ $500 in his account at the time the landlord tried to cash his check. Since his account had less than the check​ amount, his​ check:

bounced

Stacey borrowed​ $1,000 to pay for her​ dog's vet bill last year. She was told she did not have to make any​ payments, but the whole amount had to be paid off in 12 months. When she went to pay the​ $1,000 she was surprised to find that the amount she owed was​ $1,100. Stacey​ didn't realize she had to pay

interest

​José is working on his social media profile page and attending some open events in his local community with several business leaders.​ José is​________________ to improve his job prospects.

networking

Payday loans are some of the most​ __________ and​ _________ loans around.

risky; expensive

You want to make sure to set​ realistic, ___________​ goals, such as paying off a small credit​ card, as opposed to purchasing a home with cash in the next year.

Achievable

Kevin asks his professor where he should keep his money. After Kevin explains that the purpose of this money is to be able to spend it for his regular​bills, his professor recommends a local bank or credit union. This is because​ Kevin's money in this instance is​ about: A. short-term goals. B. keeping the money safe. C. access to cash. D. preserving the money. E. All the answers are correct.

All the answers are correct

Your career is a lifetime journey of making good use of​ your: A. time in college. B. skills. C. knowledge. D. experience. E. All the answers are correct.

All the answers are correct.

Veronica just received her financial aid disbursement amount of ​$2 comma 0002,000. She subtracted out her​ one-time expenses such as books. What should she do​ next?

Divide the remaining amount by the number of months she will need the money.

Jade has had a credit history for nearly ten years. In that​ time, she has opened five credit​ cards, taken out no​ loans, and not opened a new card recently. She has also never been late or missed any​ payments, and only owes about​ 20% of her available balance. Her score is lower than she expected. What element of her credit score is likely preventing it from being​ higher?

Types of credit

Couples are likely to overspend when they do not​ __________ their goals.

communicate

Richard just bought a new​ 60-inch TV. The store does not require any payments for two full years and the interest is​ 0%. This means​ Richard:

has debt

Lisa has developed her goals and is managing her budget. The next step she should take in the financial planning process is:

monitor and review

Nicola purchased a new curling iron. After three​ weeks, she started having problems with it.​ First, it​wouldn't warm​ up, then it would get too hot and singed her​ hair! When she looked up the model number​ online, she found that several others had been complaining of the same issue with this product over the past year. This could have been prevented if she​ had:

researched the product.

Henry wants to improve his credit score because he hopes to buy a home soon. Why is it so important to him to raise his score before he applies for the​ mortgage? A. His interest rate will be lower. B. He wants to qualify for the loan. C. His monthly payments will be lower. D. He wants to be able to put less money down for the down payment. E. All the answers are correct

All the answers are correct.

Cormac purchased furniture from a local business with no payments for 12 months at​ 0% interest. Six months​ later, he was told he owed the original​ amount, plus interest and late fees. When he finally reported the​ company, he correctly reported them to​ the:

Consumer Financial Protection Bureau

When saving your​ money, you want it in an account that is​ _______ ,which means it is easy to get your cash or easy to convert into cash without affecting value.

Liquid

Tania was happy that the Credit CARD Act of 2009 was protecting her as a consumer. She​ didn't realize,​ however, that the Act did not prevent the credit card company​ from:

charging high interest rates

Devin and Pat are a married couple. They just received a tax refund of​ $500. Devin was excited and bought Pat a​$400 gift. Pat was also excited about the money and bought the​ $300 curtains they had been wanting for months.​Now, they've ended up overspending by​ $200 and going into debt because they did​ not:

communicate their goals

Logan makes​ $1,500 per month. He has​ $500 per month available after he pays his expenses. When he decided to buy his new TV for​ $750, he felt it was a reasonable price since it is only​ 50% of his income.​ Instead, he should​ have:

computed the cost as a percentage of discretionary income.

Nathaniel paid a local contractor to clean out his rain spouting. After the contractor​ left, he noticed a section of the spouting that the contractor missed. His first course of action should be​ to:

contact the contractor.

Caleb had a good​ part-time job that paid​ $2,000 per month and over​ $1,800 in expenses every month. That means he only had​ $200 available in​ ________ income.

discretionary

Camille was contacted by a collections agency and they proved that the debt they were trying to collect was legitimate.​ Now, she has to​ _______ what is actually owed to the lender and all the penalties and fees.

distinguish between

Dominic just got dumped by his girlfriend. He​ didn't know what to do so he bought himself a new​ TV, video game​console, and new stereo for his car. Some people call this​ "retail therapy" but it can also be identified​ as:

emotional difficulties

Angelica is planning a themed birthday party for her daughter and plans to buy all the supplies online. For maximum protection with her online​ purchases, she should use

her credit card

Wendy was reviewing her credit report. Since the report was complete and​ accurate, she could find all the following information​ except:

her current income

Justin owed​ $5,000 on one credit​ card, $7,000 on a second credit​ card, and​ $8,000 on his car. After consolidating his debt into a single​ $20,000 loan, he explained to his girlfriend Beth how he had just paid off his debt. Beth​ didn't really know how to respond​ because:

he​ didn't really pay off any of his debt.

Kyle was comparing two of his credit reports. He noticed that the credit card he has from his local credit union was on his Experian but not his TransUnion report. Most likely this is​ because:

his credit union only reports to Experian

Gordon is the type of person who likes to have checklists and cross things off as he goes. He likes to start with easy tasks to get them out of the way. The best approach for him to pay off debt is likely​to:

pay off the smallest debt first.

Tobias was short on cash so he took out a​ _________ that had to be paid back in two weeks. As it turns​ out, his fees and interest combined totaled over​ 400% annual​ interest!

payday loan

Cornelius is having some difficulties paying his debts and he is a few months behind. His creditors are starting to harass him by calling his​ neighbors, calling him at​ work, and more. To legally get them to​ stop, he​ should:

send a certified letter demanding they stop.

Kristyn just purchased a new laptop for​ $1,200. The store wanted to sell her​ a(n) _______ for three​years' coverage of repair or replacement at​ $400. She decided it was too expensive.

service contract

Because Lucy is trying to recover just​ $5,000 from her​ landlord, who she feels ripped her​ off, in most​ jurisdictions, she can sue in​ __________________, which will keep her fees low and can likely be quick.

small claims court

Businesses buy things for one reason​ only:

to make a profit

When Katie applied for a loan at the​ bank, the loan officer said the final decision would not be made until after they completed their​ _____________. He said it was important to evaluate her riskiness and then they could determine the amount they would lend and at what rate.

underwriting

​__________ is one of the five​ C's of credit and is the willingness to pay bills on time.

Character

Vladimir placed​ $5,000 in a money market account at the local branch of a large bank.​ Unfortunately, the bank went bankrupt and shut down. He was still able to get his​ $5,000 because the bank​ was:

FDIC-insurred

By obligating future​ income, debt:

Is risky and reduces our available choices

​Eventually, you will reach your last semester in college. Just like any​ product, to let others know about you and know what a great asset you will be to their business you will have to​ __________ yourself.

Market

When it comes to improving your personal​ finances, most people think that​ __________ is the​answer, but it is not.

More money

John is trying to borrow money for a house. His credit union said the application process is going to include looking at his creditworthiness to determine if the credit union will loan him money and at what interest rate. The credit union will base their decision on​ John's: A. religion. B. ethnicity. C. budget. D. race. E. None of the answers are correct.

None of the answers are correct

Nate is nearing the end of his last semester and was fortunate enough to get called in for an interview. Nate felt he had a great interview and learned a lot about the company. For​ example, he​ didn't realize that the company was not just​ local, but had offices in 25 different states and in 3 other countries. He learned so much at the interview that he​ didn't even have any questions at the end. When he found out he​ didn't get the​ job, it was probably because he did​ not:

Research the company

Shania is in her early 20s and just started her first real​ full-time job with benefits. She is engaged to be married and would like to buy a home within the next three years. Shania is in the...........stage of her financial life cycle

Wealth Protection

The financial life cycle stages as most people go through​ them, in order from youngest to​ oldest, are:

Wealth​ protection; Wealth​ accumulation; Wealth distribution.

Priscilla started her new job about 6 months ago. The project she is working on is slowing down so she decided to ask around in other departments to see if anyone needed her help. She ended up collaborating on two other projects to use up her free time. Priscilla is not only showing initiative at work but also being

a team player

Rory really wants to become a​ go-to person in his office. As​ such, he will most likely​ avoid:

asking his boss if he should use one of his vacation days to not waste company time since his project is slow.

A good​ ________________ lets you evaluate where you are in your college career and identify opportunities that will give you the skills and experiences a potential employer finds attractive.

college career plan

Hannah is trying to improve herself to boost her career. She has volunteered as part of her​ organization's fundraiser to be the one to present a unique fund raising idea to the local community and to announce each of the donors at the main event. On which element of​ self-improvement is she most​focused?

communication

Ahmet is working on his budget process. He has already created an estimated​ one-month budget and tracked an actual month of spending. His next step should be​ to:

compare the two budgets

Sherice prefers to use cash most of the​ time, but her employer​ direct-deposits her paycheck into her bank account every two weeks. When choosing her bank or credit​ union, Sherice might want to prioritize finding one​ that:

has convenient access to ATMs

​Parvé has set a goal to accumulate​ $10,000 by investing a small amount of his paycheck each month and earning a reasonable amount of interest. He wants to use this money to buy a house. This is not a S.M.A.R.T. goal​because:

he did not set a time frame.

Caleb has some money set aside. He has not contributed to his account for a few​ months, but when he stopped contributing he had​ $10,000 in the account. A few months​ later, his account balance is only​ $7,800 and he has not spent any of the money. This is most likely because his money is

invested in the stock market

Isaiah was looking for internship opportunities. He found one that was available during the fall semester in the career field of his​ choice, but it did not pay and it was not at the company he wanted to work​ for, so he turned down the offer.​ Isaiah:

made the wrong choice-- it was in his field

Francine is trying to save money for a car purchase within the next six months. She should be most concerned​with: A. low risk. B. convenience. C. preservation. D. safety. E. All the answers are correct.

All of the answers are correct.

Ophilia really wants to be proactive and manage her career. She realizes it is called a career ladder and not a career elevator. To learn more about managing her​ career, she​ should: A. seek out experts on the topic. B. attend seminars on the topic. C. visit websites on the topic. D. read books on the topic. E. All the answers are correct.

All the answers are correct.

Wilma wants to make sure she does not pay any fees to her bank if possible. To avoid fees she​ can: A. avoid ATM fees. B. choose basic checking. C. maintain a high average daily balance. D. choose direct deposit. E. All the answers are correct.

All the answers are correct.

Louie keeps running out of money before his rent is due. He is not doing very well at controlling his spending. A good tool he should be using is​ a:

Budget

The financial planning process​ steps, in the correct​ order, are:

Develop your​ goals; Manage your​ budget; Monitor and​ review; Repeat.

Which of the following is NOT one of the psychological reasons people usually end up in​ debt?

Low income

According to the​ authors, to improve your chance of success with your financial plan you should follow the​ acronym:

S.P.E.N.D.

Viola just completed her net worth worksheet. Her total net worth is a positive number. What does this mean for​Viola?

The total worth of her assets exceeds the total amount of her debts.

Quincy is 62 years old and plans to retire later this year. He is concerned about his grown children and his grandchildren and wants to make sure he can provide as much support tot hem as possible, especially after he is gone. He is in the _______ stage of his financial life cycle.

Wealth Distribution

Gracie has determined that she would ultimately like to be a vice president of a​ bank, even though she knows she will not start out at that level. In​ fact, it may take her several years to reach that goal-- and she may even have to get a​master's degree in the meantime. Which of the career​'W's is she focused​on?

Where do you see yourself in five years?

Debt allows an economy to appear very large but debt also creates​ _________________ in an economy.

more risk

Hector only had​ $50 in his checking​ account, but when he tried to purchase a​ $75 item with his​ debit, the sale went through. This is because he has​_____________ through his bank or credit union.

overdraft protection

Bershir manages his budget well and even makes a list before he goes shopping.​ However, it seems that every time he goes shopping he sees items not on his list that he really wants and spends way too much money on them and then ends up running out of money before his next paycheck. His biggest issue seems to be

implies buying

Tyrone just graduated and started a new​ full-time job. Now that he has some​ income, his first goal should be​ to:

start an emergency fund.

Even people that are responsible with their money and never spend more than they make have trouble covering an emergency​ if:

the expense is not planned for in their budget.

Doug wants to purchase something from the​ store, but would also like to get cash back. To do this he will need​ to:

use his debit​ card, press​ "Debit", and enter his PIN.

All the following are ways to improve your credit score​ except: A. pay your bills on time. B. ask to have late payments erased if you are now caught up. C. avoid closing unused accounts. D. pay down your debt. E. All the items are ways to improve your credit score.

All of items are ways to improve your credit score.

Elle has made a few money mistakes over the past few semesters by missing some credit card payments and falling behind by three or four months on her car payment. She is concerned because her credit score is probably low which could affect her ability​ to: A. get a new credit card. B. get a job. C. get car insurance. D. get an apartment. E. All of the answers are correct.

All of the answers are correct

Ira has completed his monthly budget and notes that the difference between his monthly income and his monthly expenses is a shortage of​ (negative) $100. This means that Ira did​ what? A. Spent​ $100 more for the month than what he made in income. B.Must find another source of​ funds, such as from his savings​ account, to make up for the shortage. C.Must find another source of​ funds, such as finding an additional​ part-time job, to make up for the shortage. D.Must find another source of​ funds, such as using a credit​ card, to make up for the shortage. E.All the answers are correct.

All of the answers are correct

​________ is an action that you can take while in college to be better prepared for getting hired and being successful in your career. A. Taking the right classes B. Completing an internship C. Signing up for interviews D. Joining student organizations E. All the answers are correct.

All of the answers are correct.

Which of the following is not an area to focus on to improve yourself as a job candidate or​ employee? A. Technology. B. Leadership. C. Communication. D. Education. E. All these options are acceptable to focus on.

All of these options are acceptable to focus on.

When looking at our acronym​ S.P.E.N.D., the letter​ 'N' refers to​ whom? A. Salespeople. B. Co-workers. C. Family. D. Friends. E. All the answers are correct.

All the answers are correct.

Just because you are​ _____ for a loan does not mean you​ ______ it.

Approved; can afford

Just as your career is something that you​manage, your time in college or your​ "college career" is something you manage too. You begin with developing the​ right:

Attitude

Yana has just completed her budget. Her​ take-home pay is ​$3 comma 0003,000 per month. Her monthly total household expenses are $ 1 comma 560$1,560​, her total debt payments are ​$910910​, and she spends ​$550550 on food and entertainment and ​$225225 on clothes. Her budget indicates a​ monthly:

budget deficit

Yusef put some money in the bank in a specific type of account three months ago. When he went back into the bank to withdraw his​ money, he was told he would have to pay a penalty unless he waited three more months. This is because he put his money in​ a(n)

certificate of deposit

If you know you will not need access to your money for at least six months to one​ year, a(n)​ ____________ may be a viable option for you.​

certificate of deposit​ (CD)

Basic financial planning

clears away the complexity

​Tania, a​ 25-year-old student, has placed an amount of money into the stock market after seeking qualified advice from a trusted advisor. Since the money is in the stock​ market, it is likely not being used​ for:

an emergency fund

The reason it is suggested that you​ ________________ is so you handle the money the way you want to and make sure it is being spent on your highest priorities.

establish financial goals

A good college career​ _________ lets you evaluate where you are in your college career and identify opportunities that will give you the skills and experiences a potential employer finds attractive.

plan

For debt to be​ 'bad debt', the item purchased with that debt​ must:

display just one of these​ features: depreciate, last less time than the​ loan, or have negative financial leverage.

John is a famous athlete that made over $30 million during his professional athletic career. However, within three years after retiring from sports, he went bankrupt. Like many famous people who go broke, John most likely does not know how to:

control his spending

Kaitlyn was applying for a job. After the hiring manager read her application and reviewed her​ résumé, she​ didn't feel like Kaitlyn introduced herself or explained why she was seeking this job. Most likely Kaitlyn forgot to include her

cover letter

Your​ __________ makes you​ marketable, but it does not guarantee a job for you when you graduate.

diploma

The first thing you should do to prepare for an interview is​ to:

research the company

Deedra has been trying to be responsible with her money. She even paid off her student loans​ early! Unfortunately, her car broke down last week and the repairs cost her​ $1,000. Fortunately, she did not have to go into​ debt, but rather had the cash available in a separate account. Most likely this is because she had been.....

saving for emergencies

Bertha owns a ​$3,450 car, $500 in​ clothes, and ​$1,900 in electronic items and has $2,000 in her bank account. She has $7,200 in student loans and still owes $2,100 on her car. From this information we can conclude

she has negative net worth

It is a very good idea to make sure all correspondence with a collection agency is done​ by:

certified mail

You do not want to put your​ ____________ in a stock market account. A​ short-term drop in the market would mean your money would not be there when you needed it.

emergency fund for a​ 40-year-old

Gretchen is applying for a new credit card at the department store. They ran a quick check and denied her credit. When she inquired about the details of why she was​ denied, the credit bureau indicated she had missed several payments in the past. This means she was denied due to​ her:

character

Quynn was applying for a car loan. The bank was very happy with his history of making payments on time and his income. Their major concern was that his job was in new housing construction and the country was heading into a recession. Which of the five Cs of credit seemed to cause the most concern for the​ bank?

conditions

​Franco's financial plan seemed to be going smoothly when suddenly he received a bill for​ $700 for personal property tax on his expensive car. This ruined his budget for the current month as well as the next several months. This could have been prevented if he​ had:

not forgotten​ non-monthly expenses.

Larry wanted to be fully prepared before attending the career fair at his college. He tried to summarize who he​ was, what he was seeking in a​ job, and how he could contribute in a quick​ 30-second introduction. In other​ words, he was practicing​ his:

elevator speech

To make sure your money is spent on your highest​ priorities, you​ should:

establish financial goals

You can expect​ ___________ to use your credit score to decide what they will charge or if they will do business with you as a consumer. A. landlords B. employers C. banks D. car insurance companies E. All the answers are correct.

All of the answers are correct.

Mary owns a local retail shop that is gaining in popularity. Many of her customers express an interest in buying more of her​ items, but they​ don't like to travel so far. Mary realizes that she could invest in her company and expand to other areas and hire more employees. Like most​ businesses, Mary is going to need​ ___________ to accomplish these goals.

credit

Chloe used a local​ _________ for her banking​ needs, because she enjoyed the lower fees and that it existed for people with a common interest​ - people who worked or lived in her community.

credit union

Charissa is working​ full-time with a decent salary. She would like to save ​$12 comma 00012,000 to own her own condominium in four years. Her goal is considered

mid-term

Saving is​ about: A. short-term goals. B. access to cash. C. keeping money safe. D. preserving money. E. All of the answers are correct.

All of the answers are correct.

The key to credit cards is​ to: A. know when to use them. B. understand how they work. C. know when to avoid using them. D. know what purpose they should serve. E. All the answers are correct.

All of the answers are correct.

A credit score is derived from gathering information from your​ ______________.

Credit report

The real reason most people attend college is​ to:

Get a better job

Frankie has never missed a payment on her credit cards or loans. She has been in her career for a few years and her industry is doing well. The​ bank, where she was applying for a​ loan, said its main concern was her capacity to handle the loan. What were they really concerned​ about?

Her income

Chia is working with a financial planner who is concerned about the potential that interest rates could start rising​soon, just before Chia is ready to buy a house. Her financial planner is focused on which common lifestyle​ force?

Macroeconomics

You are not​ ________ and neither is anyone​ else, so you can use this to your advantage.

special


Set pelajaran terkait

Chapter 53, Nursing Management: Female Reproductive and Genital Problems

View Set

Abdominal and Genitourinary Injuries Chapter: 30

View Set

Ch 18 The Cardiovascular System: The Heart HW

View Set

Chapter 18: Nursing Management of the Newborn 5-8

View Set