consumer math
A credit score can be compared to a ??? of your ??? at one point in time.
"snapshot" credit worthiness
The total for the month of October would be:
$1,219.00
Week 4
$101.00
Week 3
$104.00
401(k)
$12.50 and $199.41
Bonus
$20.00
Overtime earnings
$34.18 and $649.09
State Income Tax
$40.07 and $639.60
FSA
$5.00 and $80.00
Regular earnings
$607.68 and $17,324.54
Vacation pay
$607.68 and $945.22
Social Security Tax
$77.44 and $1,237.09
Week 1
$881.00
Match all accounting terms to their definition.
...
What age group plays more sports and games?
15-19
cost $15.00 sale price $40.00 markup percent = ???%
167
cost $25.00 sale price $40.00 markup percent = ???%
60
Plan Year
A 12-month period designated by a retirement plan for calculating vesting and distribution, among other things. The plan year can be the calendar year or an alternative period, e.g., July 1 to June 30.
Something that is used to list both assets and liabilities, and should balance evenly or show a current ratio of 1 or better.
A balance sheet
Cash Balance Plan
A type of defined benefit plan that includes some elements that are similar to a defined contribution plan because the benefit amount is computed based on a formula using contribution and earning credits, and each participant has a hypothetical account. Cash balance plans are more likely than traditional defined benefit plans to make lump sum distributions.
Allows you to withdraw money or make deposits to your account when your institution is closed or you are away from home.
ATM-automated teller machine
Making quick and frequent trades on the stock market instead of watching for trends and and better opportunities
Active Trading
In the past few years, health care has been a topic of discussion and the news. The Supreme Court even has made rulings related to health care. Congress passed a bill commonly referred to as Obamacare, named after President Obama who promoted the bill's passage. The actual health care bill is the...
Affordable Care Act
Individual Retirement Account (IRA)
An individual account set up with a financial institution, such as a bank or a mutual fund company. Under Federal law, individuals may set aside personal savings up to a certain amount, and the investments grow, tax deferred. In addition, defined contribution plan participants can transfer money from an employer retirement plan to an IRA when leaving an employer. IRAs also can be part of an employer plan.
Individual Benefit Statement
An individual benefit statement provides information about a participant's retirement benefits, such as the total plan benefits earned and vested benefits, on a periodic basis. Additional information may be included depending upon the type of plan, such as how a participant's 401(k) plan account is invested and the value of those investments.
A debt security issued to raise money for a project that is sold to investors for a certain rate of interest over a prescribed length of time.
Bonds
An agreement to buy or sell specific quantities of a certain product on a particular date in the future. Metals, oil, agricultural products, and U.S. and foreign currencies.
Commodities
Assets that will be used or disbursed in a year or less, and include cash on hand, raw materials, and other short term inventories of products.
Current assets
Items that would include accounts payable, short term debt, and services provided by others that are to be reimbursed
Current liabilities
The retailer sets prices based on what the customer will pay based on the popularity of an item, the target audience, and prices levels.
Demand Oriented
Base your business on your skills, talents, interests, and target market. Create an action plan that outlines the specifics of what needs to be done in an orderly manner.
Design and write down a business plan.
When health insurance pays a claim for a patient, the amount covered is documented in a type of correspondence known as the...
EOB (Explanation of Benefits)
This covers towing, fixing flats, unlocking a car with keys locked inside, and dead battery replacement or jump start.
Emergency Road Service
Automatic Enrollment
Employers can automatically enroll employees in a plan, such as a 401(k) or SIMPLE IRA plan, and place contributions deducted from employees' paychecks into certain predetermined investments, unless the employees decide otherwise. Participants have the opportunity to opt out of participation and periodic opportunities to change their investments (or in a SIMPLE IRA, the financial institution where the contributions are invested).
What government agency is responsible for enforcing laws related to consumer credit?
FTC (Federal Trade Commission)
The leading provider of credit information to lenders is...
Fair Isaac Corporation
Retirement is nothing to be concerned about. Most people have planned for their retirement years, and they will be ready to take it easy once they are retired.
False (Fewer than half of Americans have calculated the costs and planned for the future.)
Investing in local, familiar stocks instead of looking into larger and more profitable investments.
Familiarity Bias
These investments pool funds from many investors in order to buy large amounts of stocks or securities in hopes of high rates of return. Not as much regulation involved as in mutual funds, and can carry high risks.
Hedge Funds
Defined Contribution Plan
In a defined contribution plan, the employee and/or the employer contribute to the employee's individual account under the plan. The employee often decides how his or her account is invested. The amount in the account at distribution includes the contributions and investment gains or losses, minus any investment and administrative fees. The contributions and earnings are not taxed until distribution. The value of the account will change based on the value and performance of the investments.
401(k)
In this type of defined contribution plan, the employee can make contributions from his or her paycheck before taxes are taken out. The contributions go into a 401(k) account, with the employee often choosing the investments based on options provided under the plan. In some plans, the employer also makes contributions, matching the employee's contributions up to a certain percentage. SIMPLE and safe harbor 401(k) plans have additional employer contribution and vesting requirements.
An insurance plan that is paid for while a person is working to help with costs when the person is in need of rehabilitation care or nursing home services.
Long Term Care Insurance
Things like property, buildings, stocks, and any item that will be used for years.
Long term assets
Things that would include such things as loans, mortgages, and any other long term obligations
Long term liabilities
Considering what the Bible teaches about work and wages, should you be expected to work for a lower than average salary just because you are a Christian?
No, because I Tim. 5:18 says, "The laborer deserves his wages."
Paying excessive fees for managing mutual funds that are frequently trading.
Performance Versus Fees of Mutual Funds
Register with your state to in order to obtain a tax identification number in order to deal with workers' compensation, unemployment and disability insurance. (Register with your state in order to obtain a tax identification number in order to deal with workers' compensation, unemployment and disability insurance.)
Register for state and local taxes.
Register your business name with your state government.
Register your business name with the proper authorities.
The price a retailer charges the customer for a product based on markup and overhead expenses.
Retail price
Plan Trustee
Someone who has the exclusive authority and discretion to manage and control the assets of the plan. The trustee can be subject to the direction of a named fiduciary and the named fiduciary can appoint one or more investment managers for the plan's assets.
What do you think are some good reasons why people over 75 watch almost twice as much television as other age groups? choose the three best answers
Television is a convenient way to keep up with the news, watch sporting events, and other entertaining programming. Older people are limited by their health and other circumstances being able to do more physical activities. Older people many times live alone or in a retirement home or facility and television is their only source of the outside world.
??? life insurance policies are the least costly. They pay ??? but have no ???. These type of policies are in effect for a specific ???.
Term death benefits cash value period of time (Term life insurance policies are the least costly. They pay death benefits but have no cash value. These type of policies are in effect for a specific period of time.)
Benefit Accrual
The amount of benefits accumulated under the plan.
What is the markup in price on a good or service?
The difference between the cost to a retailer of a good or service and the seeling price of the same good or service. (The difference between the cost to a retailer of a good or service and the selling price of the same good or service.)
Tom interviewed several of his neighbors and asked them to fill out an anonymous survey about their jobs. He found out that while one person's salary was $24,000 a year, another person's salary was $98,000. What are some factors that would make such a difference? Choose all that could apply.
The person who had a lower salary was working part time. One person is a highly skilled technician and the other performs manual labor. One person owns his own business and the other works at a convenience store. One person was in management, while the other was an entry level position. One person has more years of experience than the other. The person with a higher salary had a higher level of responsibility.
What is a wholesale price?
The price a manufacturer or wholesaler charges a retailer for a product.
On the average managers and professionals pay more in taxes than other wage earners.
True
Pays for routine eye exams, discounts on laser surgery, and partial payments on eyeglasses.
Vision Insurance
Employers know how much to deduct from employees' pay based on what form?
W-4
What are some of the things to consider when purchasing disability insurance? Chose all appropriate answers.
What dollar amount or percentage is promised? How are amounts affected by Social Security and other factors? How does the policy define disabilities? When do benefits begin being paid? How long do the benefits last?
What are liabilities when considering a business?
a company's debts or obligations during the course of business operations
policy
a contract between an individual and an insurance company that offers reimbursement for loss or damages
insurance
a financial product that is purchased to protect the policyholder from accident, injury or loss
Earnings grow at a faster rate than average. They rarely pay dividends and investors hope for high capital appreciation.
a high tech company
Instead of a set fee as a co-pay, coinsurance charges...
a percentage of the total cost
If personal debt gets out of hand and something needs to be done, what is one of the better sources that can help you the best?
a reputable credit counseling organization
Whether you are planning for retirement or not, one good habit or practice that can help everyone financially is having...
a savings account
deductible
a set amount a policyholder is expected to pay before the insurer pays any of costs incurred due to an accident or loss
co-pay
a set fee for services usually associated with health insurance that a person pays before receiving treatment or services
Teller
accepts deposits, cashes checks and can help with your account
Beware of payday, car title and similar loans because of the ???.
excessive interest rates.
Customer Service Representative
explains services, answer general questions, give out written information
Choose all possible factors that can affect the cost of life insurance.
family health history gender past and current health vitals occupation age weight drinking alcohol at a high level/smoking
On the sample pay stub, what is the largest deduction?
federal income tax
When investigating expenses related to food purchase, people generally spend more for
groceries and snacks
Do people spend more on health care or entertainment?
health care
Why is it not a good idea to borrow money from a relative or friend?
it can cause personal conflict and bad feelings
If an item is popular then
it will be highly in demand.
Issued by institutions as a means of paying a bill that you purchase with cash and works much like a check.
money order
Choose all factors that can potentially affect how much automobile insurance will cost an owner.
occupation marital status deductibles for certain coverages past claims you have filed age residence-where you live past driving record
this institution has no physical office where you can conduct business, generally offers better yielding interest accounts and lower fees, all banking is either done online or at an ATM
online bank
50 or younger
participate in employer sponsored retirement accounts, prepare for retirement
What are some of the things that can affect the cost and coverage of your homeowner's insurance? Choose any that apply.
replacement versus actual cash value policies pay out and cost different amounts special "riders" for things such as jewelry and other items not covered by regular basic homeowner's policies special earthquake and flood insurances increasing your deductible for claims can help lower costs safety features such as alarm systems, fire extinguishers, and similar safety items can lower insurance premiums
FICA taxes provides benefits for ???.
retired and disabled workers
Contingency insurance that covers things like... (Contingency insurance covers things like...)
risks associated with hazards due to nature and similar damages not covered under regular policies
When considering a job offer what are some of the factors that may influence your choice?
schedules, promotion opportunities, perks
What kind of expenses fall under the category of transportation?
tags, licenses, safety inspections gas, oil and tires for vehicles bus and train fare vehicle maintenance and parking automobile loan or lease payments
National programs such as defense spending, community development and law enforcement are provided from funds collected as ???.
taxes
Real return is the return on stocks over a given period of time after subtracting ________ and adjusting for ___________.
taxes...inflation
Allows you to check account balances, transfer funds from one account to another, and other banking tools that is done from your home or other location.
telephone/online banking
This person accepts your deposits and other transactions at a window, desk or drive through.
teller
premium
the amount due and paid to the insurer by the policy holder
The P/E ratio is a proportion between...
the cost of the share of stock and its earnings over a year
What is retail markup pricing?
the difference between the wholesale price and retail price
Net income
the income that is left after all expenses, interest, and taxes are paid
If an item is not popular then
the item will not be in demand.
Who would earn the most in salary the first twenty years (considering the same loss of earnings for the first six years for the lawyer.)
the lawyer would earn more-by about $265,000
Anytime you are in a situation where making payments on loans or credit cards is difficult, always call or contact ??? first.
the lender or credit card company
If an item is low in demand then
the price will generally be lower or the item will go on sale.
Who would earn the most in salary the first ten years (knowing that the person getting a law degree loses 6 years of salary while he/she is in college and law school.)
the truck driver would earn more-by about $89,000
A deal that sounds too good ???
to be true probably is.
birthday gifts
want
Federal Income Tax
$93.93 and 1,498.40
A person contracts with an insurance or investment company that requires a single payment or regularly scheduled payments. The purchaser then receives a payment or payments over time once he/she has retired.
Annuity
Match the financial institution worker with their description.
...
Match the income statement terms to their definitions.
...
Match the insurance term to its definition.
...
Match the kind of health insurance to the type of benefits and coverage that is provided.
...
Match the kind of insurance with the kind of coverage it provides.
...
Match the kind of stock to the the kind of company that would issue that particular kind of stock.
...
Match the pricing strategy to its definition.
...
Match the services of financial institutions to their description.
...
Match the term related to retail store pricing to its definition.
...
Match the type of investment product to its description.
...
Match up the specialty insurance to the services that are provided by those insurances.
...
When planning to open your own business, there are certain steps that can help you do the best that you can do. Match each step to the related strategy.
...
MRSP $29.99 retailer's price $24.99 discount = [a4]%
17
cost $0.10 sale price $2.00 markup percent = ???% (this will be high!-the cost of a soda compared to what a restaurant charges you for the same drink)
1900
What age group watches more TV?
75 and over
cost $25.00 sale price $45.00 markup percent = ???%
80
APR is a common lending term used by credit card companies and other lenders. The letters stand for...
Annual Percentage Rate
According to statistics, how many people have planned for retirement before getting to retirement age?
fewer than 50%
Always check the ??? before making payment, and if there are any discrepancies, have them resolved before completing the transaction.
final price
The majority of credit cards are promoted by...
financial institutions, retail stores, oil companies
This person discusses loan options and helps you with paperwork necessary to apply for and process a loan.
loan officer
Bankruptcy is an option for those deep in debt. Consequences can be ???. The court grants a ??? that exempts those filing for bankruptcy from paying certain debts. Bankruptcy filing can stay on your credit report for ??? and can hurt when ???.
long lasting and far reaching disharge ten years applying for other credit or get a job (discharge)
Do all stocks pay dividends?
no-some are simply bought for the value of the stock, and then the investor makes money off the resale of the stock
Choose all statements that apply to credit unions as outlined in the lesson.
not for profit financial institution member owned all profits and surpluses used to pay for member services and administrative costs provides financial services to just its members safe places to keep your money
Liabilities may include...(Choose all that apply)
obligations to fulfill daily operational expeneses (daily operational expenses) loans outstanding accounts payable debts taxes owed
Security Guard
observant of any unusual situations and contacts police when necessary
Choose all typical insurances policies that are available to most consumers.
personal property automobile life health homeowners
Even if you don't own a home you should have renter's insurance to cover...
personal property damage or loss
According to statistics, people spend the most time...
sleeping
It is important to have a will...
so family will know what to do with money and possessions upon your death (strangely, NOT the following) because you do not want mean people to get any of your stuff
Why should everyone have a will? choose all applicable responses
so the state will not do what it wants to in settling your estate so all of your financial obligations will be taken care of so your possessions will be given or donated to the person or organization of your choice so your estate will be settled the way you want it to be dispersed so there will be a document recording your wishes regarding your burial arrangements
The largest amount of the government expenditures goes for ???.
social security, medicare and retirement benefits
It is important to save regularly so you will be ready for...
special life events and unplanned/emergency needs
Choose all practical ways a person can plan and prepare for retirement.
start saving for retirement when you are younger if self employed invest in IRA's or other diversified investments participate in your employer's pension or savings plan to save on taxes evaluate how much income you will need to support you in retirement know what Social Security may provide in retirement
Canvas the business community and possible investors for advice on government backed loans, venture capital and research grants to help you get started.
Finance your business.
Savings accounts set up to be deducted from salaries and are used to pay for medical treatment and supplies.
Flexible Spending Account
This pays for the cost of repaying the cost of a car that has been totaled or a car that is being rented and is worth less than the remaining payments.
Gap Insurance
Based on the chart of average expenditures, do people give a tithe of their earnings to churches and charities?
No, on the average people give less than 4% of their expenses towards giving.
Do most people give or donate a tithe (10%) of their income to churches and charities?
No, people give less than half of a tithe (only 4%) to churches and charities
All financial institutions have the same fees and charges
No-while they may all have certain fees and charges, they do not always levy the same amounts for those fees and charges.
Make sure you have an accurate list of federal, state and local licenses and permits required for your business and apply for them before opening your business.
Obtain neccessary business licenses and permits in order to operate your business. (Obtain necessary business licenses and permits in order to operate your business.)
These stocks provide income as regularly paid dividends.
a utility company such as an electric company
These stocks have a low price, and are purchased in the hopes that prices will rebound and give a better return.
a variety of possible companies that have experienced a sudden dip in value
Week 2
$133.00
Tithe based on gross pay
$124.95 and $1,996.19
A budget helps a person or family to keep up with expenses in order to budget their money wisely. Some expenses are needs that are necessary for day-to-day living, while other expenses are wants that satisfy our desires. Assess the list below that appears in the budget examples and evaluate whether the item is a need or want.
...
Answer the following questions based on the financial details from XYZ Retailers.
...
Answer the questions based the information about taxes and payroll.
...
Based on the example payroll match the items on the left to the correct figures on the right.
...
Complete the thought for each of the shopping tips from the lesson.
...
Complete this chart to find the total expenses Bill had for the month of October. For your answers be sure to include a dollar sign ($) and decimals to separate dollars from cents.
...
Consider the correlations between supply and demand and match the two causes and effects.
...
For each MRSP (Manufacturer's Suggested Retail Price) given and the price displayed on a tag by the retailer, determine the amount of discount as a percent in the next four problems. Round your answer to the next whole percent. Ex. 34.7% = 35%
...
For each MRSP (Manufacturer's Suggested Retail Price) given and the price displayed on a tag by the retailer, determine the amount of discount as a percent. Round your answer to the next whole percent. Ex. 34.7% = 35%
...
For each cost of an item to a retailer and the price charged by the retailer, determine the percent markup of each item. Markup = price - cost, and then the markup percent would be calculated by dividing the dollar amount of the markup by the original cost. Then multiply the decimal answer by 100 to get the percent. Round your answer to the next whole percent. Ex. 34.7% = 35%
...
If the average truck driver earns a basic salary of $38,379 a year and an average lawyer earns a basic salary of $73,687 answer the following questions:
...
Match each common investing mistake to its definition or example.
...
Match each description to the type of loan.
...
Match retirement ages with applicable actions allowed for that age.
...
Match the definitions to the type of bankruptcy.
...
Match the description given to the type of insurance coverage that is related to automobiles.
...
Match the financial institution officer or staff member to their duties or responsibilities.
...
Match the financial institution with its characteristics.
...
MSRP $125.00 retailer's price $100.00 discount = ???%
20
cost $10,000.00 sale price $12,000.00 markup percent = ???%
20
How many years does the average American spend in retirement?
20 years
MSRP $18.99 retailer's price $14.99 discount = ???%
21
MSRP $45.00 retailer's price $35.00 discount = ???%
22
MSRP $130.00 retailer's price $100.00 discount = ???%
23
MSRP $19.99 retailer's price $14.99 discount = ???%
25
cost $12,000.00 sale price $15,000.00 markup percent = ???%
25
Personal income taxes account for what percent of the government revenues?
26%
MSRP $48.00 retailer's price $35.00 discount = ???%
27
cost $10.00 sale price $40.00 markup percent = ???%
300
cost $15.00 sale price $20.00 markup percent = ???%
33
MRSP $39.99 retailer's price $24.99 discount = ???%
38
On the average most people in the current workforce are in what age bracket?
40 - 50 years old
cost $15.00 sale price $22.00 markup percent = ???%
47
cost $12.00 sale price $20.00 markup percent = ???%
67
cost $15.00 sale price $25.00 markup percent = ???%
67
Most retired people are over the age of ...
70
Based on averages, most retired workers are over...
70 years old
Employee Retirement Income Security Act of 1974 (ERISA)
A Federal law that sets standards of protection for individuals in most voluntarily established, private-sector retirement plans. ERISA requires plans to provide participants with plan information, including important facts about plan features and funding; sets minimum standards for participation, vesting, benefit accrual, and funding; provides fiduciary responsibilities for those who manage and control plan assets; requires plans to establish a claims and appeals process for participants to get benefits from their plans; gives participants the right to sue for benefits and breaches of fiduciary duty; and, if a defined benefit plan is terminated, guarantees payment of certain benefits through a Federally chartered corporation, known as the Pension Benefit Guaranty Corporation (PBGC).
Summary Plan Description
A document provided by the plan administrator that includes a plain language description of important features of the plan, e.g., when employees begin to participate in the plan, how service and benefits are calculated, when benefits become vested, when payment is received and in what form, and how to file a claim for benefits. Participants must be informed of material changes either through a revised Summary Plan Description or in a separate document called a Summary of Material Modifications.
Money Purchase Plan
A money purchase plan requires set annual contributions from the employer to individual accounts and is subject to other rules.
Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)
A plan in which a small business with 100 or fewer employees can offer retirement benefits through employee salary reductions and matching contributions (similar to those found in a 401(k) plan). It can be either a SIMPLE IRA or a SIMPLE 401(k). SIMPLE IRA plans impose few administrative burdens on employers because IRAs are owned by the employees and the bank or financial institution receiving the funds does most of the paperwork. While each has some different features, including contribution limits and the availability of loans, required employer contributions are immediately 100 percent vested in both.
Simplified Employee Pension Plan (SEP)
A plan in which the employer makes contributions on a tax-favored basis to individual retirement accounts (IRAs) owned by the employees. If certain conditions are met, the employer is not subject to the reporting and disclosure requirements of most retirement plans. Under a SEP, an IRA is set up by or for an employee to accept the employer's contributions.
Profit Sharing Plan
A profit sharing plan allows the employer each year to determine how much to contribute to the plan (out of profits or otherwise) in cash or employer stock. The plan contains a formula for allocating the annual contribution among the participants.
Multiemployer Plan
A retirement plan sponsored by several employers under collective bargaining agreements that meets certain other requirements. A participant who changes jobs from one sponsoring employer to another stays within the same plan.
Rollover
A rollover occurs when a participant leaves an employer and directs the defined contribution plan to transfer the money in his or her account to a new plan or individual retirement account. This preserves the benefits and does not trigger any tax consequences if done in a timely manner.
Safe Harbor 401(k)
A safe harbor 401(k) is similar to a traditional 401(k) plan, but the employer is required to make contributions for each employee. The employer contributions in safe harbor 401(k) plans are immediately 100 percent vested. The safe harbor 401(k) eases administrative burdens on employers by eliminating some of the complex tax rules ordinarily applied to traditional 401(k) plans.
Employee Stock Ownership Plan (ESOP)
A type of defined contribution plan that is invested primarily in employer stock.
Plan Document
A written instrument under which the plan is established and operated.
Plan Fiduciary
Anyone who exercises discretionary authority or discretionary control over management or administration of the plan, exercises any authority or control over management or disposition of plan assets, or gives investment advice for a fee or other compensation with respect to assets of the plan.
Consider the options and make the best choice. Mike needs a computer for college. His laptop is three years old, has an old processor, a small hard drive and a cracked screen. He has saved $800.00 for a computer and printer for college. Here are the options he has: 1. Have his laptop repaired with a 90 day warranty, a bigger hard drive, and a new screen. This will cost him $400.00. That leaves him with $400.00 for a printer and other expenses. 2. Buy a new laptop for $500.00 that has a faster processor and bigger hard drive, and buy an extended 3 year warranty for $100.00. That would leave him $200.00 for a printer and other expenses.
Buy the new laptop. He will be getting a better computer and warranty and still have plenty to buy a printer and other things.
A savings account that holds a fixed amount of money over a set amount of time. These are issued by financial institutions for usually six months, a year and up to five years. Unlike stocks they are insured through the federal government.
CD's (Certificate of Deposit)
This pays for a rental car so you can go to work and other responsibilities when your car is being repaired due to an accident.
Car Rental and travel Expenses
Allows people that have a steady income to keep some property such as a car and home. The court approves a repayment plan that allows the use of future income to pay off debts.
Chapter 13 Bankruptcy
Known as straight bankruptcy and involves liquidating all assets that are not exempt. Anyone filing fo rthis kind of bankruptcy must satisfy a "means test" that investigates your income closely. (Known as straight bankruptcy and involves liquidating all assets that are not exempt. Anyone filing for this kind of bankruptcy must satisfy a "means test" that investigates your income closely.)
Chapter 7 Bankruptcy
Get advice on how to choose a customer-friendly location and research applicable zoning laws.
Choose a suitable business location.
This pays for damage to your vehicle caused by a collision with another vehicle, an object like a tree, or similar accident.
Collision
The retailer sets the price based on what other retailers or the suggested retail price of the manufacturer is advertised.
Competition Oriented
This pays for unexpected damage due to weather, theft, and vandalism.
Comprehensive
Has a high deductible, covers only essential health benefits, and simply provides a safety net for emergencies.
Correct Answer Catastrophic Plan
Features low premiums and high deductibles. Can be coupled with a health savings account to provide tax advantages.
Correct Answer HDHP
Limits coverage to providers within the network, usually need a referral from the primary care physician to see a specialist.
Correct Answer HMO/EPO
These plans give you a choice of what provider you would like to use. The cost is more for out of network providers, and generally do not need a referral for a specialist.
Correct Answer PPO/POS
The retailer sets the price based on the cost of the manufactured good, the retailer's overhead, and the desired profit.
Cost Oriented
Decide on the type of business you are going to own based on the advantages of certain types. Choose from a variety of business structures including: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.
Determine the legal structure of your business.
Research the proper kind of tax identification number you'll need from the IRS and your state revenue agency.
Get a TIN (Tax Identification Number).
Look at the list of tips or ideas and choose ones that would be helpful to use when being an informed shopper.
Get written copies of any warranties, guarantees, and service plans for items you buy. Decide in advance what you are shopping for and the price range you would like to pay. Review test results and consumer groups' recommendations on products and services. Beware of special offers, buy one get one free, and bulk quantity pricing because it may not be such a bargain. Pay by credit card, that way if you have a problem or need to return the item, the process will be easier. Shop around for the best deal, but don't drive a long distance to save a few cents.
Based on recent statistics credit card debt has stayed close to the average household income growth.
No, credit card debt is much higher than income growth.
This pays for bodily injury and property damage that is caused by you including any medical bills or vehicle repairs.
Liability
Option #2 Store credit, paying monthly payments, using some from savings if her monthly budget could not handle a payment each month. Bert needs to get tires for his car before it passes state inspection. He has done some research and narrowed it down to three option: 1. Buy from a national tire brand store. The deal is buy three tires and get the fourth tire free. Plus he pays $10 a tire for valve stems, mounting and balancing. The tires are $122.00 per tire. 2. Buy from his local mechanic. Each tire is $89.00 a piece and all mounting and other charges are included. 3. Buy from a department store's tire center. Each tire is $85.00 plus $5.95 for each tire for mounting and balancing. Which is the best deal?
Local mechanic. Even though you are paying for four tires, the cost for each tire and no fees makes it a better deal.
Choose one of the following Bible passages and respond to the following question using 200-300 words. Include the passage in your answer and cite any outside sources. Question: How does the passage you chose relate to principles about earning income or budgeting your money? Passages to choose from: Luke 14:28-30 Genesis 41:25-36 Leviticus 25:25-28 Matthew 6:24
Luke chapter 14, verses 28 through 30, NASB, says, "For which one of you, when he wants to build a tower, does not first sit down and calculate the cost, to see if he has enough to complete it? Otherwise, when he has laid a foundation and is not able to finish, all who are watching it will begin to ridicule him, saying, 'This person began to build, and was not able to finish!' " This is a very good verse that I relate to a lot. Of course, I am not building any buildings. However, I tend to think things through, plan ahead, and ensure that my plan happens smoothly, without any obstacles. Unfortunately, I am not always successful with this. But I sure try my best. (20 / 20 pts) (2.7.M - Lesson: Assessment)
The minimum price that can be advertised to customers through ads in newspapers, other media, and store pricing.
MAP (Minimum Advertised Pricing)
Prices that are set by the manufacturer and are not allowed by dealers to sell for a lower or higher price.
MIR (Manufacturer Imposed Requirements)
The price that a manufacturer has determined is a fair market price, but does not impose restrictions on retailers if they choose to change the price when selling to customers.
MSRP (Manufacturer's Suggested Retail Price)
Using the provided chart on wages and taxes, answer the following questions based on the information given in the chart. What category of wage earners made the highest wages for this year?
Managers and professionals
Buying and selling in reaction to stock plummeting and rising over a short period of time in order to not take a large loss.
Manias and Panics
State-administered health insurance programs for low income families and others who can't afford medical care.
Medicaid
Federal health insurance for people who are 65 years of age and older. Also covers younger people that are permanently disabled.
Medicare
Medical benefits for retired individuals is funded by the ???.
Medicare tax
Choose all of the following investment products that rely on "pooling" many investors' finances in order to invest in several different kinds of financial opportunities in order to make a good return.
Mutual Funds Money Market Funds Exchange-Traded Funds
Diversifying in a lot of diferent companies without truly looking at past performance or strength of returns. (Diversifying in a lot of different companies without truly looking at past performance or strength of returns.)
Naive Diversification
Consider the options and make the best choice. Jill has a range that is getting old. She spent over $100 to the repairman to replace the heating element in the oven and now two burners have gone out. She saw a range on sale at her local electronics store for $425.00. They offer free delivery and will take away the old range. Her repairman says it will cost $50.00 for replacement parts plus labor. Jill decided to buy the new range. The salesman offered several ways to purchase: 1. Pay cash. (She only has $700.00 in savings.) 2. Store credit 1 year no finance charge with payments of $36.00 a month. 3. 90 days same as cash, after that 22% interest on the unpaid balance. What is her best option?
Option #2 Store credit, paying monthly payments, using some from savings if her monthly budget could not handle a payment each month.
Consider the options and make the best choice. Bonnie has finished college, landed a new job and is looking for an apartment. She has narrowed her choices down to three. Which one do you think is best for her to choose? 1. A one bedroom apartment with all utilities except cable included. It is $400 a month and is close to where she works. 2. A one bedroom apartment in a friend's basement. They are willing to let her have it for $300 a month plus the cost of utilities. Utility costs vary but average around $125 a month, but include cable. 3. A two bedroom apartment for $700 a month including all utilities except cable. Bonnie's friend, Maria, said she would share the cost of an apartment if they would not have to pay over $400.
Option #3 because that would be $350 each and they would not have to worry about utilities.
What are the two main reasons why people have trouble making wise financial decisions?
People are financially illiterate, not knowing simple economic principles and mathematical computation skills. People would rather be satisfied with short term goals and immediate gratification instead of waiting and planning for future financial rewards.
The oldest stock exchange in America was founded in 1790 in the city of...
Philadelphia
What category of people made the lowest amount of income?
Retired
How do retired workers receive an income after retirement?
Retirement benefits, savings, Social Security
Which statement is true about retirement plans?
Retirement plans differ by who contributes to the plan and who is responsible for managing and dispersing the benefits.
Revenue or sales
Revenue or sales
Plan Administrator
The person who is identified in the plan document as having responsibility for running the plan. It could be the employer, a committee of employees, a company executive, or someone hired for that purpose.
Seek advice from those who have been successful in starting and owning their own business.Take advantage of free training and counseling services provided by agencies ion your area. (Seek advice from those who have been successful in starting and owning their own business. Take advantage of free training and counseling services provided by agencies in your area.)
Seek out sources for business assistance and training.
Other than retired people, what category of worker has the highest average age?
Self-employed workers
Demand measures how many ??? actually want to ??? the goods.
consumers buy
Every consumer has certain rights related to purchases and services. Choose all below items that are consumer rights.
The right to choose. The right to education. The right to be informed. The right to a healthy environment. The right to safety. The right to be heard. The right to fair compensation.
Years of Service
The time an individual has worked in a job covered by the plan. It is used to determine when an individual can participate and vest and how they can accrue benefits in the plan.
People who are retired have a lower income than others. What are some reasons why they need less money to live on?
Their living expenses are less because they do not have costs related to a job, most are not paying a mortgage, and their lifestyles are not as expensive.
Why do managers make higher salaries than construction workers?
They have a higher education, they have more experience, there are fewer people in that position
Defined Benefit Plan
This type of plan, also known as the traditional pension plan, promises the participant a specified monthly benefit at retirement. Often, the benefit is based on factors such as your salary, your age, and the number of years you worked for the employer.
Vested Benefits
Those benefits that the individual has earned a right to receive and that cannot be forfeited.
People spend more on food at home than for eating out.
True
Holding only a few diverse stock holdings instead of maximizing profits by investing in many strong producing stocks.
Under Diversification
Learn the legal steps you need to take to hire employees. Make sure you have all proper paperwork for prospective employees.
Understand employer responsibilities and the rights of employees.
There are steps you can take to improve your credit score.
Yes, by paying off current debt and not maxing out your credit cards.
At almost all financial institutions, the first process you will have to go through is...
account verification
Bachelor's degree
accountants, graphic designers, interior decorator, teachers
Assets may include...(choose all that apply)
accounts receivable that represent money that other businesses or customers owe you for goods or services received real property including land and buildings raw materials for production products on hand in warehouses
59 1/2
age at which one can begin to withdraw reirement plan benefits without any penalties although may have to pay taxes (age at which one can begin to withdraw retirement* plan benefits without any penalties although may have to pay taxes)
70 1/2
age at which one can take retirement benefits from a retirement plan to avoid any future penalties
65
age eligible for Medicare health program for retirees
Associate's degree
air traffic controllers, dental hygienists, nuclear technicians, paralegals
Postsecondary non-degree award
aircraft mechanics, dental assistants, firefighters, insurance appraiser
Usually you can lower your homeowner's insurance premiums by having...
alarm systems, deadbolt locks, and safety equipment
Supply refers to...
amount of goods available for purchase at any given time
Choose all possible actions or events that could lead to a market "crash."
an economic panic investing public's lack of confidence speculation in stocks that have no real equity or value a severe downturn in equity prices
What are assets as related to a business?
anything of value that belong to the business
A balance sheet gives you a snapshot of how the company is doing at any present time. The balance sheet compares a company's...
assets to liabilities
Less than high school
bakers and cooks, dishwashers, taxi drivers, waiters/waitresses
Choose all possible fees that can be associated with credit card membership and usage.
balance transfer fee annual membership fee ATM and other transaction fees fee for exceeding the credit limit returned payment fee if your payment check does not have sufficient funds late payment fee
accepts deposits to accounts and then lends monies to individuals and invests in capital markets to make money to cover administrative costs and pay dividends to stock holders-a "for-profit" institution that strives to make money
bank
Other Incorrect Match Options:
bank president
If this company had $250,000 in sales, why wasn't that the total amount of profit earned?
because profit is equal to sales minus all expenses
Because the government does not balance its budget, one of the largest forms of revenue comes from borrowing to cover debt.
borrowing to cover debt
This person supervises the institution's local branch. They manage personnel and can help with most questions and concerns that the other workers cannot do or solve.
branch manager
The stock market is based on companies offering investors the opportunity to make money by...
buying and trading stocks.
What kind of expenditures would go under the category of entertainment? Choose all that apply.
cable or satellite television theme and amusement parks theater tickets attending sporting events video games
Why are employer provided insurances a good benefit? choose all answers that apply
can be deducted from your paycheck automatically each pay period they are usually less expensive than individual plans usually accepted by service providers with less out of pocket expense than if you have individual plans paid for or partially paid for by the employer can be part of benefits that are deducted before taxes are taken out
The credit scores that you have with the three credit reporting bureaus
can vary depending on how credit providers report your credit habits to the bureaus
Profits earned when an investment is sold for more than the price the investor paid to buy the investment are called
capital gains
What kind of loans should you avoid when making a large purchase?
car title loans, payday loans, and high interest loans with multiple fees
The key to a secure and successful retirement is to...
carefully plan ahead
High school diploma or equivalent
carpenters and electricians, claims adjusters, court clerks, front-line supervisor
What type of life insurance policies not only provides death benefits, but also long-term savings and investments. Choose those types that provide these services.
cash value insurance policies whole life insurance universal life insurance
Also known as a treasurer's check or bank check, this check is provided by your institution and is guaranteed by funds from your account and will not bounce because the funds are transferred to the check for a fee and done immediately.
cashier's check
If you only pay minimum payments on charge accounts, then...(choose two)
chances are you will pay more in interest in the long run it will take you longer to pay them off and you will pay more in interest
Choose all statements that apply to banks as outlined in the lesson.
charges fees to help with administrative costs regulated by the federal government interest made on loans is paid to both the bank and stock holders lends monies to individuals accepts deposits to accounts invest in capital markets to earn interest for the bank and its customers for profit corporations
Most financial institutions typically offer what three services?
checking, savings, loans
Cash contributions include any monetary gifts given to what kind of organizations?
churches, political action committees, non-profit groups
Choose all agencies or entities that may legally collect debt from a consumer.
collection agencies companies specializing in purchasing delinquent debts and collecting them for a third party lawyers who collect debt on a regular basis
Master's degree
college professor, education administrators, museum curators,
Which of the following groups of professions require more years of education and experience than the others?
college professors, doctors, pharmacists, genetic engineers
Choose all answers that refer to any kind or source of personal income.
commission on sales dividends from stocks interest on a bank account tips for services given monetary gifts salary from a job educational grants and scholarships pension benefits
Some college, no degree
computer support specialists, private detectives, residential advisers, transportation inspectors
a loan to combine several loans into one in order to have one lower payment
consolidation loan
What are some things that may cause a person's work environment to not be safe?
construction work going on in the workplace without any barriers from the public, chemicals left open or unattended, electrical outlets that are damaged
An insurance policy is a _____________________ made between an individual or group with an insurance company. Insurance is a financial product that protects against loss and there are certain elements that are the responsibility of all participants involved.
contractual agreement
Choose all answers that apply. What are some of the benefits of having an account with a financial institution?
convenience helps to establish a positive credit rating security-backed by the federal government insurance-FDIC and NCUA costs of doing financial transactions protection against fire and theft
The sale price for an item is based on what two variables?
cost to produce or buy an item and the desired amount of profit the retailer wants to make
homeowners'
covers damage and loss due to fire, theft, and weather
personal property and contents insurance
covers the costs related to the loss or damage of the contents and personal belongings due to theft or destruction
Experian, Equifax, and Transunion are all
credit reporting bureaus
a "non-profit" institution that is member owned and provides services to those members solely-any monies made are used to defray administrative costs and provide services for its members
credit union
The three most prevalent types of financial institutions include:
credit unions banks savings and loans or thrifts
This person can help you open an account and answer general questions explain services, and refer you to specific other employees who can help you with other concerns/questions.
customer service repreentative (customer service representative)
What are some situations or occurrences that might cause someone difficulty if his/her financial information and practices are not well documented and/or known by others.
death loss of a job IRS audit of a tax return his/her bank selling their mortgage to another financial institution house fire
A card similar to a credit card that is tied to your deposit account and uses money from that account to consummate purchases at a store and online.
debit card
When settling an insurance claim (such as car repairs due to accidents and house fire damage), the fee you have to pay before the remaining costs are covered in full is called a...
deductible
401(k) and IRA plans are examples of ...
defined contribution plans
66-67
depending on birth date, the ages at which one can receive full Social Security retirement benefits
Deposit slips are used when you want to...
deposit money and checks into your account
The method by which your employer, the federal/state/local governments, and pension plans can electronically transfer your earnings to your financial institution.
direct deposit
To save time and make sure his payroll went into his checking account each month, Ed had his payroll...
directly deposited into his checking account
Doctoral or professional degree
doctor, lawyer, nuclear physicist, college president, judges
62
earliest age to begin receiving Social Security retirement benefits (reduced amounts)
What are some of the major factors that affect the availability of employment opportunities?
education and training needed industry needs for product demand occupations that are in demand of personnel geographic area and new opportunities
What are some of the things employers consider when hiring a new employee?
education, past work experience and training, and references
Considering all the expenses needed to pay for and maintain a home, which of the following expenses would be associated with owning or renting a home? Choose all that apply
electric bill mortgage homeowners' insurance home repairs and remodeling water and sewage bill
Account verification may include such things as... (choose all that may apply)
employer information filling out forms about your address, date of birth and citizenship a photo ID and your Social Security Number or Individual Taxpayer Identification Number a review of your banking history through reporting services such as TeleCheck running a full credit report on you
What are some of the reasons why a large retail department store would issue its own credit card? Select all that are reasonable answers.
encourages shopper loyalty can be used in conjunction with sales and special promotions encourages the card holder to spend more at that store the store makes money off any interest and fees charged to the account it is a form of advertising and marketing
What kind of debt is usually considered secured (real property is held or owned by the debtor used to secure a loan)?
equity loans or second mortgages vehicle loans mortgages on homes
Get several ??? before agreeing to commit to repairs or services for your car or home.
estimates
Retirement is ??? and experts estimate that you will need ??? of your preretirement income in order to maintain your present standard of living once you retire. Social Security only provides about ??? of your current salary when you retire. This means you will have to supplement Social Security with ???.
expensive 70% or more 40% personal savings, pensions, and investments (Retirement is [expensive] and experts estimate that you will need [70% or more] of your preretirement income in order to maintain your present standard of living once you retire. Social Security only provides about [40%] of your current salary when you retire. This means you will have to supplement Social Security with personal savings, pensions, and investments].)
What are some typical things not covered in most people's homeowner's policies?
flood damage, especially if you don't live in a flood plain earthquake and landslide damage sewer backup or damage due to frozen pipes during severe cold damage from insects and vermin normal wear and tear of paint, siding, and other similar items. fraudulent claims or criminal acts
It is always good to keep some money in savings instead of just spending everything you earn. Choose all valid reasons why someone needs to keep some money in reserve.
furnace or water heater breakdown repair or replace a flat tire unexpected car repairs storm damage to your house's roof to help family or a friend in time of need buy Christmas gifts for fire victims medical emergencies
Before having anyone do any special repair projects for your home or car, it is best to...
get several estimates
Retail pricing is based on several factors. Choose those below that were mentioned in the lesson.
government oversight such as restrictions on pricing set by the FTC target audiences-the income, age, gender and other factors related to who the shopper is and the price they are willing to pay costs incurred by manufacturers, wholesalers, and suppliers that are passed on to the retailer competition from other retailers and outlets supply and demand
Using a budget to keep up with expenses and payments can help you manage your income and spending habits. Choose all the items below that are usually included in a monthly budget you might use to keep up with your resources and bills.
groceries mortgage or rent payments savings account deposits monthly insurance payments car maintenance and gas utility payments
Operating profit
gross profit minus the money paid out for marketing and overhead
If you are uncertain about the final price of something you are purchasing because it is a lot higher than the quoted sale price, what should you do?
have the cashier or store manager double check everything
health
helps to cover the costs due to medical services
Loan Officer
helps you with paperwork and details when applying for a loan
Josh and his family survived a tornado that destroyed their home. Fortunately, all their important records and documents were safe because...
his dad had put all important documents in a safe deposit box at their local bank
Answer the following questions based on the information provided in the chart. The largest expense for most people is for...
housing
The largest expense an average person has is for
housing and associated expenses
Jobs are often related to a person's level of education. Using current information from the Bureau of Labor Statistics, match the jobs listed below with suggested educational levels. Click on "Link" to investigate this website: Link
https://www.bls.gov/emp/tables/education-and-training-by-occupation.htm
Choose from the list below other things that could possibly affect the price of item as discussed in the lesson.
if an item becomes rare or a collectors item the price will increase the quality and cost of manufacturing a product shortage of materials or parts can make prices go higher if a product becomes obsolete or can cause hazardous situations if used, it could have no market and prices will plummet
A cash flow statement takes your beginning cash amount and adds sources of ??? and subtracts ??? (such as accounts receivable yet to be collected) to get the ending cash amount.
income operations expenses (such as accounts receivable yet to be collected) (A cash flow statement takes your beginning cash amount and adds sources of income and subtracts operations expenses (such as accounts receivable yet to be collected) to get the ending cash amount.)
What are some important things to think of before purchasing a larger priced item such as a major appliance?
is this purchase for an item that would be used for a long period of time or just for a want that you would like to have urgency or need of the purchase (to replace something broken and essential) available options for payments or financing will this purchase benfit others in my family as well as myself (benefit*)
Which of the following are reasons why everyone should organize and simplify his/her finances?
it can save you money and time it reduces stress it saves time when information is needed for important reasons it eliminates the clutter of statements and bills
Why do car dealers like you to use their finance company loans instead of bank loans or other types of loans?
it gives the dealer the opportunity to make money off the sale of the car and interest incurred from the loan
If an item is high in demand then
it will usually sell for full price or higher.
Choose those items that tend to be sold at a high markup in price.
jewelry furniture beverages eyeglasses designer jeans
Branch Manager
knowledgeable about all services, supervises other employees and can usually do any of the tasks to help you
These are "blue chip" stocks that have a solid history of growth and generally pay dividends.
larger and more well known companies
Personal insurance and pensions would include what kind of expenses? Choose all correct answers.
life insurance IRA's (Individual Retirement Account) supplemental health insurance 401K investment plan
Money you borrow from an institution that is guaranteed by a written promise to pay back in payments or in full.
loan
Which of the following record keeping and financial practices would help Belinda keep up with her finances? Choose all that apply.
make sure family members know how to get to her will and important papers in case of emergency set up a filing system for all her monthly bills use software and money management tools to track expenses keep all important documents in a safe or safe deposit box at her bank copy all important documents and records to a secure website use direct deposit
Choose all statements that apply to thrifts as outlined in the lesson.
makes money off of mortgages and personal loans to its members specializes in accepting savings deposits and offering mortgage loans also known as a savings and loans association usually mutually held corporations limited by law concerning how much in commercial loans can be ofered decisions are made by depositors and borowers (3.9.M - Lesson: Assessment) (offered*) (borrowers*)
People who are self-employed earn more money than other jobs listed except for
managers and professionals
What factors affect job opportunities and benefits. Choose all that apply.
manufacturing trends geographic area industry needs high retail sales for new products or services occupations that need more people in the workforce
Accounts receivable are considered assets, because an account that is receivable represents...
money someone owes the company.
a loan to pay off the costs of buying a home
mortgage loan
Housing costs would include what kind of expenses?
mortgage payments water and sewer bills home remodeling and updating landscaping and lawn care electricity use
car repairs
need
electricity
need
groceries
need
home mortgage
need
medical bills
need
water bill
need
Some loans are better options than others. Choose the three types of loans that tend to have better terms and lower interest rates.
new car loans subsidized student loans mortgage loans
What five elements make up a FICO score?
new credit types of credit length of credit history payment history amounts you owe
The mortgage company offered Steve and his wife Brenda an extra 1/2% off their interest rate if they would do which of the following? (1/2% appears as an actual fraction in the lesson assessment, so ctrl f will turn up 0 results) (solution: ctrl f the content before 1/2% or after 1/2%) (and yes, i just used ctrl f as a verb)
open a checking account with the mortgage company and have their monthly mortgage payment drafted off the account every month
What are some typical fees a financial institution might charge its customers? Choose all that apply.
overdraft charges insufficient funds charges ATM fees minimum balance fees check printing fees
What is the best way to pay off credit cards?
pay off balances monthly if at all possible
Before accepting a job offer, a person should be familiar with...
pay, benefits, and promotion opportunities
short term high interest loan that should be avoided
payday loan
Dividends are _________________ to _______________ from the company's earnings.
payments...shareholders
Social Security and Medicare Taxes are a kind of ???.
payroll tax
Most of the revenue that the government receives comes from ???.
personal income and social security taxes
The government receives its revenue from three main sources...
personal income taxes, retirement based taxes, and borrowed funds
Don't share ??? with someone you don't know or trust.
personal information
short term loans based on your credit rating and used for personal debt
personal loan
Unsecured debts are debts that are not tied to any collateral or major personal property that can be repossessed or processed for foreclosure.
personal signature loans credit card debt store accounts medical bills (store accounts was not in the lesson) (3.11.M - Lesson: Credit Management)
What type of items will a store strive to keep in stock?
popular items that sell well
The Affordable Care Act set certain essential benefits that all health insurance plans must offer. Choose those benefits from the list below.
preventative care maternity and newborn care prescription drugs doctor visits hospitalization
If an item is high in supply then
prices will usually be reduced.
An income statement for a company generally reflects the amount of...
profit a company earns over a specific time
life
provides a payment to a beneficiary in the case of death
Choose all valid reasons for keeping your money in a financial institution.
provides quick and convenient access to your money deposits are insured by either the FDIC or NCUA helps establish a good credit record and is needed for getting a loan your money is protected from fire, theft and loss usually cheaper than other businesses for financial transactions allows direct deposit of payrolls and tax returns it is a safe place to keep your money
Every consumer needs to be educated about his or her ???. It is important that all products are ??? so no one is harmed because of a malfunction or defective part. It is also important that the ingredients and processes of food are available in case a consumer has an ??? to certain foods. No company should have a ??? on any service or goods, because consumers deserve a choice. If a product is defective, then a consumer has the right to be ??? for the defective product.
purchase safe allergy or reaction monopoly compensated (Every consumer needs to be educated about his or her purchase. It is important that all products are safe so no one is harmed because of a malfunction or defective part. It is also important that the ingredients and processes of food are available in case a consumer has an allergy or reaction to certain foods. No company should have a monopoly on any service or goods, because consumers deserve a choice. If a product is defective, then a consumer has the right to be compensated for the defective product.)
A consumer is someone who...
purchases products or services for his/her personal use or possession.
A consumer is anyone who...
purchases products or services for personal use or possession.
People who are retired generally have less income each month than people still working full time. People who are retired travel, spend more time with friends and family. Choose reasons that would explain why retired people need less to live on than people working full time.
retired people have less living expenses and own their home retired people receive senior citizen discounts retired people have less work related expenses. retired people spend less on traveling to work each day
In planning for the future and expenses that will take several years to save money for, choose those events or expenses listed below that require more financial resources to support.
retirement college education mission trip or vacation overseas car house
Make sure you understand the refund and ??? policies before you buy any product or services.
return
What kind of expenses would go under "miscellaneous" or "other expenditures"?
school fees gifts pets and veterinarian bills club dues and expenses
One way to manage debt that is out of control is by considering a debt consolidation loan. These type loans can be a ??? or a ???. Although these may help with high debt, they also require some sort of ??? that could be ??? if you are unable to make your payments. In addition to interest, you may be required to pay ??? which is based on the amount you borrow and is added to the cost of your loan. Unlike other loans, these type of loans usually provide some ???.
second mortgage home equity line of credit collateral repossessed points tax advantages (One way to manage debt that is out of control is by considering a debt consolidation loan. These type loans can be a second mortgage or a home equity line of credit. Although these may help with high debt, they also require some sort of collateral that could be repossessed if you are unable to make your payments. In addition to interest, you may be required to pay points which is based on the amount you borrow and is added to the cost of your loan. Unlike other loans, these type of loans usually provide some tax advantages.)
When dealing with online purchases make sure the site is a ??? by looking for a padlock symbol or a URL that begins with https.
secure site
A _______________ is a stock, bond, or another investment.
security
Read carefully any contract or legal document before you ???.
sign any paperwork.
Owning a car does not just involve filling the gas tank once a week. What are some of the necessary costs associated with owning or leasing a car? Select all that apply.
state inspections and maintenance replace and repair damaged and broken parts of the car gas. oil, tires, and other items necessary for daily operation oil changes and tire rotation monthly loan or lease payments
Other Incorrect Match Options:
stock brokerage
Don't buy under ???, especially when it is a big ticket purchase.
stress or duress
a loan that is usually used for educational purposes and may have interest deferred or payments delayed until a future date
student loan
also known as a savings and loan association, specializes on deposit accounts and loans including mortgages and personal loans, limited by law as to how assets can be used for commercial loans
thrift
Financial institutions will have you sign a signature card to use for which of the following reasons?
to allow you access to a safe deposit box to insure that people cannot attempt a transaction in your name without proper identification to check against their records when there is a question about a validly written check to make sure all account holders have privileges to do business with the account for your account protection
If you have to travel a long ways to save a few cents on an item, it is better...
to go somewhere closer, save gas, and pay a few cents more
Sally wanted to make sure her bank account had enough money each month to pay all of the automatically drafted bills that were paid from her account. One practice that would help her do this without going to the bank every payday would be...
to have her paycheck directly deposited
Gross profit
total revenue minus the costs of materials or services paid for in the production of the goods sold
What are some of the ways you can be compensated for the work you do for an employer? choose all possible ways you could receive compensation from an employer
tuition reimbursement paid time off for vacation and sick days salary pensions and retirement plans commision on sales expense account for travel and car mileage
Whereas long term disability can last a lifetime, short term disability usually lasts for a maximum of...
two years
Choose all of the features or guidelines of a defined benefit plan.
upon retirement the employee gnerally receives a monthly benefit payment (upon retirement the employee generally* receives a monthly benefit payment) all or some benefits guaranteed through the federal government employer funded usually has no employee funding associated with the plan governed by federal government guidelines and rules for administration of plan by employers
The Fair Debt Collection Practices Act helps consumers by prohibiting debt collectors from...
using abusive, unfair, and deceptive practices when collecting payments.
In order to manage finances and spending, everyone should have a monthly budget with allocations for common expenses. Some categories that should be included are...(choose all that apply)
utilities (electricity, water, cable, gas, and similar) transportation (car expenses including fuel and maintenance), public transportation (bus, train and taxi fares) food and household supplies clothing, toiletries and personal expenses housing (rent/mortgage payments) insurance, health care, and savings education, college funds/savings, and related expenses
Both kinds of bankruptcy may help stop procedures related to...
utility shut-offs repossessions garnishments foreclosures
automobile
vehicle repair and medical payments in the case of an accident
What category had the largest expense under operating costs?
wages
cable TV
want
movie tickets
want
pool membership
want
Choose all characteristics of a defined contribution plan.
when retiring an employee can generally transfer benefits to a personal IRA or other account most of these plans require emloyee participation and contributions (most of these plans require employee* participation and contributions) include such plans as 401(k), SIMPLE IRA's, and similar plans employers will often match employee's contributions up to a certain percentage or dollar amount employee is generally responsible for managing the investment either personally or through the company responsible for managing the plan
Which type of life insurance are typically higher in cost?
whole life, cash value policies
Is this company "in the black?" (profit is a positive figure)
yes, it showed a profit for the year of $60,000
When your bank charges you for insufficient funds, it is because
you did not have enough money in your account to cover a check you wrote and someone else is trying to cash
When you are facing a credit problem or become behind in your payments, it is best to...
your creditors in order to work out payments or change terms (contact your creditors in order to work out payments or change terms)