family consumer science chapter 3 quiz 2
FDIC insures an account up to ___________. $1,000.00 $25,000.00 $100,000.00 $250,000.00
$250,000.00
Two retirement financial plans that companies offer are ____________. Social Security 401K pension IRA annuity
401K pension
Social Security is collected at age __________. 45 50 60 67
67
What is a good rule to adopt when considering long-term credit?
A good rule to adopt when considering long-term credit is credit is usually obtained at a bank, savings and loan, finance company, or credit union.
How can you avoid paying finance charges on short-term credit?
How you can avoid paying finance charges on short-term credit is by if you pay the full amount owed each month on your store charge account or bank credit card, you do not have to pay interest.
Why is having insurance important to your overall financial plan?
Hving insurance is important to your over financial plan because without it you could loose money and something could happen to you home , or car, or child.
Two retirement plans that you might set up for yourself are _____________. Social Security 401K pension IRA annuity
IRA annuity
What is the difference between a claim and a premium?
The difference between a claim and a premium is well a claim thats the money you owe to the bank for haveing insurance in generall and premium is the money you pay for insurance coverage.
Describe the difference between wants and needs, giving specific examples of each.
The difference between wants and needs is well needs are the things that we must have, and wants is somthing that we want but dont really need. AN example is for want - candy and for need- food
Why should you have liability insurance on your car?
Why you should have liability insurance on your car because If you are stopped by a police officer you may have to show proof of insurance , this will protect your financial stability in case the injured party sues you.
What is a credit report?
a peport of your history of when you have bought somthing.
What two things do loan institutions expect from the borrower? a.b.
a.that you pay back the amount you borrowed b. that you pay a finance charge for the use of the money.
A credit card that can be used to charge purchases at many different stores and businesses is called a ____________ credit card. bank store limitless debit
bank
The monthly record listing the checks, charges, and deposits for an account is called the ___________. signature card register bank statement payee
bank statement
A ____________ offers investment services. savings bank commercial bank credit union brokerage firm
brokerage firm
An account that requires a minimum deposit for a certain period of time is called a(n) ___________ account. regular interest certificate of deposit money market
certificate of deposit
How do banks make money?
charging fees for services and by collecting interest on loans.
An order to a bank to pay money is called a(n) ___________. endorsement deposit slip check signature card
check
Forms answering a mix of questions are _____________ forms. descriptive financial combination
combination
A ____________ has numerous branches. savings bank commercial bank credit union brokerage firm
commercial bank
Which of the following offers a full range of banking services? savings bank commercial bank credit union brokerage firm
commercial bank
Give an example of a short-term credit.
computer
___________ is the right to buy something now and pay for it later. Social Security 401K Pension Credit
credit
A nonprofit organization owned by its members is called a ____________. savings bank commercial bank credit union brokerage firm
credit union
Members may have the same place of employment at a ____________. savings bank commercial bank credit union brokerage firm
credit union
The form listing the checks and money to put into an account is a (n) ___________. endorsement deposit slip check signature card
deposit slip
Forms answering questions such as Who, What, When, Where, and Why are _____________ forms. descriptive financial combination
descriptive
Before a check can be deposited, it should be ___________. endorsed paid registered overdrawn
endorsed
A CD player warranty should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
expandable file
A heavy paper folder with files for storing papers is called a(n) ____________. ledger expandable file fireproof safe safe-deposit box
expandable file
A high school diploma should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
expandable file
An apartment lease agreement should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
expandable file
Earnings records should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
expandable file
Rental leases should be stored in a(n) ____________. ledger expandable file fireproof safe safe-deposit box
expandable file
Savings account passbooks should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
expandable file
A budget is a plan for using your income to meet your needs only. True False
false
Effective money management usually comes naturally as we reach adulthood. True False
false
Group health insurance is more expensive than individual health insurance. True False
false
There is very little difference between wants and needs. True False
false
Forms answering questions such as How much and How many are _____________ forms. descriptive financial combination
financial
A locked container made to resist heat is a(n) ____________. ledger expandable file fireproof safe safe-deposit box
fireproof safe
A marriage certificate should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
fireproof safe
Birth certificates should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
fireproof safe
Last year's tax records should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
fireproof safe
Photographs of furnishings should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
fireproof safe
Give an example of an adjustment deduction that you might have.
insurance
For the use of a depositor's money, the bank pays ___________. insurance interest a deposit a money market
intersest
A book with pages for recording financial information is a(n) ____________. ledger expandable file fireproof safe safe-deposit box
ledger
An account that requires a minimum deposit yet allows the depositor to deposit more money or withdraw funds is called a ___________ account. regular interest certificate of deposit money market
money market
When the check amount is greater than the account balance, the check is called ___________. reconciled endorsed registered overdrawn
overdrawn
The person to whom a check is written is called a(n) ___________. endorsee registrar payee reconciler
payee
Making the bank statement balance and the check register balance is called ___________. over drafting registering endorsing reconciling
reconciling
A list of insurance policies should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
record book
A list of medical expenses should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
record book
The date for expiration of a TV warranty should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
recorded book
The booklet of forms used to record checks and account balances is called a ___________. check register bank statement reconciler
register
A savings account that offers a fixed rate of interest in called a (n) ___________ savings account. regular interest certificate of deposit money market
regular
Stock certificates should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
safe deposit box
U.S. Savings Bonds should be stored in a(n) ____________. expandable file fireproof safe safe deposit box record book
safe deposit box
A locked container within a bank vault is a(n) ____________. ledger expandable file fireproof safe safe-deposit box
safe-deposit box
Mortgage papers should be stored in a(n) ____________. ledger expandable file fireproof safe safe-deposit box
safe-deposit box
A ____________ is considered more personal. savings bank commercial bank credit union brokerage firm
saving bank
Service fees will likely be lower at a ____________. savings bank commercial bank credit union brokerage firm
savings bank
The form with the official account holder's written name is called a(n) ___________. endorsement deposit slip check signature card
signature card
Which would you most likely use: itemized deductions or the standard deduction?
standard deduction
A good cash flow plan can help you plan for long-range goals like college. True False
true
Goals can be reached, but it may take more time than originally thought. True False
true
Whole life insurance has fixed death benefits and a fixed premium. True False
true
Your homeowner's insurance covers all your personal possessions for up to 50% of the amount of insurance on the building. True False
true
