gov unit 9
25 to 40%
Housing + Utilities (Water, electricity)
a tithing principle verse
Nehemiah 10:37
" Labour not to be rich: cease from thine own wisdom. Wilt thou set thine eyes upon that which is not? for riches certainly make themselves wings; they fly away as an eagle toward heaven."
Proverbs 23: 4-5
the smallest amount allowed in an account without a financial penalty
minimum balance
the person who will receive the check as payment
payee
A "rollover" IRA is one that gets money from another qualified ?
plan
When no taxes are due until the required time and the payments are held off, the action is called:
tax deffered
20%
taxes
t/f Never charge more on your credit cards than you can afford to pay in one month.
true
t/f Some banks offer interest on the money that is in the checking account
true
t/f Under the Fair Credit and Charge Card Disclosure Act, you have the right to compare different cards' terms and conditions.
true
Which type of federal student aid is being described below? This aid is not awarded on the basis of financial need and is not interest free. The government will charge you interest from the start, making it important to pay interest as it grows.
unsubsidized loan
Mr. Lamon's $5,000 contribution into the IRA has "protected" him from having to pay tax on that portion of his ?
wages
When you have listed all your income and expenses and want to find out how much you have left over, subtract the ? from ? and see what comes out on the "bottom line."
- expenses - income
assistance from the government which is to be repaid
FFEL Stafford Loan
Mark the statement that is NOT TRUE.
a bookstore is a good alternative to a library
Keep a list of your credit card ? checking account information, and the telephone numbers of each credit card issuer in a safe place in case your cards or checks are lost or stolen.
account numbers
An ? phone card allows you to qualify for free travel or other bonuses.
affinity
Keeping a ? balance means you keep a current total of what you have deposited into your account as well as what you have spent out of your account.
bank
the current money available in the depositor's account
bank balance
Which is the best system for keeping track of your spending?
checks
5%
clothing
The amount of spending that the credit card company will allow you is known as the ?
credit
When using a credit card, a good fact to remember is that you are not paying on credit, you are actually paying on a ?
debt
? is a time when there is no obligation to repay your loan.
grace period
Total income, before deductions are made, is called
gross inome
Making a purchase "on the spur of the moment" without careful planning is called
impulse buying
a verse which could tell us of people giving more than a 10% tithe
1 Corinthians 16:2
Which statements are TRUE?
A finance charge is a cost for the convenience of borrowing money.
Official permission to postpone the payments of a loan is known as a ?
deferment
A partial payment given in order to show intent of purchase is called a:
down payment
t/f A famous-name product that may be more expensive due solely to its high-recognition logo or slogan is known as a bulk item.
false
t/f The great thing about IRAs is that you can withdraw money anytime you want, with no financial penalty.
false
What is/are a percentage of the amount loaned which is a charge for the use of the money?
interest
Here is a question any young person should ask themselves as they make a budget: Are my creditors charging me with?
late fees
Many Christians give according to the New Testament verse found in 1 Corinthians 16:2, which is actually ? than a 10% tithe.
more
Select the TRUE statements.
-One of the steps towards what many people call a " cashless society" was when checking accounts were introduced. -When you talk with a customer service representative, you can tell them of your particular needs in opening a checking account.
assistance from the government which is not to be repaid
Federal Pell Grant
The passage in ? 3:27-28 gives this advice: "Withhold not good from them to whom it is due, when it is in the power of thine hand to do it. Say not unto thy neighbor, Go, and come again, and to morrow I will give; when thou hast it by thee."
Proverbs
" He that tilleth his land shall be satisfied with bread: but he that followeth vain persons is void of understanding."
Proverbs 12:11
" Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase."
Proverbs 13:11
God should receive honor in our handling of finances."Honour the LORD with thy substance, and with the firstfruits of all thine increase:So shall thy barns be filled with plenty, and thy presses shall burst out with new wine." Where is this passage found?
Proverbs 3:9-10
What is Expected Family Contribution?
The amount of money you and your family will contribute to your college education
10%
food
notice sent to the bank customer if his deposits are not enough to cover costs of the check he has written
non sufficient funds
series of actions which take the check from the merchant to the accounting centers of the bank
processed
5% or more
savings
A(n) ?l item means it comes with the car at no extra cost.
standard
you will not be charged any interest before you begin repayment
subsized loan
t/f An explanation of how the card's balances are determined is required to appear on billing statements.
true
t/f If you attempted in good faith effort to work out the problem with the seller about a charged item or service, the law gives you the right to withhold from the card issuer payment for the merchandise or services.
true
A catalogue orderfree ? is another type of business that eliminates the retail part of the transaction. Many times a consumer can buy products in bulk, or larger quantities than are available in retail stores.
wholesale club
