Online Personal Finance Final Review (in progress)

According to the Congressional Budget Office, the federal government operated at a ___________ dollar deficit in 2016.

$600 Billion

Given the following information, calculate your overall surplus or deficit after paying the months bills. Net monthly salary $5,000 Rent monthly payment $1,800 Car monthly payment $450 Groceries $150 Car Loan balance $8,500 Utilities & Cable $150 Credit card balance $1,200

$7,250 Deficit

Which of the following is the BEST definition of investment management?

*** DO NOT PUT Focuses on the concept of money and the investing of money on a large scale

The state law that requires employers to provide insurance for the death, injury, or illness of employees that result from their work?

*** DO NOT PUT Occupational Safety and Health Act

Personal Injury Protection (PIP), which covers lost wages if the insured cannot work, is included in which part of car insurance?

*** DO NOT PUT Physical Damage

Which of the following is NOT a consumer right?

*** DO NOT PUT Right to be heard

You must be at least _________ years old to open a checking account with parental consent.

*** NOT 15

Which of the following are often pieces of evidence against a bait-and-switch scam?

*** NOT Bill purchases a television from a wholesale store on Small Business Saturday (Saturday after Thanksgiving) that is priced 50% higher than advertised for the 1-day only Black Friday Sale (day after Thanksgiving) and decides to sue.

Which of these forms of advertising is commonly seen in politics and technology?

*** NOT Endorsements

Under Homeowners Insurance Section 1, which of the following does not fall under the policy?

*** NOT Indoor hot tub of second property owned

Of the below examples, when might it be more advantageous for John, a public school teacher in New Jersey, to pay for services with a cashier's check rather than a personal check, credit card, or cash?

*** NOT John pays $1,000 to have a local plumber install a new sump pump for his basement

A written contract between the insured with the insurer and their domicile along with belongings is known as which type of insurance?

*** NOT Liability

Which of the following would best define public opinion of FTC regulations on consumer products?

*** NOT Limited apathy OR Mostly Support

Many companies offer new employees in a 401K for retirement, which of the building blocks for retirement does this fall into?

*** NOT Pension

Personal Financial Well-Being Philosophy is built on __________ CORE building block(s).

***NOT 2

Conquering financial risk and guarding your money is another way of ____________________________.

***NOT Accumulating Wealth

An unrealized gain isn't taxed until the ___________________ is actually sold.

***NOT Asset

Risk versus reward is a _____________analysis comparing the potential gains from an investment against the potential losses.

***NOT Financial

Which organization helps individuals accumulate wealth through tax-deferred programs?

***NOT IRS

How often should one plan to make or revise their budget?

***NOT Monthly OR Quarterly

All of the following are true about speculative investments EXCEPT...

***NOT Some speculative investments, such as previous metals, are valued based on what people believe its worth

During which phase of the New Deal did President Franklin Roosevelt signed the Social Security Act into law?

***NOT The First New Deal

Identify examples of consumer protections implemented by the Federal Government.

***NOT The Pennsylvania Liquor Control Board fining a local establishment for serving alcohol to minors

The ____________________ in developing countries is so severe even if a country makes regular payments, their debt will increase, not decrease.

***NOT Total Loan Balance

Maximum Total Medical Expenses per accident will insurance cover under most policies?

100,000

The Identity Theft and Assumption Deterrence Act of 1998 increased the maximum penalty of identity theft to how many years in prison?

15 years

Which age groups have the highest risk for automobile accidents?

16-21

The 16th Amendment, which allows the government to collect taxes on income, was passed in _______.

1913

Prior to what year was the caveat emptor let the buyer beware was the name of the game for consumers?

1914

During which decade did consumers engage in consuming mass produced products on credit?

1920s

Since 1970, the federal government has run a deficit during almost every fiscal year EXCEPT for which time period?

1998-2001

Your gross income (pay for before deductions for taxes) is $10,000 a month, and income taxes are estimated at a rate of 20%. In addition, your debt is $2,000 per month. What is your monthly personal debt ratio?

25%

According to the Congressional Budget Office, the federal government collected about ___________ dollars in taxes in 2016.

3.3 Trillion

How many C's of Credit are there?

5

Long-term goals should take around how many years to complete?

5 years

All Americans over WHAT age are eligible for Medicare benefits?

65

One of the major provisions of the Economic Recovery Tax Act allowed all taxpayers under the age of what to contribute to an IRA?

70 ½

According to the video, the most expensive single asset of a lifetime, which needs proper debt structure, is which of the following?

A Mortgage, or Home Loan

Which of the following is the BEST definition of a giving circle?

A charitable group of individuals who donate their own money or time to a collective fund.

Who are "the Joneses"?

A generic term for friends and neighbors

Under which of the following circumstances would use of a credit card be considered "good debt?"

A local golf shop had to use it to cover expenses during off season, which would be accounted for later on

What is the BEST definition of a capital gains tax?

A tax on the profit from the sale on stocks, bonds, precious metals and property.

Understanding wealth and how to continuously add to it is another way of ____________________________.

Accumulating Wealth

This act prohibits discrimination of job opportunities for employees over 40 years of age.

Age Discrimination Act

The Eighteenth Amendment instituted the era of Prohibition, which prohibited the manufacture, sale, and transportation of which product?

Alcohol

A financial institution is an establishment that conducts financial transactions such as:

All of these

Advertisements being shown by televisions stations broadcasting the Super Bowl are typically very expensive. Which of the following are reasons for this?

All of these

As a result of the Truth-in-Lending Act, which of the following must be presented to a potential borrower by the lender?

All of these

Devising a plan, or course of action for setting goals, is pivotal to achieving one's success. Tony had a lifelong goal of becoming an attorney, which of the following could thwart this goal?

All of these

Diversification is spreading risk across different asset types, such as

All of these

Financial service professionals provide many different services, such as, _________________.

All of these

For certain checking accounts, banks can charge fees for which of the following?

All of these

Government workers in which of the following states (mentioned in the lesson) offer pensions to their employees?

All of these

How do you optimize your portfolio?

All of these

In most cases executors are:

All of these

On which of the following does the Federal law regulate consumer protection?

All of these

Other than monetary strain, in what ways can bad debt cause hardship?

All of these

The views on certain products can be expressed in which of the following?

All of these

What is the benefit of putting your money to work?

All of these

Which of the below, including creditors/lenders, could ask people to submit a credit report?

All of these

Which of the following are all keys to accumulating wealth?

All of these

Which of the following are components of the Building Blocks of Insurance?

All of these

Which of the following are reasons people pursue certain careers?

All of these

Which of the following are some of the things taxes pay for in the United States?

All of these

Which of the following are some of the types of taxes we pay in the United States?

All of these

Which of the following are the most challenging global concerns?

All of these

Which of the following is a key consideration when investing?

All of these

Which of the following is a reason that newspaper readership has declined?

All of these

Which of the following is a vehicle of advertising?

All of these

Which of the following places are examples of how consumer protection on alcoholic beverages differs?

All of these

Which of the following would be an effective use of a company utilizing broadcast advertising directed towards specific demographics?

All of these

Which of the following would most likely be considered an expense in a budget?

All of these

Which the following are considered pre-existing conditions?

All of these

Why do some retailers no longer accept checks?

All of these

Which of the following are encouraged to take a life insurance plan?

All of these are included.

Which of the following points are possibilities when paying a debt early?

All options are correct

______________ is the unselfish regard for or devotion to the welfare of others.

Altruism

Which act prohibits discrimination against qualified people with disabilities?

American with Disabilities Act

Which of the following is the BEST definition of codicil?

An amendment or change to an earlier will

What is appreciation?

An increase in the value of an asset over time

Under which of the following scenarios reflects an individual is both criminally responsible (possible prison-time) and personally liable (owe financial compensation)?

An individual that left the scene of a deadly car accident before police arrive

Which of the following is the BEST definition of a collectable?

An object (fine art or antique) suitable for collections whose value may appreciate.

Which of the following examples of re-creating someone's identity most constitutes as identify theft?

Andrew, a 19-year-old undergraduate sophomore, pays a stranger $150 for a bogus driver's license with the purpose of opening multiple credit cards

Which ideology most opposes the increasing demand for goods and services and the purchasing of material goods?

Anti-consumerism

Financial professionals work in ALL of the following areas EXCEPT:

Appraisal of Collectibles

__________________is land capable of being ploughed and used to grow crops.

Arable Land

Which of the following is the BEST example of Modern Portfolio Theory (MPT)?

Attempts to take minimal level of market risk to capture maximum-level returns

A(n) _____________ can determine whether you should have a Simple Will or a Complex Will.

Attorney

When investing it's a good idea to ___________ putting all of your eggs in one basket.

Avoid

Let's say a local car dealership is advertising on the radio for a $5,000 Rolls Royce, when Steve arrives moments after hearing the advertisement, there are only Hondas available. Which of the following deceptive tactics is this an example of?

Bait-and-switch

Prior to Cleveland Cavaliers drafting LeBron James in 2003, the franchise had seen a string of underperforming seasons combined with low attendance at regular seasons games. Since LeBron James' playing with Cavaliers fans from far regions of the country began wearing Cavalier apparel. Some would argue that these are what kind of fans?

Bandwagon

What is a safe place for people to keep their money?

Banks and Credit Unions

What is the exchange of goods and services instead of cash?

Barter

Which of the following examples are realistic and solid examples of long-term career goals for a recent college graduate?

Becoming a middle level manager of a company

A person with a low debt to income ratio is generally:

Better with managing their finances

Which President of the United States signed the Small Business Job Protection Act of 1996?

Bill Clinton

This philanthropist is believed to have given more money than any thus far in history.

Bill Gates

What term best explains a plan for how you will spend and save your money over a certain period of time?

Budget

Income, expenses, and what is left over are all components of which of the following?

Budget template

What is the main reason a person would have for saving and investing their money?

Building his/her financial worth

Research has shown that the _______________ of debt is necessary if developing countries actually have a hope of developing.

Cancellation

When applying for a loan, the lending institution evaluates a potential borrower's ability to complete repayment on a loan, cash on hand, collateral, and job status, play critical factors at arriving on this decision.

Capacity

All of the following are financial institutions EXCEPT:

Car Dealerships

Which of the following conditions is NOT covered by the Family Medical Leave Act?

Caring for a sick or injured pet

_____________ describes the real or virtual movement of money.

Cash Flow

For retirement, identifying which of the following most correlates with generating income for retirement?

Cash flow

Which of the following can be devastating when people borrow too much into this?

Cash flow

Which of the following is an example of money going in and out of your account?

Cash flow

What kind of check is it where the check writer's account balance is verified by the financial institution and the amount of the check is subtracted from the balance?

Cashier's check

Doing which of the following regarding personal information is the easiest way to avoid identity theft?

Changing passwords on a bi-monthly basis

When a bank looks into if a potential borrower has a history of paying back loans, they are attempting to assess the borrower's:

Character

Philanthropy is also referred to as __________________.

Charity

Jury duty is considered to be a citizen's ________________.

Civic Duty

___________________ is the responsibility or obligation of a citizen to his or her community.

Civic Duty

It's a common belief that taxes are used to provide funds in a _______________ society.

Civilized

A(n)_______________ is an amendment or change to an earlier will.

Codicil

Which of the following is NOT considered a basic investment vehicle?

Collectibles

Borrowing money for which of the following is most likely to have a good return on investment?

College tuition

What is the most important thing to remember when entering your PIN into an ATM?

Commit PIN to Memory

Which of the following is NOT an aspect of consumerism?

Complacency with goods

A(n) __________________is necessary if you wish to include intricate trusts to reduce federal and state estate taxes.

Complex Will

All Wills must go through probate which can be a __________ and _________ process.

Complicated/Timely

Investing in real estate offers numerous benefits to those who are ____________about the stability of stocks.

Concerned

Which of the following terms is NOT considered a characteristic of an entrepreneur?

Confrontational

Often times within materialism, this practice comes into play because consumers simply buy items in excess for want rather than need.

Conspicuous consumption

Someone that purchases products and/or services is known as which of the following?

Consumer

Which of the following is a person that purchases and uses goods or services?

Consumer

Laws in the United States, both federal and state, require toy guns to have an orange tip. Which of the following consumer protection laws most likely led for this practice?

Consumer Product and Safety Act signed by President Nixon

The ongoing increasement of an individual's want and need for varying goods and services is called:

Consumerism

After receiving a credit score that has a mistake, it is vital to do which of the following?

Contact all of the bureaus immediately

If you suspect your credit card is being used fraudulently or is lost, what should your first action be?

Contact the credit card company

Which of the following is not a viable solution when resolving one's stolen identity?

Contact the hospital of birth

Each of the entrepreneurs persevered, what does it mean to persevere?

Continue with something despite difficulty or delay

Which of the following is NOT a financial institution?

Corner Store

Often, the best entrepreneurs demonstrate THIS kind of behavior, which is they are brave and not deterred by danger?

Courageous

On which of the following websites can bartering for goods regularly take place?

Craigslist

Which of the following allows consumers to use borrowed funds to make a purchase?

Credit cards

What type of deposit-taking financial institution is owned by its members and not necessarily shareholders?

Credit union

For an 18-year-old that is about to move away to college, which of the following monetary transaction tools is most safe to avoid identity theft and insurmountable debt?

Debit card

Which one of the following items IS NOT a category/section utilized in creating a Primary Budget Template?

Debt

Which term is used to express the following: "When a borrower can use money in exchange for a fee, usually in the form of interest, and possibly additional fees."

Debt

In many countries, _________________is their largest expenditure.

Debt Repayment

In many developing countries, the amount paid in ___________________ was as much as the combined amount for water, health, agriculture, roads, transport and finance.

Debt Repayment

What basically compares what an individual owes compared with how much they earn monthly?

Debt to Income Ratio

A cereal company getting sued because it mislead consumers about immunity fighting antioxidants would be an example of which?

Deceptive advertising

"A shortage of money in one's budget," or the excess of one's expenses compared to income, best describes which term?

Deficit

Which government agency enforces workplace laws and regulations?

Department of Labor

Which department is responsible for enforcing some of the nation's most comprehensive federal labor laws?

Department of Labor wages and hours division

A new cars value greatly ________________ once it's purchased and driven off of a car dealers lot.

Depreciates

Which of the following is a NOT a primary source of investment funds?

Depreciation on investments

Developing countries always borrow money from ____________countries.

Developed

A ________________ is a country with a lot of industrial activity and where people generally have high incomes.

Developed Country

It is estimated that the amount that __________________________have to pay in debt repayment is approximately nine times the amount they receive in aid.

Developing Countries

A(n)_________________ is a country with little industrial and economic activity.

Developing Country

Which of the following vehicles would most likely be considered a lemon?

Diana's new Dodge Journey has spent 45 days in a 3 month period at the dealership's mechanic for frequent repairs to the alignment, brakes, and starter.

Right before Memorial Day (May) Vito returns home to New Jersey after completing his first year as an undergraduate at a college in New Hampshire and receives an invitation to join a local gym at a discounted rate. Which of the following is this an example of?

Direct-mail advertising

Which of the following forms of advertising is typically the least costly?

Direct-mail advertising

After John earned an extra $30,000 after his taxes were filled, he decided to purchase a new F-150. What is this extra money of John's referred to as?

Discretionary spending

Which of following best describes the role of advertising within the realm of mass media?

Divergent and sometimes complex, but also simple forms

A major strategy associated with Modern Portfolio Theory (MPT) is ______________.

Diversification

_________________is spreading risk across different asset types, which include stocks, bonds and cash.

Diversification

This is the best way you can protect yourself from identity theft.

Do Not Write Down Your PIN

You just purchased a brand new Mercedes-Benz SL550, and live in the Chelsea neighborhood of Manhattan (New York City). Which of the following could be done to reduce the premium knowing that living in a major city with an expensive new vehicle will be a costly insurance policy?

Dropping roadside assistance and towing coverage

______________is a method of trading securities (such as stocks, and bonds) electronically.

E-Trading

Maria, a rising 12th grader from California, embarks on her final high school year. Which of the following are likely mid-term goals in becoming a psychologist?

Earning a score of 5 on her Advanced Placement Psychology Exam in May

Which law signed by President George W. Bush, allowed for more economic freedom amongst different kinds of businesses on the 401(k)?

Economic Growth and Tax Relief Act

Studies have shown that nearly 80 million children worldwide don't have access to which of the following?

Education

Which Amendment to the Constitution prohibited the sale, transportation, and consumption of alcoholic or intoxicating beverages?

Eighteenth Amendment

This refers to a computerized transfer of money from one bank account to another without an exchange of paper money:

Electronic Funds Transfer (EFT)

Employees can legally expect to be:

Employees can legally expect to be:

What country did banks first emerge?

England

Which of the following is NOT an example of a fixed expense?

Entertainment

Mark Cuban, owner of the NBA's Dallas Mavericks, is considered THIS because he has undertaken multiple business ventures with his capital?

Entrepreneur

What term defines enterprising people who identify good opportunities and undertake new business ventures?

Entrepreneur

This act prohibits unequal pay for men and women doing substantially the same work?

Equal Pay Act

Taxes charged on top of the sale price for certain items including gasoline and certain "sin items" (e.g., alcoholic beverages and cigarettes).

Excise Tax

Which of the following is a tax on "sin items"?

Excise Tax

A(n)________________ is a person named in a decedent's will to fulfill the provisions of that will.

Executor

A(n)___________________ is the amount of money spent.

Expenditure

What term best explains the money that you need to spend during a week or a month?

Expense

Which of the following is NOT a key consideration when investing?

Expense

What agency insures one's deposits up to $100,000 per account?

FDIC - Federal Deposit Insurance Corporation

What should one reduce their fear of if they're looking to become more enterprising?

Failure

Which law expanded upon the Truth-in-Lending Act?

Fair Credit Reporting Act

A credit score refers to FICO and it comes from which of the following?

Fair Isaac Corporation

The federal law that prescribes standards for wages and overtime pay is the?

Fair Labor Standards Act

The Federal Trade Commission (FTC) and Department of Health & Human Services (HHS) mostly oversee this law's implementation and enforcement because it increases labeling and more disclosure on the contents of various products

Fair Packaging and Labeling Act

After a consumer's identity is stolen, they call the institution where the fraud took place, and then contact one of the credit bureaus; next they receive a credit report with inaccuracies. Which Federal agency should the discrepancy be reported to first?

Federal Trade Commission (FTC)

Which agency was established in the 1910s to help protect consumers from unfair business practices?

Federal Trade Commission (FTC)

________________ is the use other people's money to attain a higher return on your investment.

Financial Leverage

________________ refers to the use of debt to acquire additional assets.

Financial Leverage

What are things that provide a "destination" for the future which can then be used to develop an itinerary (e.g., a savings plan) to get there?

Financial goals

One advantage of these mortgages is that the interest rates and payments remain the same throughout the life of the loan.

Fixed

Which of the following are costs that do not change from month to month?

Fixed expenses

Which of the following is the BEST definition of advanced investing?

Focuses on the concept of money and the investing of money on a large scale.

The Federal Food, Drug, and Cosmetic Act - which also established the Food and Drug Administration - was signed into law by which President?

Franklin D. Roosevelt

This allows someone to avoid an interest charge by paying the balance in full?

Free Period

Which of the following is happening when a lending institution gains money from an individual's paycheck to cover outstanding debts?

Garnishment

Understanding your money and how to keep it moving in a positive direction is another way of ____________________________.

Generating Positive Cash Flow

Which American President signed the FAIR Act?

George W. Bush

Something happens on a _____________________when it occurs in all parts of the world.

Global Scale

Real estate investment is typically the purchase of residential or commercial property, or a combination of both, based on the investors'___________.

Goals

Modern Portfolio Theory (MPT) was developed by_____________________.

Harry Markowitz

Which of the following examples of goal setting are healthiest and most probable for Marissa, an 18-year-old undergraduate student beginning her first year of studies at The College of New Jersey?

Having perfect or near perfect attendance for all class sessions

Using Modern Portfolio Theory (MPT) is very ____________ when attempting to determine the investment that works best for you.

Helpful

Using other people's money to attain a _____________ return on your investment is also known as financial leverage

Higher

An investment that may not be financially safe or secure but generally yields a much higher return is considered to be a ________________.

Higher Risk

The 2 building blocks in Advanced Investing are:

Higher-Risk/Investment Management

When someone steals your credentials and pretends to be you in order to steal your money, it's referred to as ______________________.

Identity Theft

Understanding Modern Portfolio Theory (MPT) is very____________ in the study of advanced investing.

Important

Anthony decides to go boating with friends for an afternoon on the Barnegat Bay in New Jersey after not boating for several decades. Immediately after leaving the boat at the nearby marina, Anthony sees a boat for sale at $50,000 and he purchases it without negotiating. What of the following best explains Anthony's purchase?

Impulse buy

The money you receive during a week or month for your labor is referred to as what?

Income

Which of the following is NOT provided protection from employment discrimination by federal law?

Income

___________________ is a tax imposed by a government directly on income, especially an annual tax on personal income.

Income Tax

Managed accounts are personalized investment portfolios tailored to the specific needs of a(n) ____________________account holder.

Individual

Most often interest rates are related to _________________.

Inflation

The oil crisis of 1973 caused which of the following to happen in the United States?

Inflation Rates to Soar

According to your lesson, an enterprising person is someone who is hard-working and shows which qualities?

Initiative and Resourcefulness

Many would argue that Mark Zuckerberg's launching and promotion of Facebook showed THIS, or development of new ideas:

Innovation

In the past, managed accounts were only available to large_______________.

Institutions

___________________ is a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.

Insurance

What is the money called that the bank adds on to saving and loans so that you end up earning or paying more in the long run?

Interest

__________is the money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

Interest

The financial cost of a debt is measured by what number?

Interest rate

Which item is a needed item for a first year undergraduate student at Wake Forest University?

Internet Access

____________________________ is the expert asset management of various securities (stocks & bonds) and other assets, such as real estate.

Investment Management

Individuals who commit money to a financial venture with the expectation of profitable return are known as ____________.

Investors

The oil crisis that began in 1973 started because key Middle Eastern oil exporting countries were in conflict with which country?

Israel

Which of the following is the best description of what happened to American consumerism during the Great Depression?

It diminished and people lived less excessively

Why is materialism often controversial when related to cosnumerism?

It equates buying goods and services with happiness

What is the foundation concept of investing?

It is where your money earns money and works for y

Which of the following is an example of earning interest?

Jenna puts $100 in a savings account in 2016 and sees a 3% increase to her account without depositing additional money

Which of the of the following is an example of a health/emotional risk that can come with starting a new business?

Jim works 15 hour days at his company's new location for over 12 months and gains 50 pounds

Who invented the printing press?

Johan Gutenberg

Which of the following would be an example of acquiring "good" debt?

John uses a low rate fixed-mortgage to purchase a single family home in a great community

Which of the below individuals has the best capacity to pay back a loan?

John, a 35-year-old public school teacher making $100,000 per year takes a $10,000 loan to buy a new vehicle.

The mindset of keeping up with which family is often associated with consumerism of the 1950s?

Joneses

A _________________ is considered below "investment grade" due to a significant risk of default by the issuer.

Junk Bond

Hurricanes often hit Punta Cana in the Dominican Republic during the months of September and October; as a result, several beachfront hotels have closed for the duration. What is the best categorization for the type of risk these businesses are looking to reduce?

Known

Which of the following is NOT an impact of American consumerism?

Lack of unemployment and homelessness

Advanced Investing focuses on the concept of money and the investing of money on a(n) ____________________.

Large Scale

A charge for not making a payment on time is referred to as which of these?

Late fee

Which of the following is not considered a vocational career?

Lawyer

About 1% of new cars have a repeated and/or an unfixable problem, thus making them a:

Lemon

Which of the following is NOT a way in which consumerism was impacted and changed since 1876?

Lessons learned from previous generations told to the younger ones

What is referred to as the legal responsibilities for another individual and/or their property?

Liability

Which of the following examples should make a consumer leary to purchase from a business?

Limited information about the establishment on the company's website.

As a senior citizen, one may decide to sell off or use their assets for cash. What is this process called?

Liquidation

What is a bond?

Loans to a company for a specific amount of time

Which of the following was not a reason people gave in-supporting a ban for alcohol in the United States prior to prohibition?

Loss of tax revenue

A____________________ are individually tailored investments that allow you to keep direct ownership of the assets managed on your behalf.

Managed Accounts

Mutual funds are professionally managed on behalf of (a) ________ mutual-fund holders.

Many

Which of the following refers to widespread forms of communication in advertising?

Mass media

Someone that is physically attached to their 1973 Stingray Corvette would be considered which of the following example?

Materialistic

It is not uncommon to see television advertisements shown during the Super Bowl that show more widespread advertisements than those shown at a regular season NFL game because the audience or THIS has increased:

Medium

Which of the following is not one of the three functions of money?

Medium of account

A teenager's goal of investing $100 a month for two years to buy a laptop computer is a _______ goal?

Medium term goal

A good way of avoiding identity theft is _________________ your pin.

Memorizing

Which one of the following items is not a building block of insurance?

Mental risk

During the oil crisis in 1973, which region of nations declared they would not ship oil to the United States, or any other country that supported Israel?

Middle Eastern

Which of the following individuals are most at-risk for being victimized by identity theft?

Mike, a 30-year-old who makes several purchases online using a smartphone

All of the following are major forms of philanthropy EXCEPT:

Misanthropy

____________________is an investing model, developed by Harry Markowitz.

Modern Portfolio Theory

A journalist from a popular men's health magazine writes an article with well-known sources advocating for men over age 35 to eat more eggs on a daily basis is an example of doing WHAT to popular opinion?

Mold

Which of the following is a benefit of consuming or buying new things?

Money moves around and the economy as a whole improves

What is a check like tool that can be purchased for a fee to make payments?

Money order

Which of the following is BEST definition for world debt?

Money that developing countries have to borrow plus the interest owed on that money

Opponents of Prohibition argued that doing this governmental regulations was contrary to basic Constitutional values and consumer freedoms?

Moralizing

There are different types of monetary transactions for various household items. Which of the following monetary transactions would likely not be completed with a credit card?

Mortgage or rent payment

What is an investment program funded by shareholders that trades in diversified holdings called?

Mutual Funds

All of the following are considered charitable organizations EXCEPT:

National Security Agency

Which of the following vehicles in mass media is slowly dying nationally?

Newspapers

Dwayne's mortgage application was denied because the credit report noticed several late payments to his credit cards over a 2 year period and he had missed 3 payments on a loan. Would this make him a good candidate to borrow money for a mortgage?

No, he has not proven he is financially responsible with money previously borrowed

A charitable organization is a type of ______________ that centers on philanthropic goals as well as social well-being.

Non-Profit

Under PPO, which of the following in-network specialists would a referral be required?

None of these

Which of the following is the BEST definition of acceptable risk?

Occurs when the cost of managing a certain type of risk is workable.

What form of identity theft would categorize Jim taking Adriana's credit card out of her purse to make purchases?

Old-fashioned stealing

Which of the following are signs of a person being in credit distress?

Only making minimum payments on credit cards each month

Modern Portfolio Theory (MPT) concludes that a(n) ______________portfolio generates an optimal return given what the investor is willing to risk.

Optimized

After Colleen retires from her position as a speech pathologist at a local school district, she and her colleague Jane, a retired school psychologist, open a practice to service students with disabilities as a new business. She is an entrepreneur. What building block of cash flow does this fall under?

Other Cash Generators

Brenda has a balance on her credit card, and would like to pay less money in the long-term, what should she do?

Pay as close to, if not the entire balance

Which of the below loans typically have the highest interest rates?

Payday Loans

All of the following are considered global concerns EXCEPT:

Peace Corp

What is the personal finance measure that compares the debt one owes to overall income?

Personal Debt Ratio

__________________ is the value of a specific person's assets and possessions.

Personal Wealth

________________ is simply the advancement of goodwill toward fellow members of the human race.

Philanthropy

For Super Bowl LI, advertisers were charged over $5 million to run a 30-second commercial. An advertiser may ask to pay additional money for the commercial to be shown prior to the coin toss (start of the game) because this is the ideal positioning and/or:

Placement

Which of the following most compares with the term budgeting?

Planning ahead

Which of the following is a position where a college degree is NOT required for applicants?

Police Officer

Removing emotion from the equation is critical when attempting to optimize your ________________.

Portfolio

The total holdings of the securities (stocks, bonds, etc.) of a financial institution or private investor are found in a(n)______________.

Portfolio

The amount paid to the insurance company to cover the policy refers to as which of the following?

Premium

The amount paid to the insurance company to cover the policy, refers to as which of the following?

Premium

Who signed the Truth-in-Lending Act into law?

President Lyndon Johnson

John is financially responsible. He pays his credit cards' full balance on time each month, paid back his school loans early, and is close to paying off his second car loan. Which of the following is the type of loan he most likely would be offered?

Prime

All Wills must go through _____________.

Probate

___________________ is the official process of proving a Will is valid.

Probate

Often times, advertisers within vehicles in mass media will utilize various sounds, images, and tones to influence buying habits by consumers. Which social science most fits with this description?

Psychology

During college, Andrew played college basketball on a scholarship and as a result, did not have student loans upon graduation. Which of the following could help Andrew establish a credit history?

Purchasing a car and taking a loan that can easily be re-paid early.

If you were to invest $5,000 into a 3-year certificate of deposit account, which of the following would be most desirable as far as compounding frequency?

Quarterly (four times per year)

Which of the following is considered a "passive" real estate investment?

Real Estate Investment Trust (REIT)

__________________________is an operation that owns and operates income-producing real estate. This operation can be publicly traded on major stock exchanges.

Real Estate Investment Trust (REIT)

If you keep an asset for longer than 12 months the government will ________________your tax when you sell that item.

Reduce

Opening several loans within a 60-day period can do which of the following to a credit score?

Reduce it tremendously

Hal charges Jim to operate his business within the office building he owns. Identify Hal's source of income:

Rent

Which of the following is NOT a building block of basic investing?

Renting Assets

What is the process of a lender taking back a product when the borrower stops making payments?

Repossession

Every state has its own set of legal_______________ for writing a legal Will.

Requirements

A person's gain from their investments, subtracted from the cost of their investment is known as what?

Return on Investment

What term best explains a plan for the amount of return compared with an investment's cost?

Return on Investment

Typically, these are added to insurance policies for things like floods and earthquakes.

Riders

Since the 1950s, the cost to pursue an undergraduate education has mostly done which of the following?

Risen

Fill in the blank. Credit scores allow lenders to see the level of ___________ before issuing a loan to borrowers?

Risk

Modern Portfolio Theory (MPT) concludes that an optimized portfolio generates an optimal return given what the investor is willing to ____________.

Risk

A financial analysis comparing the potential gains from an investment against the potential losses is known as_______________.

Risk vs. Reward

Which of the following is not one of the "Three Basic Rules of Risk?

Risking a lot for a fair cost

The Ford Model T and accessibility of electricity is often associated with which economic time period?

Roaring Twenties

By 1981, which president signed the Economic Recovery Tax Act into law?

Ronald Reagan

Which rule is a reliable way to estimate the number of years it will to double the value of investment?

Rule 72

Which area of the country do you think illustrates a shortage of primary-care providers?

Rural

Which of the following IRAs provides a pension for employees?

SIMPLE

Scriptures are the _______________ writings of a religion.

Sacred

Work performed for compensation to meet the demands of a cosnumer is known as a:

Service

________________is a trading strategy that seeks to capitalize on an anticipated decline in the price of a stock.

Short Selling

John receives his credit card bills and bank statements in the mail, what can he do to avoid potential identify theft?

Shred his bills and statements

A(n) ____________ Will does not include complex trusts or other provisions designed tominimize federal or state estate taxes.

Simple

What is it called when they steal your credit and debit card numbers by using a special device when processing your card?

Skimming

Which of the following is a form of identity fraud?

Skimming

__________________ is when a criminal fits a device onto the machine that can read the information on the magnetic strip on your card.

Skimming

Which of the following is NOT a necessity or needed item?

Smart TV

A __________________is a problem that influences a considerable number of the individuals within a society.

Social Issue

Which of the following is a primary source of income for most retired Americans?

Social Security

Why are teenagers often vulnerable to being victimized by identity theft?

Social Security numbers of teenagers gernerally are generally "clean" and have not been used to get credit or have little credit history

One important thing that a budget helps to capture, which can help project future months cash flow, is called...

Spending history

What is an example of a deficit?

Spending more money then you have

During training camp prior to the NFL season, the New York Giant's star safety and defensive coordinator have a brief shouting in the morning session over a missed coverage assignment, but resolve their differences quickly and resume duties through the day without a problem. The safety had a scheduled missed day of practice the following day to move to a bigger house 30-minutes further from the stadium. As a result, the media runs stories of rumors that the safety has been traded. What are the media's actions in the above scenario an example of?

Spinning

The Fair Labor Standards Act includes the following?

Standards for overtime pay

What is one thing that you should do when setting goals?

Start with at least one long term goal

___________ are considered a type direct ownership of a company.

Stocks

What type of monetary transaction tool is a gift card from a retailer or restaurant?

Stored value card

Which of the following IS NOT one of the 3 Building Blocks of Debt?

Strong ROI

A loan offered at a rate above the normal rate, due to the borrower's low credit rating, is known as what?

Subprime

"An excess amount of money left over in your budget" best describes what term?

Surplus

If you are able to pay off your car loan in May, what will that do to your budget for June given all other expenses were the same?

Surplus

Which of the following is NOT a way in which consumers are protected from dishonesty?

Taste tests

________________ is a sum of money demanded by the government for its support of for specific services.

Tax

A ________________ is the percentage at which an individual or corporation is taxed.

Tax Rate

The following are all major high-risk investments discussed in this lesson EXCEPT:

Tax Shelter Annuity

Asking about various components of a loan agreement such as the interest rate and penalties for late fees are components for which of the following?

Terms & Conditions

During which era did American consumerism and excess drastically diminish, before recovering years later?

The Great Depression

Which of the following is the BEST definition for cash flow?

The Real or Virtual Movement of Money

Which of the following basic consumer rights includes the acquisition of knowledge and skills needed to make informed choices about goods and services, while being aware of basic rights and responsibilities?

The Right to Consumer Education

Investing in real estate offers numerous benefits to those who are concerned about ______________.

The Stability of the Stock Market

When looking at the compound interest formula, A = P(1+r/n)nt, what does the r represent?

The annual interest rate in decimal form

After John receives a phone call from his credit company alerting him of a fraudulent purchase made to his Chase Visa credit card, which of the following will likely transpire?

The current credit card will be canceled and a new credit card will be sent to John within 5 to 10 business days.

What must an injured part demonstrate to recover workers compensation?

The injury occurred on the job.

Which of the following is the BEST definition for world debt?

The money that developing countries have to borrow plus the interest owed on that money.

Which of the following is true on the practice of bartering?

The practices began before the implementation of currency

What does it mean if someone is enterprising?

They are showing initiative and resourcefulness

Which of the following statements are true regarding FICO scores?

They can be monitored monthly with using certain credit cards.

All of the following are some of the reasons developing countries borrow money EXCEPT:

To limit their citizens opportunities

Which of the following is the BEST definition for enumeration?

To name things one after another in a list

Which of the following DOES NOT explain why people choose to make budgets?

To prevent paying taxes on their income

Which of the following is the best example of "bad debt?"

Tom taking a loan on the purchase of a new jet-ski to use on vacation, and missing the first three payments.

Rock bottom prices for high-end items being advertised by a store could be a bait-and-switch scam because of which reason?

Too good to be true

Personal Wealth is the _____________value of a specific person's assets and possessions.

Total

Giving up of one thing in return for another is considered this?

Trade off

Which of the folowing is the best example of "keeping up with the Joneses"?

Trading in your 2 year old car to get the newer model than your neighbor has

The IRS works under the power of the United States Department of ____________.

Treasury

In entrepreneurship, 1 out of every 12 ideas fail and sometimes a great deal of attempts are made on a product before it is perfected. Before launching a new business, be prepared for a great deal of this?

Trial and error

Which amendment to the Constitution reversed or repealed the Eighteenth Amendment?

Twenty-first

Which state managed program provides temporary income to those who have been laid off from their jobs?

Unemployment Insurance

All of the following are considered strong personality traits for an executor EXCEPT:

Unethical

Which of the following is not among one of the three credit bureaus?

Union Pacific

What is a standard monetary unit of measurement of value/cost of goods, services, or assets referred to as?

Unit of Account

What type of loan is also sometimes referred to as a signature loan?

Unsecured loan

All of the following are acceptable ways to optimize your portfolio EXCEPT:

Use Your Emotions

Of the below, identify the item that is one of the four major credit cards.

Visa

Community involvement of volunteer labor is commonly referred to as ______________.

Volunteerism

Which of the following is NOT a primary credit agency?

Wachovia Bank

What happens if you don't have a Will when you die?

What happens if you don't have a Will when you die?

What kind of check is it where the check writer's account balance is verified by the financial institution and the amount of the check is subtracted from the balance?

What kind of check is it where the check writer's account balance is verified by the financial institution and the amount of the check is subtracted from the balance?

Which of the following is NOT an example of an important question to ask prior to agreeing to a loan's terms and conditions?

What will you use the money for?

During the Renaissance, why was artwork used to promote products and ideas?

Widespread illiteracy

________________ are legal documents by which people express their wishes as to how their property is to be distributed at death.

Wills

What is the BEST definition of a Direct Debit?

Withdraw out of account at regular intervals usually for the purpose of bill payment

_________________ means money that developing countries have to borrow plus the interest owed on that money.

World Debt

It's believed that the most important person in the entire equation of investing is ___________.

You

Which of the following is NOT a warning sign that a message is a scam?

You are addressed as Sir or Madame

Which of the following is a benefit of using a debit card for a purchase?

You can get cash back.

The cost of borrowing money on an annual basis ( is taken into account and other related fees on a loan) is referred to as:

annual percentage rate

Social security acts as a safety net for individuals who...

cannot work due to no fault of their own

Retirement is the time when ___________ becomes more critical, as we may not be earning wages. It is the lifeline of survival.

cash flow

After paying bills each month on-time, Leo who is a dependable borrower, will not be able to make his monthly car payment. What should he do first?

contact the lending institution

Which of the following monetary transaction tools are the most likely for an individual to face difficulty managing and possible debt problems?

credit card

Which of the following monetary transaction tools are the most likely to cause debt problems for individuals?

credit card

Which of the below is likely to be of no cost to the potential borrower when closing on a home?

credit report fee

Before approving a loan application, which of the following is a lending institution going to analyze on an applicant's behalf?

debt ratio

When an individual deposits cash into a savings account, it is imperative that the financial institutions offers ____ interest rates, but when borrowing money, it is more desired to find the financial institution that offers ____ interest rates.

high/low

All of the following are signs someone is in credit trouble EXCEPT...

if they are making more cash than credit card purchases

Good debt is different from bad debt, in that it...

improves your life and financial well being

Long Range Budgeting is all about ______________ cash flow.

inflation adjusted

Which of the following are examples of personal risk?

involuntary unemployment

Which of the following can a young adult do to build a credit history?

keeping $100 or more in a checking account

The best way to achieve your goals is to...

make plans on where you need to begin, and how you can get to them!

Which of the following would not be a wise move to save for retirement for someone that is 30-years-old today?

not saving for retirement because they are relying on Social Security to replace their retirement savings

Which of the following are disadvantages to insurance?

payment of premiums are usually costly

The most important thing to remember about retirement is...

planning is key - identify cash flow, determine expenses, and create a program to save for the future!

What type of interest rates will a person with a credit score in the low to below 600 range be offered for a loan?

relatively high interest rates

In a budget, when a person finds they have a surplus this month, it means they...

spent less than they made

For which of the following reasons would a secured loan require a cosigner?

the borrower does not have property to use as collateral

Credit Cards can be useful for all of the following EXCEPT...

to purchase everything you want and need immediately

Sara has a loan with an interest rate of 2% now, but according to the terms and conditions, the interest rate could quadrupole after 18 months. What term best summarizes the situation?

variable rate loan

Which of the following could be reasons as to why Roth IRAs are more flexible?

you can withdraw some of the money early without taxes