Personal FinancePersonal Finance

Final Exam Review

JEOPARDY

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DefinitionsDefinitions BudgetingBudgeting BankingBanking CreditCredit InsuranceInsurance PotpourriPotpourri

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F i n a l J e o p a r d y

Question

The legal process in which some or all of a debtor’s assets are distributed

among creditors b/c the debtor cannot pay his/her debts.

DefinitionsDefinitions100100

A: What is bankruptcy?

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Question

A: What is your net worth?

The difference between the amount you own and the debts you owe.

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Question

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A: What is discretionary income?

Extra money that can be spent, saved or invested after taxes and necessities.

DefinitionsDefinitions300300

Question

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A: What is a reconciliation?

The process of matching your checkbook balance with the bank

statement balance.

DefinitionsDefinitions400400

Question

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A: What is universal default?

Allows credit card companies to increase your interest rate if you

make just one late payment.

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Question

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A: What are liquid assets?

Cash and items that can be quickly converted to cash.

BudgetingBudgeting100100

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Question

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A: What is you spend less than you earn?

Your budget shows a surplus when _______________.

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Question

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A: What is money management?

The method of planning how to get the most from your money.

BudgetingBudgeting300300

Question

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A: What is a deficit?

A situation that occurs if a person spends more than he/she earns.

BudgetingBudgeting400400

Question

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A: What is S=Specific M=Measurable A=Attainable R=Realistic T=Time Bound?

SMART stands for ______________.

BudgetingBudgeting500500

Question

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A: What is a checking account?

The funds for a debit card come directly from this account.

BankingBanking100100

Question

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A: What is restrictive?

Writing the words “For Deposit Only” on the back of a check before your name constitutes

this endorsement.

BankingBanking200200

Question

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A: Who is the victim of fraud?

The responsible person for reporting identity theft.

BankingBanking300300

Question

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A: What is a Certificate of Deposit?

The financial service best suited for saving money over a period of time.

BankingBanking400400

Question

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A: What is automatic payment?

When the bank withdraws money from your account to pay for a bill.

BankingBanking500500

Question

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A: What is Capital, Collateral, Capacity and Character?

Name the 4 C’s.

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Question

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A: What is the Equal Credit Opportunity Act?

Prohibits discrimination in giving credit on the basis of sex, race, color, religion, national origin, marital status, age, or receipt of public

assistance.

CreditCredit200200

Question

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A: What is interest?

A periodic charge for using credit.

CreditCredit300300

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A: What is Capital?

One of the 4 C’s that requires a person’s assets exceed their liabilities.

CreditCredit400400

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A: What is the Grace Period?

The time permitted for paying an account without an interest charge.

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A: What are lawsuits?

Liability insurance protects you against _____.

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Question

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A: What is comprehensive?

Insurance coverage that reimburses a car owner if the car is stolen.

InsuranceInsurance200200

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A: What is the deductible?

Out-of-pocket expense on an automobile or property insurance

claim.

InsuranceInsurance300300

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A: What is collision?

While driving, you swerve to miss a goose in the road and hit a tree. This type of insurance will provide reimbursement

for damage to your car.

InsuranceInsurance400400

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A: What is health and automobile?

Name the 2 most important types of insurance you need at your age.

InsuranceInsurance500500

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A: What is a value?

A belief or idea you consider important or desirable.

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Question

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A: What is your credit limit?

The maximum amount you can charge on your credit card.

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Question

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A: What are finance companies?

The financial institution that generally charges the highest interest rates on

loans.

Potpourri Potpourri 300300

Question

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A: What are $250,000?

The FDIC insures each account in a federally chartered bank up to this

amount.

Potpourri Potpourri 400400

Question

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A: What are stop-payment order?

If a check is lost or stolen, you would ask the bank for a _______.

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QuestionA: $160.00

Calculate the net cash flow:Jane’s take home pay is $900 and she has

$45 in savings. Jane has the following expenses: fixed = $320 and variable =

$465.

Final JeopardyFinal Jeopardy

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