Personal Finance Exam

Front 1

Well being five domains p,f,i,e,s

Back 1

1. Physical 2, Financial 3. Interllectual 4. Emotional 5. social

Front 2

Managing money continuously through life in order to reach goals

Back 2

Financial Planning

Front 3

Specific objectives that are accomplished through financial planning

Back 3

Financial Goals

Front 4

Values, Needs, Wants all contribute to

Back 4

Financial Decisions

Front 5

Giving up one thing for another

Back 5

Trade-off

Front 6

The value of the next best alternative that must be forgone as a result of a decision

Back 6

Opportunity Cost

Front 7

The end result of something a person tends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future

Back 7

Goals

Front 8

what to wear in the morning is an example of a

Back 8

Routine decision

Front 9

What to do after high school graduation is an example of a

Back 9

Major decision

Front 10

Smart goal stands for

Back 10

Specific, Measurable, attainable, realistic, time-bound

Front 11

Exactly what is to be done with the money involved

Back 11

specific

Front 12

the exact dollar amount within a goal

Back 12

Measurable

Front 13

step-by-step plan outlining exactly how the goal can be reached

Back 13

Attainable

Front 14

Trade offs and opportunity costs have been analyzed to make sure it isn't unattainable

Back 14

Realistic

Front 15

when the goal will be reached is stated

Back 15

Time bound

Front 16

Business that provides financial services

Back 16

depository institution

Front 17

These banks are for profit, open to anyone, offers many services, usually large

Back 17

commercial bank

Front 18

these banks are not for profit, are only available to people who have a membership and share a common bond, offer many services, give higher interest rates and charge lower fees because they are smaller

Back 18

Credit union

Front 19

Federal deposit insurance corporations (FDIC)

Back 19

Insures banks and other types of institutions, insures $250,000

Front 20

National credit union administration (NCUA)

Back 20

Insures only credit unions and $250,000

Front 21

The paid price for using someone elses money

Back 21

Interest

Front 22

percentage rateused to calculate interest, usually an annual rate

Back 22

Interest rate

Front 23

Provides quick access to fundsfor transactions- Some earn interest but most do not

Back 23

Checking account

Front 24

An account for money not intended to be used for daily expenses-Earn interest

Back 24

Savings account

Front 25

What is it when you borrow money

Back 25

credit

Front 26

Difference between online banking and mobile banking

Back 26

Mobile banking: Apps that many depository institutions have developed that allow online banking access from devices such as smart phones, tablets, and other mobile devices

Online banking: Banking using a url

Front 27

Mutual funds are what type of investments

Back 27

Diversified

Front 28

Which federal program assists low income families ion purchasing nutritious foods?

Back 28

SNAP

Front 29

Gaining interest on interest is

Back 29

compounding

Front 30

Where would the balance of your credit card go on a statement of financial position (snapshot)?

Back 30

Liability

Front 31

Funds being held for a certain length of time is a feature of what type of account?

Back 31

Certificate of deposit

Front 32

T or F: Property taxes are set by the federal government to be equal in every state?

Back 32

False

Front 33

Tiered interest rates is a feature of what type of account?

Back 33

Money Market account

Front 34

T or F: Commercial banks are for profit and credit union are not for profit?

Back 34

True