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Home Ec. > Unit 8: Quiz 2 > Flashcards

Unit 8: Quiz 2 Flashcards

1
Q

Meticulous, careful

A

conscientious

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2
Q

One who makes a deposit of money in a bank or similar institution.

A

depositor

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3
Q

A contract renting land, buildings, etc, to another for a specified period of time and payment.

A

lease

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4
Q

A book of forms that provides space for writing in the dates, amounts, and payees for all checks.

A

register

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5
Q

Forms answering questions such as Who, What, When, Where, and Why are

A

descriptive forms

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6
Q

Forms answering questions such as How much and How many are

A

financial forms

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7
Q

Forms answering a mix of questions are

A

combination forms

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8
Q

A book with pages for recording financial information is a

A

ledger

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9
Q

A heavy paper folder with files for storing papers is called an

A

expandable file

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10
Q

A locked container made to resist heat is a

A

fireproof safe

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11
Q

A locked container within a bank vault is a

A

safe-deposit box

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12
Q

Mortgage papers should be stored in a

A

safe-deposit box

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13
Q

Rental leases should be stored in a

A

expandable file

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14
Q

U.S. Savings Bonds should be stored in a

A

safe deposit box

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15
Q

A high school diploma should be stored in a

A

expandable file

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16
Q

Stock certificates should be stored in a

A

safe deposit box

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17
Q

Stock certificates should be stored in a

A

safe deposit box

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18
Q

Last year’s tax records should be stored in a

A

fireproof safe

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19
Q

Savings account passbooks should be stored in a

A

expandable file

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20
Q

A CD player warranty should be stored in a

A

expandable file

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21
Q

A list of medical expenses should be stored in a

A

record book

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22
Q

Earnings records should be stored in a

A

expandable file

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23
Q

A list of insurance policies should be stored in a

A

record book

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24
Q

Birth certificates should be stored in a

A

fireproof safe

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25
Q

Photographs of furnishings should be stored in a

A

fireproof safe

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26
Q

Photographs of furnishings should be stored in a

A

fireproof safe

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27
Q

An apartment lease agreement should be stored in a

A

expandable file

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28
Q

A marriage certificate should be stored in a

A

fireproof safe

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29
Q

The date for expiration of a TV warranty should be stored in a

A

record book

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30
Q

One who makes a deposit of money in a bank or similar institution.

A

depositor

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31
Q

The state of being due; the time when a note or a bill of exchange becomes due.

A

maturity

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32
Q

A person to whom money is paid.

A

payee

33
Q

All the checks written and fees applied to the account within a given month have been subtracted. The deposits have been added. The resulting check register balance and the bank statement balance agree.

A

reconciling

34
Q

A check register is a book of forms that provides space for writing in the dates, amounts, and payees for all checks.

A

register

35
Q

The process of checking information for completeness and accuracy.

A

verify

36
Q

How do banks make money?

A

By charging fees for services and by collecting interest on loans

37
Q

offers investment services

A

brokerage firm

38
Q

A nonprofit organization owned by its members is called a

A

credit union

39
Q

has numerous branches

A

commercial bank

40
Q

is considered more personal

A

savings bank

41
Q

Which of the following offers a full range of banking services?

A

commercial bank

42
Q

Members may have the same place of employment at a

A

credit union

43
Q

Service fees will likely be lower at a

A

savings bank

44
Q

An order to a bank to pay money is called a

A

check

45
Q

The form listing the checks and money to put into an account is a

A

deposit slip

46
Q

The form with the official account holder’s written name is called a

A

signature card

47
Q

Before a check can be deposited, it should be

A

endorsed

48
Q

The person to whom a check is written is called a

A

payee

49
Q

The booklet of forms used to record checks and account balances is called a

A

register

50
Q

When the check amount is greater than the account balance, the check is called

A

overdrawn

51
Q

The monthly record listing the checks, charges, and deposits for an account is called the

A

bank statement

52
Q

Making the bank statement balance and the check register balance is called

A

reconciling

53
Q

For the use of a depositor’s money, the bank pays

A

interest

54
Q

FDIC insures an account up to

A

250k

55
Q

A savings account that offers a fixed rate of interest in called a

A

regular savings account

56
Q

An account that requires a minimum deposit for a certain period of time is called a

A

certificate of deposit account

57
Q

An account that requires a minimum deposit yet allows the depositor to deposit more money or withdraw funds is called a

A

money market account

58
Q

What are three advantages of a savings account?

A

They earn interest, They’re safe, and Depositing or withdrawing is very convenient.

59
Q

What are three other options for investing your money?

A

Bonds, Stocks, and Mutual funds

60
Q

A contract renting land, buildings, etc, to another for a specified period of time and payment.

A

lease

61
Q

A specified income payable at stated intervals for a fixed or a contingent period, often for the recipient’s life, in consideration of a stipulated premium paid either in prior installment payments or in a single payment

A

annuity

62
Q

Social Security is collected at age

A

67

63
Q

Two retirement financial plans that companies offer are

A

401K and pensions

64
Q

Two retirement plans that you might set up for yourself are

A

IRA and annuity

65
Q

What two things do loan institutions expect from the borrower?

A

That you pay back the amount borrowed and that you pay a finance charge

66
Q

What is a credit report?

A

A summary of your financial history

67
Q

How can you avoid paying finance charges on short-term credit?

A

By paying the full amount owed each month

68
Q

A credit card that can be used to charge purchases at many different stores and businesses is called a

A

bank credit card

69
Q

What is a good rule to adopt when considering long-term credit?

A

That what you are buying is an appreciable item or an investment.

70
Q

Depending on someone or something else for aid, support, etc.

A

dependent

71
Q

Claim

A

your request for payment from an insurance company

72
Q

Premium

A

the annual amount you pay for insurance coverage

73
Q

Endorsement

A

an attachment to a policy that changes the policy’s original terms

74
Q

List the four steps required to figure your income tax.

A

a. Add up your total income

b. Subtract your deductions

c. Apply the tax rates

d. Subtract your withholding and other payments and credits

75
Q

Which would you most likely use: itemized deductions or the standard deduction?

A

standard

76
Q

You fill out and give your employer a form ____ if you have a full-time job

A

W4

77
Q

You receive a form _____ from your employer.

A

W2

78
Q

As a teenager you will most likely fill out a _________ tax form.

A

1040EZ

Home Ec. (11 decks)

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