Flashcards in Consumer and Personal Finance Test Deck (35):
a plan for how to save and spend your income
Define Checking Account
used for immediate purchase; convenient way to keep up with your money
request for payment on a loss
amount due when a person receives health care
a practice of buying goods and services now and paying for them in the future
Define Credit Report
a statement that details one's credit record
an amount paid by the person before the insurance company will pay
idk number assigned to designate someone's creditworthiness
Define Identity Theft
how people can steal your social security number or credit card number and use money on things
Money payment for the use of one's productive services
the money the bank charges you for loaning money
Define Pension Plan
an employer/sponsor promises a specified monthly benefit on retirement that is predetermined by the employee's earnings history, length of service and age
amount you pay for insurance coverage
Define Savings Account
-used for future purchases; convenient way to store money
2 forms of income. Wages (hourly) Salary (yearly)
taking away/taking out money from a bank account
Define Work Ethic
set of values vases upon hard work and diligence; belief in the moral benefit of work and its ability to enhance character
What are the characteristics of credit cards?
-bonuses and rewards (good)
-Interest(Minimum Finance Charge)
-Cash Advance Fee
What causes interest rates to vary with credit cards?
paying bill late
What are examples of bonuses/rewards offered by credit card companies?
-discounts on merchandise
What are common techniques of identity theft?
Stealing personal items
How does debt consolidation help solve credit problems?
it is a loan to consolidate all outstanding debts; lower fixed interest rate
What are examples of fixed expenses?
What are examples of variable expenses?
What are examples of irregular yearly expenses?
-new tires for car
What resources are available to help you choose a career?
-occupational Outlook Handbook
-Counseling Center/College Advisor
How can people gain education and training necessary for the workplace?
What workforce readiness skills do employers look for?
-Oral and Written Communication
-Critical Thinking/Problem Solving
What are the types of insurance?
Car, Health, Homeowner, Renter's, Disability, Life
What does Car Insurance Protect and pay?
Protects vehicle and people in vehicle in case of accident or theft
What does Health Insurance Protect and Pay?
Protects policy holder and dependents in the event of illness or injury. Pays for doctors, hospital visits and medicines
What does Homeowners insurance protect and pay?
Protects Structures and land and personal property. Pays for fire, theft, or natural disaster damage.
What does Renters insurance protect and pay?
Protects personal property. Pays for loss of or damage to personal items
What does Disability protect and pay?
Protects income when person cant work. Pays percentage of income when a person cant work due to injury or illness.