Consumer and Personal Finance Test Flashcards Preview

CT Economics Hill > Consumer and Personal Finance Test > Flashcards

Flashcards in Consumer and Personal Finance Test Deck (35):
1

Define Budget.

a plan for how to save and spend your income

2

Define Checking Account

used for immediate purchase; convenient way to keep up with your money

3

Define Claim

request for payment on a loss

4

Define Co-Pay

amount due when a person receives health care

5

Define Credit

a practice of buying goods and services now and paying for them in the future

6

Define Credit Report

a statement that details one's credit record

7

Define Deductible

an amount paid by the person before the insurance company will pay

8

Credit Score

idk number assigned to designate someone's creditworthiness

9

Define Identity Theft

how people can steal your social security number or credit card number and use money on things

10

Define income

Money payment for the use of one's productive services

11

Define Interest

the money the bank charges you for loaning money

12

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

13

Define Premium

amount you pay for insurance coverage

14

Define Savings Account

-used for future purchases; convenient way to store money

15

Define Wages/Salary

2 forms of income. Wages (hourly) Salary (yearly)

16

Define Withdraw

taking away/taking out money from a bank account

17

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

18

What are the characteristics of credit cards?

-bonuses and rewards (good)
-annual fees
-Interest(Minimum Finance Charge)
-Cash Advance Fee
-late fees(bad)

19

What causes interest rates to vary with credit cards?

paying bill late

20

What are examples of bonuses/rewards offered by credit card companies?

-cash back
-airline miles
-discounts on merchandise

21

What are common techniques of identity theft?

Dumpster Diving
Mail Theft
Stealing personal items
Etc...

22

How does debt consolidation help solve credit problems?

it is a loan to consolidate all outstanding debts; lower fixed interest rate

23

What are examples of fixed expenses?

-insurance
-phone bill
-TV bill

24

What are examples of variable expenses?

-grocery shopping
-gas
-dining out

25

What are examples of irregular yearly expenses?

-new fridge
-new tires for car
-hospital expense

26

What resources are available to help you choose a career?

-occupational Outlook Handbook
-Aptitude Tests
-Counseling Center/College Advisor

27

How can people gain education and training necessary for the workplace?

-college/University
-apprenticeship
-vocational training
-specialized training

28

What workforce readiness skills do employers look for?

-professionalism
-Oral and Written Communication
-Teamwork/Collaboration
-Critical Thinking/Problem Solving

29

What are the types of insurance?

Car, Health, Homeowner, Renter's, Disability, Life

30

What does Car Insurance Protect and pay?

Protects vehicle and people in vehicle in case of accident or theft

31

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

32

What does Homeowners insurance protect and pay?

Protects Structures and land and personal property. Pays for fire, theft, or natural disaster damage.

33

What does Renters insurance protect and pay?

Protects personal property. Pays for loss of or damage to personal items

34

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.

35

What does life insurance pay for and protect?

It protects family when a wage earner dies and pays for money to meet expenses after death.