Final Part 3 Flashcards
1
Q
Illinois laws for car insurance require you to have
A
Liability insurance
2
Q
FICO score range is
A
300-850
3
Q
Principal amount is
A
The amount you take the loan for
4
Q
Interest is
A
The percentage they charge you on top of the principal amount
5
Q
Depression is when
A
The economy is doing really really bad
6
Q
The step before depression is
A
Recession
7
Q
When you are negotiating to buy a new car you negotiate from
A
The invoice price up
8
Q
Net worth equation is
A
Assets-liabilities
9
Q
Taxes are how
A
The government makes money (income for the government)
10
Q
GDP is
A
Gross Domestic Product which means the value of all goods and services produced in a year
11
Q
The amount that should be in a savings account is
A
3-6 months salary
12
Q
A savings account should be
A
Liquid
