Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

BOLC > Finance > Flashcards

Finance Flashcards

1
Q

Which section on the LES records recent or upcoming changes

A

 remarks section

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are some common banking fees to watch out for

A

ATM withdrawal fees
Overdraft or nonsufficient fund fees
loan interest and origination fees
monthly service charges
‘low balance fees
Usage fees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the four steps to a spending plan

A

Step one understand your current situation
Step to know where your money should go
 Step three create a plan
Step four make adjustments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the five factors driving your credit score

A

Payment history 35%
Amount of debt owed 30%
Length of credit history 15%
New credit 10%
Types of credit at 10%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are some healthy credit habits

A

Create and follow you spending plan
Pay bills on time
Pay off credit cards in for each month
Do not apply for credit you do not need
Keep credit card and loan information safe
Keep your receipts and compare charges

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What does SCRA stand for

A

Servicemembers civil relief act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the military lending act

A

Limits the amount a creditor may charge on a wide range of credit products to 36% military annual percentage rate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Who is protected under the military lending act

A

Active duty service members
National Guard and reserves on active duty for 30 days or longer
Spouses and cover dependence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is covered under the military lending act

A

Credit cards
Payday loans
Vehicle title loans
Refund anticipation loans
Certain installment loans

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are some ways to reduce identity theft

A

Safe guard wallet debit cards ID cards credit cards mail
Electronic statements
Review credit report
Computer security settings are up-to-date
Avoid unsecured Wi-Fi networks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

True or false under the military lending act active duty soldiers including members of the garden reserve on active duty for 30 days or more and cover dependence cannot be charged interest rate higher than 36% on most consumer loans along with other protections

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are the three separate deals when purchasing a vehicle

A

Purchase price
Finance
Trading

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

True or false the public service loan forgiveness program forgives the remaining balance on your direct loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for qualifying employer

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

How do you interpret different types of insurance

A

Deers
TRICARE or TRICARE reserve select
Elect plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

How do you get dental and vision and what are the requirements

A

Optional to enroll
Additional monthly cost
Federal employee dental and vision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the different types of property insurance

A

Auto
High value items
Homeowners
Liability
Renters

17
Q

What is the purpose of life insurance

A

Offers protection for your family
Marriage affects Insurence needs
Reduce his financial hardship for loved ones

18
Q

What is the name of the army’s life insurance

A

Service members group life insurance or SGLI

19
Q

How to calculate total need for life insurance

A

Add liabilities add income add final expense and education and other goals then subtract current coverage and assets and that equals your total need

20
Q

What does Deers stand for

A

Defense enrollment eligibility reporting system

21
Q

True or false dental insurance is free for military dependence

A

Foss additional monthly cost

22
Q

You are automatically insured for $_________ Under the service members group life insurance SGLI

A

$500,000

23
Q

What should you include when planning your estate in the event of your dad or becoming incapacitated

A

 Writing a will
Power of attorney
Creating a living wheel or medical directive
Establish trust
Titling your assets
Determining a home of record or state of residence
Guardianship and conservatorship for children
Update beneficiaries

24
Q

What are the types of investments

A

Cash
Bonds
Stocks
Mutual funds
Exchange traded funds

25
Q

True or false compound interest is the cycle of earning interest on interest

A

True

26
Q

A _________. ___________ Is a type of investment made up of a pool of money collected from mini investors to invest in securities like cash bonds stocks and other assets

A

Mutual funds

27
Q

What is the army’s retirement plan name

A

Blended retirement system

28
Q

How do you calculate your monthly retired pay

A

2.0% X Years of service X high 36 Month Average of Base pay

29
Q

What are the benefits of the TSP

A

Minimum administrative fees
Automatic deduction
Various investment options such as traditional Roth combination both

30
Q

What is the TSP contribution under BRS

A

Under BRS Contributions are 5% to TSP for full matching benefit

31
Q

If you were to automatically enroll in BRS after October 1, 2020, _______% Is automatically deducted from your base pay or an active duty pay into your TSP account

A

5%

32
Q

After 60 days of service the army will begin contributing and amount equal to ____% Of your base pay into your TSP account each month

A

One percent

33
Q

True or false if you were automatically enrolled in BRS and you zero out your TSP contributions you will be automatically reenrolled at 5% of your basic pay each calendar year

A

True

34
Q

What is the traditional TSP

A

Pretax income tax paid at withdraw

35
Q

What is the Roth TSP

A

Post tax income tax free at withdrawal

36
Q

How many phones are there to customize based on comfort level and what are they

A

Five individual funds the C fund the S fund the I fund the F fund that G fund

37
Q

If you were automatically enrolled in the BRS the money from your pay will automatically go into Wichita TSP fund

A

Lifecycle fund

38
Q

True or false when you make Roth contributions your taxable income is not reduced now but withdrawals from these accounts can be tax free later as long as a few rules are followed

A

True

39
Q

Oh automatic one percent and matching contributions go into the ______ tax treatment

A

Traditional

BOLC (17 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions