Personal FInance

Question 1

Four steps to get yours savings going
1. ____ ____ ____ _____
2. Open a savings account
3. Figure out how to move money into savings account
4. Identify an accountability partner that checks on your savings goals

Answer 1

Set your SMART goal

Question 2

Four steps to get yours savings going
1. Set your SMART goal
2. ____ ___ ____ _____
3. Figure out how to move money into savings account
4. Identify an accountability partner that checks on your savings goals

Answer 2

Open a savings account

Question 3

Four steps to get your savings going
1. Set your SMART goal
2. Open a savings account
3. ____ ____ ___ ____ ____ ____ ____ ____ ____
4. Identify an accountability partner that checks on your savings goals

Answer 3

Figure out how to move money into savings account

Question 4

Four steps to get yours savings going
1. Set your SMART goal
2. Open a savings account
3. Figure out how to move money into savings account
4. ______ ____ _____ ____ ____ ___ ___ ____ ____ _____

Answer 4

Identify an accountability partner that checks on your savings goals

Question 5

• done over a long period of time
• most common purpose is for retirement

Answer 5

Investing

Question 6

(ROI) Expectation that if you put money into savings or investments the money will grow over time without touching it

Answer 6

investment returns

Question 7

Increase in value

Answer 7

capital gain

Question 8

Amount a borrower pays to the lender for the use of money

Answer 8

Interest

Question 9

Payments made by a company to a stockholder from excess profit

Answer 9

Dividends

Question 10

PV-FV = ( ) + # of years = ( ) / FV = %

Answer 10

Rate of Return

Question 11

Three factors influencing the future value of your investments
1. ________
2. Length of time
3. Rate of Return

Answer 11

Principal

Question 12

Three factors influencing the future value of your investments
1. Principal
2. ____ ___ _____
3. Rate of Return

Answer 12

Length of time

Question 13

Three factors influencing the future value of your investments
1. Principal
2. Length of time
3. ____ ____ ____

Answer 13

Rate of return

Question 14

controllable with savings

Answer 14

Principal, Length of time, and rate of return

Question 15

controllable with stock market

Answer 15

Principal and length of time

Question 16

Einstein called this the 8th wonder of the world

Answer 16

Compounding

Question 17

Four guidelines for borrowing:
1. ____ _____ ___ ____ ____ ___ _____
2. Use common economic sense
3. Have a guaranteed way to repay loan
4. Ensure unity with family

Answer 17

Consider whether you truly need to borrow

Question 18

Four guidelines for borrowing:
1. Consider whether you truly need to borrow
2. ____ ____ _____ _____
3. Have a guaranteed way to repay loan
4. Ensure unity with family

Answer 18

Use common economic sense

Question 19

Four guidelines for borrowing:
1. Consider whether you truly need to borrow
2. Use common economic sense
3. ____ ___ ____ ____ ___ ____ ____
4. Ensure unity with family

Answer 19

Have a guaranteed way to repay loan

Question 20

Four guidelines for borrowing:
1. Consider whether you truly need to borrow
2. Use common economic sense
3. Have a guaranteed way to repay loan
4. ____ ____ ____ _____

Answer 20

Ensure unity with family

Question 21

___ Percent of How credit scores are calculated is FICO

Answer 21

35%

Question 22

___ Percent of how credit scores are calculated is amount owed

Answer 22

30%

Question 23

___ Percent of how credit scores are calculated is new credit

Answer 23

10%

Question 24

___ Percent of how credit scores are calculated is types of credit used

Answer 24

10%

Question 25

___ Percent of how credit scores are calculated is length of credit history

Answer 25

15%

Question 26

How to increase credit score 1. ____ ____ ____ ___ ___ ____ _______ 2. Pay your bills on time every single time 3. Reduce the amount of debt you have 4. Increase income compared to debt

Answer 26

Check credit report and check for errors/fraud

Question 27

How to increase credit score 1. Check credit report and check for errors/fraud 2. ____ _____ ____ ___ ____ ____ ____ ____ 3. Reduce the amount of debt you have 4. Increase income compared to debt

Answer 27

Pay your bills on time every single time

Question 28

How to increase credit score 1. Check credit report and check for errors/fraud 2. Pay your bills on time every single time 3. _____ ____ ____ ____ ____ ___ ____ 4. Increase income compared to debt

Answer 28

Reduce the amount of debt you have

Question 29

How to increase credit score 1. Check credit report and check for errors/fraud 2. Pay your bills on time every single time 3. Reduce the amount of debt you have 4. ____ ____ ____ ____ _____

Answer 29

Increase income compared to debt

Question 30

The stock market is unpredictable and it is at risk of high and low swings in the short term

Answer 30

Market Volatility

Question 31

Three ways to mitigate risk 1. _____ _____ 2. Invest in the long-term 3. Play it safe - invest in low risk assets

Answer 31

Diversify portfolio

Question 32

Three ways to mitigate risk 1. Diversify portfolio 2. ____ ___ ___ _______ 3. Play it safe - invest in low risk assets

Answer 32

Invest in the long-term

Question 33

Three ways to mitigate risk 1. Diversify portfolio 2. Invest in the long-term 3. ____ ____ ____ ____ ___ ___ ___ _____

Answer 33

Play it safe - invest in low risk assets

Question 34

Common investment vehicles 1. ___ ___ ____ 2. Money market account 3. Bonds 4. Stocks 5. Real-estate 6. Foreign and crypto currency

Answer 34

Long term savings

Question 35

Common investment vehicles 1. Long term savings 2. ____ ____ ____ 3. Bonds 4. Stocks 5. Real-estate 6. Foreign and crypto currency

Answer 35

Money market account

Question 36

Common investment vehicles 1. Long term savings 2. Money market account 3. _______ 4. Stocks 5. Real-estate 6. Foreign and crypto currency

Answer 36

Bonds

Question 37

Common investment vehicles 1. Long term savings 2. Money market account 3. Bonds 4. ______ 5. Real-estate 6. Foreign and crypto currency

Answer 37

Stocks

Question 38

Common investment vehicles 1. Long term savings 2. Money market account 3. Bonds 4. Stocks 5. _________ 6. Foreign and crypto currency

Answer 38

Real-estate

Question 39

Common investment vehicles 1. Long term savings 2. Money market account 3. Bonds 4. Stocks 5. Real-estate 6. _____ ____ ______ ______

Answer 39

Foreign and crypto currency

Question 40

Permission you have to borrow money

Answer 40

credit

Question 41

Personal info, permission to pull credit report

Answer 41

credit application

Question 42

Key means that the leading institution uses to determine your financial integrity

Answer 42

Credit report

Question 43

The three main credit bureaus

Answer 43

equifax, trans union, experian

Question 44

Risk of non-payment

Answer 44

raises interest rate

Question 45

Five components of good credit: 1. ________ 2. Capacity 3. Capital 4. Collateral 5. Conditions

Answer 45

Character

Question 46

Five components of good credit: 1. Character 2. _______ 3. Capital 4. Collateral 5. Conditions

Answer 46

Capacity

Question 47

Five components of good credit: 1. Character 2. Capacity 3. _______ 4. Collateral 5. Conditions

Answer 47

Capital

Question 48

Five components of good credit: 1. Character 2. Capacity 3. Capital 4. ______ 5. Conditions

Answer 48

Collateral

Question 49

Five components of good credit: 1. Character 2. Capacity 3. Capital 4. Collateral 5. _______

Answer 49

Conditions

Question 50

Five components of good credit:

Answer 50

character, capacity, capital, collateral, conditions

Question 51

Three things the Bible does NOT say about borrowing: 1. ___ ___ ___ ____ 2. Going into debt is wise 3. God will bail you out of debt

Answer 51

Don't go into debt

Question 52

Three things the Bible does NOT say about borrowing: 1. Don't go into debt 2. ____ ____ _____ ___ _____ 3. God will bail you out of debt

Answer 52

Going into debt is wise

Question 53

Three things the Bible does NOT say about borrowing: 1. Don't go into debt 2. Going into debt is wise 3. _____ ____ ____ ___ ___ ___ _____

Answer 53

God will bail you out of debt

Question 54

Inherently unethical, prey on the poor, 400% APR

Answer 54

Payday loans

Question 55

Paying off debt using the "Debt snowball" 1. ___ ___ ___ ____ ___ ___ ___ ___ ___ _____ __ ____ 2. Put smallest one on top, largest on bottom of list 3. Pour as much as possible into top loan

Answer 55

Line up all debts you have in order of smallest to largest

Question 56

Paying off debt using the "Debt snowball" 1. Line up all debts you have in order of smallest to largest 2. ____ ____ ____ ___ ___ ___ ____ ___ ___ ____ 3. Pour as much as possible into top loan

Answer 56

Put smallest one on top, largest on bottom of list

Question 57

Paying off debt using the "Debt snowball" 1. Line up all debts you have in order of smallest to largest 2. Put smallest one on top, largest on bottom of list 3. ____ ____ ____ ___ ___ ____ ____ _____

Answer 57

Pour as much as possible into top loan