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PF 6 > PF 6 > Flashcards

PF 6 Flashcards

(52 cards)

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1
Q

What are the objectives of the Personal Finance course?

A

Identify financial services and solutions, assess and compare products, identify key information documents, indicators, and features.

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2
Q

What skills does the Personal Finance course aim to develop?

A

Financial literacy, understanding financial services from a client perspective, and better financial decision-making.

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3
Q

What is the weight of in-class participation in the overall assessment?

A

15%

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4
Q

What is the format of the final assessment in the Personal Finance course?

A

Final exam: 60%

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5
Q

What are the key providers of financial services?

A
  • Banks
  • Credit unions
  • Insurance companies
  • Investment firms
  • Fintech platforms
  • Payment services providers
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6
Q

What are some key activities of banks?

A

Getting deposits, providing credit, and earning a financial margin.

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7
Q

What are the main income sources for banks?

A
  • Financial operations
  • Fees
  • Financial margin
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8
Q

What is digitalisation in financial services?

A

Transition to digital channels, use of AI and automation, rise of mobile banking and digital wallets.

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9
Q

What are common digitalisation benefits in financial services?

A
  • Convenience
  • Security
  • Cost-efficiency
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10
Q

What are some challenges associated with digitalisation in financial services?

A
  • Security risks
  • Accessibility barriers
  • Over-reliance on automation
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11
Q

What is social engineering in the context of fraud?

A

Psychological manipulation to deceive individuals into providing sensitive information.

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12
Q

Fill in the blank: The common social engineering tactic of impersonating trusted entities is called _______.

A

Pretexting

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13
Q

What are some examples of fraud in financial services?

A
  • Phishing
  • Investment scams
  • Identity fraud
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14
Q

What is the definition of AI according to the AI Act?

A

‘AI system’ means a machine-based system designed to operate with varying levels of autonomy and may exhibit adaptiveness after deployment.

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15
Q

What is the importance of starting early with retirement savings?

A

The power of compounding significantly impacts long-term financial health.

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16
Q

What strategies can be used for efficient student loan repayment?

A
  • Income-driven repayment
  • Extra payments
  • Refinancing
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17
Q

What is the significance of a good credit score?

A

It determines future costs and loan terms.

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18
Q

What should individuals do to prevent being a victim of financial fraud?

A
  • Avoid sharing personal information online
  • Verify sources before sending money
  • Use secure passwords
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19
Q

What are the two types of income to understand in salary structures?

A
  • Fixed income
  • Variable income
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20
Q

Fill in the blank: The main types of common fraud in banking include _______.

A

Phishing, identity theft, unauthorized transactions

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21
Q

What is the impact of digitalisation on fraud in payments?

Study These Flashcards
A

Increased risks of fake apps and transaction fraud.

22
Q

What are the most common insurance products?

Study These Flashcards
A
  • Housing
  • Life
  • Car/vehicle
  • Health
23
Q

What is the role of fintech platforms in financial services?

Study These Flashcards
A

Provide fast, digital, and innovative financial solutions.

24
Q

What are the characteristics of effective budgeting?

Study These Flashcards
A
  • Track expenses
  • Set a strategy (e.g., 50-30-20)
  • Create an emergency fund
25
What is a key feature of investment services?
Wealth creation and retirement planning.
26
What is the significance of digital literacy in financial services?
It enables users to navigate online financial services safely and effectively.
27
True or False: All financial services are provided exclusively through traditional banks.
False
28
What is a common tactic used in romance fraud?
Creating a bond to manipulate victims into transferring money.
29
What is the importance of customer support in evaluating financial service providers?
Accessibility and quality of service are crucial for customer satisfaction.
30
What does the term 'financial margin' refer to?
The difference between interest earned on loans and interest paid on deposits.
31
What determines future costs related to credit?
Good history ## Footnote Factors include payment history, credit utilization, and length of credit history.
32
How does longer maturity affect loan repayments?
Lower repayment but more interest ## Footnote Longer maturity means you pay less each month but end up paying more in total interest.
33
What is the effect of lowering principal on loan repayments?
Lower repayment and interest ## Footnote Reducing the principal amount decreases both the monthly payment and the total interest paid.
34
What should you understand about paying in full vs fractioned?
Differences in payment methods ## Footnote Understanding these methods helps in managing credit responsibly.
35
What features should be compared when using credit cards?
Insurance, cashback, points ## Footnote Evaluating these features can help maximize benefits from credit cards.
36
What is the power of compounding interest?
Growth of investments over time ## Footnote Compounding can significantly increase the value of investments made early.
37
What is the expected amount from investing €100/month at a 7% annual return starting at 25?
€121,000 by 55 ## Footnote Starting early allows for greater accumulation due to compounding.
38
What would be the expected amount if investing starts at 35 instead of 25?
€57,000 by 55 ## Footnote Delaying savings leads to significantly less accumulation due to lost compounding time.
39
What are employer-sponsored plans?
Pension plans, employer matching ## Footnote These plans often provide additional financial benefits for retirement savings.
40
What should you assess to determine your investor profile?
Willingness to take risk ## Footnote Understanding your risk tolerance helps in selecting appropriate investment products.
41
What are some types of investment products to consider?
Deposits, stocks, bonds, ETFs, commodities, mutual funds ## Footnote A diverse mix helps in managing risk and achieving investment goals.
42
What is a key strategy for portfolio management?
Diversification ## Footnote Spreading investments across various assets reduces risk.
43
What should you negotiate in job offers?
Salary, benefits, retirement contributions ## Footnote Negotiating these aspects can lead to better overall compensation.
44
What is the employer match in retirement plans?
Employer contribution to employee savings ## Footnote For example, a 100% match at 5% of salary equals free money for the employee.
45
What are stock options?
Right to purchase company stock at a set price ## Footnote These options can increase in value if the company's stock price rises.
46
What are Restricted Stock Units (RSUs)?
Actual shares of stock granted over time ## Footnote RSUs vest, meaning they become accessible after certain conditions are met.
47
What are some examples of job-related financial perks?
Flexible work arrangements, health programs, increased pension contributions ## Footnote These perks can enhance employee satisfaction and financial well-being.
48
What are some national examples of financial perks?
Germany: Strong pension contributions; Portugal: Employer-provided pension funds; Italy: Mandatory severance fund ## Footnote Different countries have varying systems of financial perks for employees.
49
What is a key takeaway regarding financial services?
Know what they are and who provides them ## Footnote Understanding financial services is essential for making informed decisions.
50
What should you implement to prevent fraud and scams?
Dos and don'ts ## Footnote Following guidelines can help protect against financial fraud.
51
When should you start planning for retirement?
Early ## Footnote Early planning can maximize savings and investment growth.
52
What is important to negotiate in job contracts?
Possible perks ## Footnote Ensuring you receive all available benefits can improve overall compensation.

PF 6 (1 decks)

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