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Personal Finance > Test 4 > Flashcards

Test 4 Flashcards

1
Q

The decision making process steps

A
  1. Define the problem
  2. Obtain accurate information
  3. Compare choices
  4. Make a decision
  5. Take action
  6. Re-evaluate
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2
Q

Basic needs

A

Food, water, shelter and clothing

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3
Q

The ingredients necessary for maintaining physical life

A

Basic needs

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4
Q

Life enhancing items not necessary for survival

A

Wants

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5
Q

Examples of wants

A

Travel, medical care, gadgetry

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6
Q

Biggest disadvantage of renting

A

Throwing your money away

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7
Q

What does FAFSA stand for

A

Free application for federal student aid

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8
Q

What percent of college students borrow money?

A

60%

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9
Q

What percent of college students with loans drop out?

A

30%

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10
Q

What percent of borrowers fall behind in their payments?

A

41%

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11
Q

What is the average student debt amount?

A

$27,000

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12
Q

What is the average student debt per year for a public school?

A

$8,000

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13
Q

What is the average student debt per year for a private school?

A

$28,000

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14
Q

What does the groom pay for?

A

Rehearsal dinner and tuxedo

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15
Q

How long is needed to plan a formal wedding

A

6 months

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16
Q

This is required by many faiths to discuss important issues that will bind a couple

A

Premarital counseling

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17
Q

Number one reason couples get divorced

A

Money

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18
Q

Length of the honeymoon depends on what three factors

A

Time available, cost, and desires of the couple

19
Q

What is essential for a honeymoon?

A

Careful planning

20
Q

Marriage requires _____

A

Compatibility and the sharing of goals

21
Q

When planning a vacation you want to:

A

Prepare a detailed itinerary and make an advanced reservation

22
Q

Steps for planning a vacation

A 
Make at home preparations 
Stop mail and paper delivery
Make sure house is secure
Provide care for plants/animals
Remember last minute details 
Confirm reservations 
Arrive at airport early
23
Q

What fees come with divorce?

A 
Attorney’s fees
Court costs and filing fees
Child support and alimony
Division of property
Child custody
24
Q

How do you decide what kind of vacation you want?

A

Decide on time available, how much money you can spend, and what type of recreation you want to participate in

25
Q

How long should it take to buy a car

A

Weeks

26
Q

5 steps for buying a car

A
  1. Narrow your choices
  2. Research and compare
  3. Get pre-approval
  4. Visit dealerships
  5. Prepare to deal
27
Q

Narrow your choices

A

Needs and wants

Costs

28
Q

Research and compare

A

Ask about prices
Check library
Buy quality

29
Q

Get pre-approval

A

Know how much you can spend

Choose best value

30
Q

Visit dealerships

A

Don’t be pressured

Get info: ask questions

31
Q

Prepare to deal

A

Decide on your bottom line
Feel good about your decision
Avoid highballing and lowballing

32
Q

When financing your car:

A

Shop for the best loan (interest rates, monthly payments, down payment required)

33
Q

How do you extend the life of your car?

A 
Drive wisely 
Preserve the cars interior 
Clean and wax your car
Keep it in a garage 
Follow routine maintenance guidelines
Change the oil and filter every 3-5 thousand miles
34
Q

What choices should you compare when financing a car?

A

Credit unions
Car dealers
Banks and other institutions
Leasing

35
Q

Housing alternatives

A 
On-campus housing (cheapest)
Apartments
Duplex
Condominiums
Houses
36
Q

When choosing a roommate:

A

Get to know each other before you move in together

37
Q

1 reason people move out

A

Cleanliness vs sloppiness

38
Q

Renting advantages

A

Mobility
Convenience
Social life
Lower expenses

39
Q

You can move on short notice (a month)

A

Mobility

40
Q

Rental housing is usually located near major shopping areas, banks, etc

A

Convenience

41
Q

Many young, single people live in rentals

A

Social life

42
Q

Apartments are less expensive to rent than houses

A

Lower expenses

43
Q

Renting disadvantages

A

Noise
Lack of privacy
Small quarters
Lack of storage area

44
Q

Things you should discuss with a roommate

A

Finances/sharing expenses
Transportation
Lifestyle habits, preferences

Personal Finance (4 decks)

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