Term
| Financial commandment # 1 is? |
|
Definition
| Thou shalt honor the Lord First |
|
|
Term
| Financial commandment #2 is? |
|
Definition
| Thou shalt not try to acquire happiness by material items |
|
|
Term
| Financial commandment #3? |
|
Definition
| Thou shalt not be unthankful for whatever standard of living God has provided for you |
|
|
Term
| Financial commandment #4? |
|
Definition
| Thou shalt be a good steward |
|
|
Term
| Financial commandment #5? |
|
Definition
| Thou shalt not teach your family that having and spending money is the answer to problems |
|
|
Term
| Financial commandment #6? |
|
Definition
| Thou shalt take the time to budget, plan, and set goals for your finances |
|
|
Term
| Financial commandment #7? |
|
Definition
| thou shalt live below thy means |
|
|
Term
| Financial commandment #8? |
|
Definition
| Thou shalt not count on future earnings to pay present expenses |
|
|
Term
| Financial commandment #9? |
|
Definition
| thou shalt use your finances to bless others and be a witness about God |
|
|
Term
| Financial commandment #10? |
|
Definition
| Thou shalt not try to keep up with the joneses |
|
|
Term
| What is an emergency fund? |
|
Definition
| liquid amount for emergency's ($1000) |
|
|
Term
|
Definition
| budget is generally a list of all planned expenses and revenues. |
|
|
Term
| What are the two components of FICA? What are their respected percentages? |
|
Definition
| social security (6.2%) and medicare (1.45%) |
|
|
Term
|
Definition
| total assets - total liabilities |
|
|
Term
| what is the difference between a credit union and a bank? |
|
Definition
| A credit union is a non profit where a bank is works for a profit |
|
|
Term
| What is the most important feature in choosing an ATM? |
|
Definition
| Choose your banks atm, its free |
|
|
Term
| What is the rate the federal reserve bank lends to companies? |
|
Definition
|
|
Term
| What is the name of the rate that companies sell to their best customers? |
|
Definition
|
|
Term
|
Definition
| while making minimum payments-pay off small bills then use the extra money you have to pay of bigger bills |
|
|
Term
| What are the three credit bureaus? |
|
Definition
Equifax
trans union
experian |
|
|
Term
| What does PITI stand for in mortgages? |
|
Definition
| Principle Interest taxes insurance |
|
|
Term
| what is the name of the credit report that draws from the three credit bureaus? |
|
Definition
|
|
Term
| What is the numerical range for fico scores? |
|
Definition
| the typical range is 300-850 |
|
|
Term
| what is the definition of economics? |
|
Definition
| the branch of social science that deals with the production and distribution and consumption of goods and services and their management |
|
|
Term
| what is a grace period for credit cards |
|
Definition
| A "grace period," is an interest exemplary period; you can avoid paying interest on your credit charges if you pay off your credit card balance in full within this period. |
|
|
Term
| various types of first mortgages |
|
Definition
30 year-fixed mortgage-lowest rate available
15 year-fixed mortgage
arm-adgustable rate mortgate
baloon-variable mortgage |
|
|
Term
| various types of 2nd mortgages? |
|
Definition
home equity loan-up to 80% of the equity
home equity line of credit |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Documents, real estate, money, or securities deposited with a neutral third party (the escrow agent) to be delivered upon fulfillment of certain conditions, as established in a written agreement. |
|
|
Term
| pros and cons of owning vs. leasing a car |
|
Definition
lease-no equity-no trade in-car note never goes way-miles are limited-have car for certain # of years-decreases in value
own-make a good deal-make a down payment-end car note (4 years) |
|
|
Term
| what is the difference between secure and unsecure loans? |
|
Definition
secured-collateral
unsecured-signature |
|
|
Term
|
Definition
| 20-40 companies with something in common-stock |
|
|
Term
| what are the types of things that can negatively affect your credit score? |
|
Definition
| not paying your bills, filling out too many credit applications, |
|
|
Term
| four types of auto insurance? |
|
Definition
coverage A -liability
coverage b-medical expenses for you
coverage c-uninsured motors
coverage d-collision and comprehension |
|
|
Term
| describe employees sponsored health care plan? |
|
Definition
|
|
Term
| what are the names of the three (eei) goverment plans? |
|
Definition
| Executive Branch, the Legislative Branch, and the Judicial Branch |
|
|
Term
| what are the different types of life insurance? |
|
Definition
life-certain $ for the rest of my life ($2200 mo)
joint life-married both coverage ($2000)
10 year certain-even after death for 10 years total ($3000 mo)
life w/ten year certain-atleast 10 years if dead. if alive then for life ($1900 mo) |
|
|
Term
| relating to investing, what are owners and what are loaners? |
|
Definition
stockholders-owners
bond holders-loaners |
|
|
Term
| relating to mortgages-whats is a pmi? |
|
Definition
| private mortgage insurance |
|
|
Term
| what are the various types of bonds |
|
Definition
junk-risky corporate bond
corporate-fortune 500
gov't-E,E, II
municipal-state,city,county |
|
|
Term
|
Definition
| A prospectus is a legal document that institutions and businesses use to describe the securities they are offering for participants and buyers |
|
|
