personal finance. what is an overdraft? nsf check
TRANSCRIPT
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Semester Test ReviewPersonal Finance
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What is an overdraft?NSF check
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What is a certificate of deposit?
Way of saving money, there are restrictions on when you can withdraw your money.
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State the guidelines for choosing a PIN number.
A number that nobody else could figure out.
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What is a round lot?Stocks are traded in multiples of 100.
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Explain the difference between a debit card and a credit card.
Debit card=way to access money in your checking account
Credit card=loan
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The most expensive method of using a credit card.
Cash advance or convenience check
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What does PIN stand for?Personal identification number
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What types of public records appear on a person’s credit report?
DivorceBankruptcyLiensLawsuits
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Why is the interest rate usually higher on credit cards than on other types of loans?
Credit cards have a high rate of default & are risky for lenders
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What is inflation?The increase in the cost of living.
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Which stock pays dividends first, preferred or common?
Preferred
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What is selling short?Selling stock borrowed from a broker that must later be repaid.
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A term for the owners of a corporation.
Shareholders or stockholders
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List the highest bond rating.
AAA
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A term for a bond in default.
Junk bond
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When a bond is purchased for less than its face value.
Discount
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Which type of bonds are associated with the highest interest rate? Why?
Corporate, risk
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A risk where you could experience losses in your income or standard of living.
Personal risk
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Why do corporations sell bonds?
To raise capital
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A risk where there is a chance of a loss as well as a chance of a gain.
Speculative risk
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The policyholder should be put back into the same condition as they were prior to the loss.
Indemnification
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What is buying on margin?Using leverage
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When a bond is purchased for more than its face value.
premium
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A term for a person who will inherit money from another.
Heir or beneficiary
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A loan to purchase real estate.
Mortgage
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Added to an insurance policy to protect high value items.
Personal property floater
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Why is it usually less expensive to take part in a group health insurance plan that purchase an individual plan?
The risk is spread among more people.
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Another term for real estate.
Real property
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This type of tax takes a higher percentage of your income as your income increases.
Progressive tax
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When a bond is purchased at a premium, the yield will be ________ than the coupon rate.
Lower
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A tax where the more you earn the less you pay.
Regressive
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Establishing a monetary fund to cover the cost of a loss.
Self-insurance
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A crime where a taxpayer does not pay their taxes.
Tax evasion
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A form that lists a taxpayers total income and taxes deducted from their paycheck for a given year.
W-2
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When a person dies without a will.
Intestate
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The person chosen to administer a person’s will.
Executor
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Who pays a gift tax?The giver
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Gambling is this type of risk.
Speculative
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When should a taxpayer itemize?
When their expenses are larger than the standard deduction.
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A financial product where a the bank buys your house from you.
Reverse mortgage
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Another term for a flat tax.Proportional
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The date your income tax return must be filed by.
April 15
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Who pays realtor’s commissions?
The seller, not the buyer.
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When real property is transferred from the seller to the buyer.
Closing date
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The highest price a home will bring on the market.
Market value
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What is a canceled check?One that has been cashed.
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An endorsement where the signature of the payee is written exactly as his or her name appears on the front of the check.
Blank endorsement
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A term for balancing your checkbook.
Reconciling
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A type of credit card that can only be used at a specific retailer.
Retail credit card
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What does APR stand for?Annual percentage rate
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List one of the 3 major credit bureaus.
ExperianTrans UnionEquifax
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Amount of time allowed to the cardholder between the day the items are charged on the credit card and the day finance charges are applied.
Grace period
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When can a person view their credit report for free?
Once per yearWhen denied credit due to something on their credit report
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What does the FDIC do?Provides insurance for depositors at commercial banks
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Income received by stockholders.
Dividends
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The over the counter stock market.
NASDAQ
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The largest stock exchange.
NYSE
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An increase in the number of shares outstanding of a corporation’s stock.
Stock split
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When an investor makes money on the sale of stock.
Capital gain
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Elected by stockholders to guide a corporation.
Board of directors
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These stocks do well when the economy is growing but usually do poorly in times of recession.
Cyclical stocks
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Another term for face value.
Par value
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Bonds with low or no rating.
Junk
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Bond backed only by the general credit standing of a corporation.
Debenture
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The cost of insurance.Premium
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The possibility of a loss.Risk
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One who calculates an insurance premium.
Actuary
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To take measures to lessen the frequency oR severity of losses that may occur.
Reduce the risk
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When an investor loses money on the sale of stock.
Capital loss
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What is an attractive nuisance?
Example: trampoline or swimming pool
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People who determine the value of property destroyed for insurance companies.
Claims adjustors
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These people look for evidence of destroyed or damaged property.
Insurance investigators
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Another term for self-insurance.
Risk assumption
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Insurance that protects against loss from death.
Life insurance.
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Being paid twice the death benefit for an accidental death.
Double indemnity
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A front-end load.Paid when you buy the mutual fund.
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Agreements to buy commodities at specified prices on specified dates.
Futures contracts.
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Example of a progressive tax.
Federal income tax.
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Items such as coins and antiques are investments known as_______.
Collectibles
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An example of a regressive tax.
Sales tax
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As taxable income increases, tax rates ____.
Increases
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The difference between market value of property and what you owe on it.
Equity
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Another term for closing costs.
Settlement costs
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An example of a defined-benefits plan.
pension
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A legal document authorizing someone to act on your behalf to handle personal affairs.
Power of attorney
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An IRA that taxes contributions, but not money withdrawn at retirement.
Roth IRA
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An apartment with one large room that serves as the kitchen, living room, bedroom, plus a bathroom.
Efficiency apartment
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What does MLS stand for?Multiple Listing Service
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A legal document that establishes ownership.
Title
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The portion of the purchase price that the buyer deposits as evidence of good faith.
Earnest money
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A formal document that expresses interest in entering into a contract with someone is a(n) _______.
Offer
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