Personal Finance & Money Management Unit 2 Table Review

Unit 2 Question generous gift of money or time to a person or organization same amount of money earned on a set interval basis, such as monthly or quarterly amount of money earned is not the same each pay period bill, such as monthly rent, which is the same each month bill, such as a utility bill, which is a different amount each month money without a specific purpose left over each month after all bills have been paid amount of a paycheck one gets to keep after taxes and other deductions are taken out mail, usually consisting of advertising material and requests for donations, sent to a large number of possible customers or contributors at one time stealing of a person’s financial information, such as credit cards and Social Security number, with the intent to make purchases under the person’s identity phony business deal created to get money from people with intention of giving anything in return requests for money, services, donations, etc. strong, usually irresistible impulse to perform an act against a person’s usual behavior sudden, involuntary inclination prompting one to take an action which is not well thought-out schedule of recurrent times in any regular system of preparing or sending bills (business or institution) initiated or operated for the prpose of making a profit not established for the purpose of making a profit cash withdrawn by using a debit card and entering a PIN in an ATM log of deposits and withdrawals from a checking account balance of an account on the day the bank runs the bank statement money put into an account acronym for electronic fund transfer; money transferred from one account to another without a person having to manually write a check or make a deposit specific listing of individual pieces or units of information The primary purpose of a spending plan is to achieve which of the following goals? . Which of the following is NOT a way to earn income? A monthly utility bill is an example of which of the following expenses? A rent payment is an example of which type of expense? Donating to the local animal shelter is an example of which of the following types of expenses? Which records can NOT give a thief access to your personal information? If your identity is stolen, who becomes responsible for restoring your credit to good standing? Where is a more popular place a thief would go to try to steal your personal information? . How is it best to get rid of information you receive in the mail? Why do stores intentionally put small and inexpensive items near the checkout lines? . Which of the following types of goals best describes something you can achieve in more than 12 months, but less than five years? . Which of the following types of goals best describes something you can achieve in more than five years? Which of the following types of goals best describes something you can achieve in less than 12 months? Which of the following is the first step in developing your goals? Which of the following should NOT be considered when choosing a bank? Which type of bank is most widely used? Which type of bank has customers who are also owners? Which type of bank offers full investment services as its main business? Which type of bank does not have an actual physical location? What is the purpose of providing a bank statement to a customer? Which of the following is NOT one of the main components of a bank statement? . You should keep all deposit receipts as well as receipts for purchases until which of the following happens? Why is the closing date listed at the top of your statement important information? Answer Charitable Donation Fixed Income Variable Income Fixed Expense Variable Expense Discretionary Expense Take-home Pay Direct Mail Identity Theft scam solicitations Compulsive Behavior Impulse Billing cycle For-profit Non Profit ATM Withdrawals Checkbook Register Closing Balance Deposit EFT Itemization To help you see the amount of income you have each month, pay all of your expenses, and put money into savings Volunteering at church Variable Fixed Discretionary Gift card to a department store you your trash Use a shredder before placing it in the trash So shoppers will buy them without much thought Intermediate goals Long-term goals Short-term goals Identify your personal goals The size of the bank Commercial banks Credit unions Brokerage firms Virtual banks To provide a snapshot of activity on the account during a specific time period Listing of deposits made during the previous three months Reconciliation process It provides you with a cutoff date for transactions included in the statement. The opening balance of your most recent statement should equal which of the following? What are the two features of online and mobile banking? . Standard banking hours used to be 9 a.m. to 3 p.m., Monday through Friday. These hours meant what for their customers? Which of the following is NOT one of the advantages of online and mobile banking? Which of the following is NOT a security feature? PIN is an acronym which stands for which of the following? Why is it a good idea to treat your savings account as a fixed expense each month? In which of the following choices are the expenses in the right order according to how they must be paid each month? Closing balance of your last statement Convenience and security Access to their money was limited to these hours. Manual bank reconciliation is still required. Use of birthdates as your PIN Personal Identification Number Money can be deposited before it is used for discretionary spending. Pay the fixed and variable expenses, then pay the discretionary expenses Potential employers who are looking for new employees . Which of the following entities do NOT have access to your credit report? with good credit Contact the bank and credit card companies where you hold Which of the following is the first step you should take if your identity is stolen? accounts The location of which of the following is important when considering a bank? ATMs Which piece of information will you most likely NOT have receipts for when Interest earned on an account reconciling your bank statement manually? The conversion of a message into code is known as which of the following? Encryption