- Study guides, Class notes & Summaries

Which of the following is NOT a popular technique used in ads? a. repetition b. nostalgia c. fraud d. testimonial - Answer-c. fraud Which of the following is NOT a popular technique used in ads? a. emotion b. bandwagon c. statistics d. testimonial - Answer-d. alliteration Which of the following is NOT a component of the FICO score? a. debt history b. time in debt c. new debt d. pro rata schedule e. type of debt f. debt levels - Answer-d. pro rata schedule What are prioriti...

Credit Bureau - Answer-An organization that collects information about the financial and credit transactions of consumers. Annual Percentage Rate (APR) - Answer-cost of credit expressed as a yearly percentage Revolving Credit - Answer-credit that is automatically renewed as debts are paid off. Available Credit - Answer-the preset amount of credit available on a credit card Amortization - Answer-the reduction of a loan balance through payments made over a period of time Collatera...

The next best choice you could have made, but did not make. - Answer-Opportunity Cost Some opportunity costs for the Robinsons. - Answer-Having less time to relax, less time to go out to dinner, and less money to spend. Physical, intellectual, and creative talents of people. - Answer-Human resources Gifts of nature. Includes, water, forests, natural gas, oil, and climate. - Answer-Natural resources Goods that are used to produce other goods and services. Includes, tools, factories, e...

Economics is the study of how individuals and societies satisfy their unlimited wants with limited resources. a. True b. False - Answer-a. True When rising interest rates make borrowing more costly, how does it affect the business cycle? a. It causes consumers to consume more and increases demand. b. It lowers demand, decreases household purchases, and promotes contraction. c. It causes conflicts overseas and reduces a nation's ability to import goods. d. It increases productivit...

When is the best time to apply for a credit card? - Answer-when you have enough income to pay your debts How long will a chapter 7 bankruptcy usually remain on your credit report? - Answer-ten years Which of the following is the best key component of financial literacy? - Answer-being knowledgeable about credit and debt Good money management is important for which of the following reasons: - Answer-learning how to make wise financial decisions understanding that loans cost more money t...

Inflation can cause difficulty in many ways. Which group would have the greatest problem during periods of high inflation that last several years? - Answer-b.) Older people living on fixed retirement income Which of the following is true about sales taxes? - Answer-d.) It makes things more expensive for you to buy. Rebecca has saved $12,000 for her college expenses by working part-time. Her plan is to start college next year and she needs all of the money she saved. Which of the following ...

What was the median household income according to the 2015 U.S. Census? - Answer-$56,000 People who work hard, live below their means, and start saving early will likely become what? - Answer-Millionaires Walter Bagehot thought that it was whose job to hold the gold so that all the smaller banks did not have to? - Answer-Bank of England (central bank) If your investments are too conservative (safe), you will earn a much smaller return on investment (ROI), and therefore adopting a more a...

means having the knowledge and skills to manage your personal finances. - Answer-financially literate is a fee charged for using borrowed money for a purchase - Answer-interest relates to all of the different money decisions you make each day - Answer-personal finance Taxes and withholdings impact your _____ , which is the amount of money you take home on your paycheck. - Answer-net income the cost of groceries and gas is considered an - Answer-variable expense To budget with an _...

investing - Answer-involves a reasonable amount of risk speculative risk - Answer-begins when an investor aims for returns well above market averages; refers to assets that have wildly unpredictable outcomes stocks and bonds commodities options precious metals collectibles - Answer-types of speculative risks inflation risk interest rate risk business failure risk market risk global investment risk - Answer-five investment risk factors inflation risk - Answer-cost of goods ris...

Sources of personal loans include - Answer-commercial banks, savings institutions, finance companies, and credit unions. Loan agreements with family and friends should - Answer-be in writing and signed by all parties. The personal loan process involves - Answer-submitting the application, negotiating the loan contract, and negotiating the interest rate. In the loan application process, the information the borrowers must supply to the lenders is - Answer-a personal balance sheet and a pe...