FIN101 Final Exam Ball State University - Olga McAtee (Ch. 6-10) Questions and Answers Solved 100%
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Course
FIN101 Ball State University - Olga McA
Institution
FIN101 Ball State University - Olga McA
401(k) Plans - plans that allow employees to make tax-favored pay deferrals toward retirement
savings through a payroll deduction plan
Actively Managed Funds - funds that are managed by professional investors who constantly "buy
low" and "sell high"
Alternative Financial System - payday loans, ...
FIN101 Final Exam Ball State University -
Olga McAtee (Ch. 6 -10) 401(k) Plans - plans that allow employees to make tax -favored pay deferrals toward retirement savings through a payroll deduction plan Actively Managed Funds - funds that are managed by professional investors who constantly "buy low" and "sell high" Alternative Financial System - payday loans, pawn shops, check cashers, etc. Auto Insurance - protects against losses to property and injuries to people in a car accident. Auto Insurance Split Limits - a provision of an insurance policy that states different maximum dollar amounts the insurer will pay for different components of a claim Bonds - certificates of debt that carry a promise to buy back the bonds at a higher price Brokerage Accounts - an account at an investment company Calculation: Emergency Fund Ratio - account savings / monthly payments = answer Calculation: FHA total fixed payments -to-income ratio.... - cannot if the ratio is greater than 43% (Are you lower than 43%?) Calculation: How much equity you have in your home... - fair market value - how much you owe = answer Calculation: How to calculate APR loan... - o 365 / pay period = answer o answer * loan charge % = answer Calculation: profit or loss of a company - gross sales - expenses = answer Cash Value Policies - cash amount offered to the policy owner by the issuing life carrier upon cancellation of the contract Contingent Beneficiary - entitled to the proceeds if the primary beneficiary dies before the insured Contribution plans - specify how much money will go into a retirement plan today Credit Unions - a nonprofit -making money cooperative whose members can borrow from pooled deposits at low interest rates. Depreciation - lessening in value Disability - any lost, absent, or impaired physical or mental function Disability Insurance Coverage - income for illness or injury leaving you unable to work for extended periods Dying Intestate - dying without a will EFTS - Electronic Funds Transfer System - a system that allows banks to transfer funds among accounts quickly and accurately without the exchange of checks Emergency Funds - money set aside or budgeted for unanticipated but necessary expenditures
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