Personal Finance JEOPARDY Final Exam Review

Definitions Budgeting Banking Credit Insurance Potpourri F i n a l J e o p a r d y 100 100 100 100 100 100 100 100 200 200 200 200 200 200 200 200 300 300 300 300 300 300 300 300 400 400 400 400 400 400 400 400 500 500 500 500 500 500 500 500

Definitions 100 The legal process in which some or all of a debtor’s assets are distributed among creditors b/c the debtor cannot pay his/her debts. Question A: What is bankruptcy? 100 200 300 400 500

\\ Definitions 200 The difference between the amount you own and the debts you owe. Question A: What is your net worth? 100 200 300 400 500

Definitions 300 Extra money that can be spent, saved or invested after taxes and necessities. Question A: What is discretionary income? 100 200 300 400 500

Definitions 400 The process of matching your checkbook balance with the bank statement balance. Question A: What is a reconciliation? 100 200 300 400 500

Definitions 500 Allows credit card companies to increase your interest rate if you make just one late payment. Question A: What is universal default? 100 200 300 400 500

Cash and items that can be quickly converted to cash. Budgeting 100 Cash and items that can be quickly converted to cash. Question A: What are liquid assets? 100 200 300 400 500 100 200 300 400 500

Your budget shows a surplus when _______________. Budgeting 200 Your budget shows a surplus when _______________. Question A: What is you spend less than you earn? 100 200 300 400 500

The method of planning how to get the most from your money. Budgeting 300 The method of planning how to get the most from your money. Question A: What is money management? 100 200 300 400 500

A situation that occurs if a person spends more than he/she earns. Budgeting 400 A situation that occurs if a person spends more than he/she earns. Question A: What is a deficit? 100 200 300 400 500

Budgeting 500 Question SMART stands for ______________. A: What is S=Specific M=Measurable A=Attainable R=Realistic T=Time Bound? 100 200 300 400 500

The funds for a debit card come directly from this account. Banking 100 The funds for a debit card come directly from this account. Question A: What is a checking account? 100 200 300 400 500

Banking 200 Writing the words “For Deposit Only” on the back of a check before your name constitutes this endorsement. Question A: What is restrictive? 100 200 300 400 500

The responsible person for reporting identity theft. Banking 300 The responsible person for reporting identity theft. Question A: Who is the victim of fraud? 100 200 300 400 500

Banking 400 The financial service best suited for saving money over a period of time. Question A: What is a Certificate of Deposit? 100 200 300 400 500

When the bank withdraws money from your account to pay for a bill. Banking 500 When the bank withdraws money from your account to pay for a bill. Question A: What is automatic payment? 100 200 300 400 500

Credit 100 Question Name the 4 C’s. A: What is Capital, Collateral, Capacity and Character? 100 200 300 400 500

Credit 200 Prohibits discrimination in giving credit on the basis of sex, race, color, religion, national origin, marital status, age, or receipt of public assistance. Question A: What is the Equal Credit Opportunity Act? 100 200 300 400 500

A periodic charge for using credit. Question A: What is interest? 100 200 300 400 500

Credit 400 One of the 4 C’s that requires a person’s assets exceed their liabilities. Question A: What is Capital? 100 200 300 400 500

The time permitted for paying an account without an interest charge. Credit 500 The time permitted for paying an account without an interest charge. Question A: What is the Grace Period? 100 200 300 400 500

Liability insurance protects you against _____. Question A: What are lawsuits? 100 200 300 400 500

Insurance coverage that reimburses a car owner if the car is stolen. Question A: What is comprehensive? 100 200 300 400 500

Out-of-pocket expense on an automobile or property insurance claim. Question A: What is the deductible? 100 200 300 400 500

Insurance 400 While driving, you swerve to miss a goose in the road and hit a tree. This type of insurance will provide reimbursement for damage to your car. Question A: What is collision? 100 200 300 400 500

Name the 2 most important types of insurance you need at your age. Question A: What is health and automobile? 100 200 300 400 500

A belief or idea you consider important or desirable. Potpourri 100 A belief or idea you consider important or desirable. Question A: What is a value? 100 200 300 400 500

The maximum amount you can charge on your credit card. Potpourri 200 The maximum amount you can charge on your credit card. Question A: What is your credit limit? 100 200 300 400 500

Potpourri 300 The financial institution that generally charges the highest interest rates on loans. Question A: What are finance companies? 100 200 300 400 500

Potpourri 400 The FDIC insures each account in a federally chartered bank up to this amount. Question A: What are $250,000? 100 200 300 400 500

If a check is lost or stolen, you would ask the bank for a _______. Potpourri 500 If a check is lost or stolen, you would ask the bank for a _______. Question A: What are stop-payment order? 100 200 300 400 500

Final Jeopardy Question Calculate the net cash flow: Jane’s take home pay is $900 and she has $45 in savings. Jane has the following expenses: fixed = $320 and variable = $465. Question A: $160.00 100 200 300 400 500