W!SE Test Topic Checklist Topics that are often problematic for students

Money O Sources of Income

Money O Exemption

Money O Liquidity O Liquid Financial Products

Money O Gift Cards O How they work O Inactivity fee MAY begin after 12 months of not being used.

Money O Discretionary Income O Budget Surplus

Money O Money Orders (high rate of counterfeits)

Money O Why does U.S. currency have value?

Money O Opportunity Cost

Money O Who is hurt the most and the least with inflation?

Money O Role of the U.S. Treasury Department

Banks O Pay Yourself First!

Banks O CD: What is it? O What happens if you cash out a CD before maturity?

Banks O Institutions that give loans: O Banks O Credit Unions O Pawnshops O Finance companies O Payday lenders O Tax preparers

Banks O Which institutions charge the highest interest rates on loans? (pawnshops, payday lenders, tax preparers, finance companies)

Banks O What is a credit union? O What are the advantages of using a credit union?

Banks O What is overdraft protection (opt in regulation)? O How does overdraft protection work?

Banks O Compound Interest

Banks O Time Value of Money

Banks O Liquid Financial Products O Savings O Checking O Less Liquid Financial Products

Banks O Rule of 72

Banks O Reconciling a Checking Account O Why? O When?

Banks O Repayment of Student Loans (check changes)

Banks O Tax Anticipation Loans

Credit O Credit Card Cash Advances

Credit O Truth in Lending Act

Credit O Consequence of paying the minimum payment due on a credit card bill: O Consequence of paying a credit card bill late:

Credit O How does the degree of risk influence the interest rate charged for credit?

Credit O Debt to Credit Ratio

Credit O Credit Reports

Credit O Three Leading Credit Reporting Agencies:

Credit O Consequence of a lost or stolen credit card

Credit O The length of debt repayment and impact on the cost of using credit.

Credit O What to do if a person think they are a victim of identity theft?

Credit O Characteristics of predatory loans:

Credit O Collateral O Secured O Unsecured

Credit O Pawnshops

Insurance O How insurance works: O Sharing Risk

Insurance O Insurance Deductible O What happens to the premium when the deductible is: O Raised O Lowered

Insurance O Collision Coverage O When do consumers normally terminate this coverage?

Insurance O Term Life Insurance

Insurance O Whole Life Insurance

Insurance O Health Insurance O HMO insurance O Co-pay

Insurance O Renters Insurance

Insurance O Disability Insurance

Insurance O How to reduce the cost of auto insurance:

Investing O Securities/Equities O Capital gains or loss O Dividends O Historical performance of stocks O Advantages of owning securities O Primary vs. secondary markets

Investing O What is a bull market? O What is a bear market?

Investing O Bonds O Purpose O How they work O Interest feature O Tax free feature of municipal bonds

Investing O Mutual Funds O What are they? O How they work? O Who manages mutual funds?

Investing O Investment Portfolio

Investing O Diversification

Investing O Dividends

Investing O Treasury Bills

Financial Planning O Determine Net Worth O Definition O Assets O Liabilities O Net Worth

Financial Planning O Retirement Plans: When taxes are paid? O Pensions O 401k plans O Traditional IRA O Roth IRA

Financial Planning O Housing

Financial Planning O Inflation O Deflation O Depression O Who suffers the most? Least?

Financial Planning O Taxes O Graduated income taxes

Regulatory Agencies O SEC O Federal Reserve (the Fed) O FDIC O CFPB