2. Personal Finance Final Exam Review JEOPARDY

3. 100 Definitions Budgeting Banking Credit Insurance Potpourri 100 200 300 400 500 200 300 400 500 100 200 300 400 500 200 300 400 500 F i n a l J e o p a r d y

4. Question 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. Definitions 100 Definitions 100 A: What is bankruptcy? 100 200 300 400 500

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

27. Question 100 200 300 400 500 A: What is collision? 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. Insurance 400 Insurance 400

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

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

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

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

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

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

34. Question A: $160.00 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. Final Jeopardy Final Jeopardy 100 200 300 400 500