2. 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 Budget or Bust Risky Business Banking Basics Property Protection Grab Bag Know That Term

3. What do we call something you “OWE”? Examples: Credit card balance, car loan, home loan 10 Liability

4. True or False: Our financial resources are limited, but our needs and wants are unlimited and growing Our financial resources are limited, but our needs and wants are unlimited and growing20 TRUE

5. List at least 2 “fixed” expenses 30 rent or mortgage, car payment

6. How do you compute your net worth? (using the terms assets and liabilities) 40 assets minus liabilities = net worth

7. What kind of adjustments can you make if your budget does not balance: 50 increase income adjust savings lower expenses

8. Self-insuring is an example of which type of the 4 risk strategies we discussed? 10 risk assumption (assuming risk)

9. Buying insurance is an example of which of the 4 risk strategies we discussed? 20 risk transfer (transferring risk)

10. What is the process of identifying your risks and deciding how serious they are? 30 Assessing Risk

11. Joe Dirt has health insurance that pays 60% of covered charges after a $150 deductible. He received a statement of $600 in covered charges. How much will Joe have to pay? 40 600-150 = 450 450*.4 = 180 + 150 = 330.00

12. If a visiting guest is injured inside a tenant’s apartment, who is liable or responsible for the injuries? 50 the tenant (renter)

13. True or False: A demand deposit account is when the account holder may withdraw money on demand or write checks on the account at any time? 10 TRUE Examples: Checking, Savings

14. What organization insures the deposits in the banks, giving us confidence to use the banks in the U.S. financial system? 20 FDIC

15. What kind of endorsement will state “pay to the order of” 30 special endorsement

16. When reconciling a bank statement, what do you do with the amount of outstanding checks? (add or subtract and from which balance?) 40 deducted from the bank statement balance

17. Which of the following would be an adjustment to the checkbook register balance during a bank reconciliation? 50 a.outstanding checks b.bank service charge c.deposits in transit B: Bank Service Charge

18. This coverage provides protection against damages caused by a motorist who is at fault but does not have insurance to pay for the full extent of your damages? 10 Underinsured/Uninsured Motorist

19. collision coverage What type of insurance coverage protects against damage to your own vehicle when you are at fault hitting another car? 20

20. comprehensive coverage What type of insurance coverage protects against a tree falling on your car while parked? 30

21. liability coverage What type of insurance coverage protects against another person’s medical bills or property when you are at fault in an auto accident? 40

22. A _________ _____ plan (PPO and HMO) is when healthcare patients choose doctors and other providers for medical services using an approved list of network providers? 50 Managed Care

23. True or False: A deductible is the price you pay for insurance coverage 10 10 FALSE – a premium is the price you pay for insurance

24. With Health insurance, what is the amount you must pay toward medical expenses before your insurance begins to kick in? 20 deductible

25. True/False: Forgery occurs when someone alters a check by changing its amount to obtain more money from another person’s account. 30 False

26. This is sold at a discount and grows to its face value over time. 40 Savings Bond

27. What provision means that once you have incurred deductibles and copays up to a certain amount in a year, the insurance company will then pay 100% of expenses 50 “Stop-loss provision” – it limits the amount YOU have to pay out

28. Who is the person listed as the recipient of a Life Insurance policy? 10 beneficiary

29. TRUE or FALSE A CD is not a demand deposit in a bank. 20 TRUE

30. Your bank statement balance is $1,000. You have outstanding checks of $100. You have deposits in transit of $200. You have a service fee of $10. You earned interest on the account in the amount of $2. What should be your adjusted bank balance? 30 $1,100

31. If I stopped waterskiing after I had a bad fall and was fearful of injuring myself, I would be practicing what type of risk management strategy? 40 avoiding risk avoiding risk

32. What are at least 2 of your consumer responsibilities when having a checking account? 50 manage your account: manage your account: avoid writing bad checks, keep a check register, reconcile your bank statement, know your rights

33. Final Jeopardy Name at least 2 ways you can be prepared in case you need to file a claim for the loss of property due to theft or fire Name at least 2 ways you can be prepared in case you need to file a claim for the loss of property due to theft or fire make a home inventory list make a panoramic video of your property keep important receipts in a safe place