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Phase 2 Exam Review 35 M/C, 35 T/F Questions Chapters 6 - 12 Personal Financial Planning FIN 235
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Chapter 6 Building and Maintaining Good Credit Types of Credit – Closed-end – Open-end – Reasons for using credit – Credit score and interest rates – Role of credit bureaus Advantages vs. Disadvantages – #1 advantage – life style – #1 disadvantage – easy to overspend – Protecting your credit
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Chapter 7 Warranties – Full – Expressed – Limited – Implied Buying Wisely – Information – Compare – Select/Buy – Post-Purchase Inducements to Buy – Rebates, Discounts, add-ons
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Chapter 7 Credit Cards & Consumer Loans Importance of APR Credit Limits Types of Credit – Revolving / Open-ended – Home equity Penalties for Late Payments Cash Advances from credit cards
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Chapter 8 Vehicle Purchases Wants vs. Needs in Selection process MSRP vs. Negotiated Sale Price Impact of down payment – Relation to being upside-down in loan/lease Importance of: – Pre-shopping – Decision Making – Negotiating Price – Vehicle history when buying a used vehicle
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Chapter 9 Obtaining Affordable Housing Renting (Lease Agreements) – Terms and Conditions (contractual obligations) – Subletting Mortgage Financing – Qualifications, Points – Types of Mortgages Second Mortgages and Home Equity Loans – Importance of down payments, PMI requirement – Short-sales, Flipping
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Chapter 10: Managing Risk Relationship between risk, uncertainty and financial Loss Rationales for buying insurance Risk Reduction vs. Risk Avoidance Steps in risk management process Hazards, Perils, & Exposure
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Chapter 11: Health Insurance Objectives of Health Care [policies] Types of Plans: – Comprehensive – Blue Cross / Blue Shield – Medicare – Medicaid – Health savings Accounts Disability Benefits eligibility Parental Coverage of children under PPAHCA.
![Chapter 11: Health Insurance Objectives of Health Care [policies] Types of Plans: – Comprehensive – Blue Cross / Blue Shield – Medicare – Medicaid – Health savings Accounts Disability Benefits eligibility Parental Coverage of children under PPAHCA.](http://images.slideplayer.com./25/8020666/slides/slide_8.jpg "Chapter 11: Health Insurance Objectives of Health Care [policies] Types of Plans: – Comprehensive – Blue Cross / Blue Shield – Medicare – Medicaid – Health savings Accounts Disability Benefits eligibility Parental Coverage of children under PPAHCA.")
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Chapter 12: Life Insurance Rationales for Life Insurance Survivor Social Security Benefits Difference between Term and Whole Life insurance policies – Motives for selecting term over whole life Primary v-v Contingent beneficiaries
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