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Consumer Ed Exam

Consumer Ed Exam. Depending on your income, you should have this much in your emergency fund. $500 or $1,000. In your savings, you should enough to cover you for ___ months. 3 – 6 . This is how quickly you can turn your investments into cash. Liquidity.

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Consumer Ed Exam

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  1. Consumer Ed Exam

  2. Depending on your income, you should have this much in your emergency fund. $500 or $1,000

  3. In your savings, you should enough to cover you for ___ months. 3 – 6

  4. This is how quickly you can turn your investments into cash. Liquidity

  5. A bankruptcy will stay on your credit report for ____ years. 10

  6. Focusing on paying one debt at a time beginning with the smallest debt to gain momentum. Debt Snowball

  7. This type of card is linked to your checking account and draws funds from it. Debit Card

  8. This form of payment is similar to borrowing small amounts of money with each transaction. Credit Card

  9. The most liquid type of investment. Savings Account

  10. This is the maximum amount allowed to be charged on a credit card. Credit Limit

  11. Caveat Emptor means… Buyer Beware

  12. Taxes on inheritance, estate, and large monetary gifts are called taxes on ___. Wealth

  13. If you invest $1,000 at 10% interest annually, you will have ____ at the end of the year. $1,100

  14. This is the abbreviation for the service that lists all homes for sale. MLS

  15. Who is required to file a tax return? Everyone who works.

  16. The three major credit bureaus are: Equifax, Experian, and Transunion

  17. Account information remain on your credit report for ____ years. 7

  18. This is the only optional part of a check. Memo Line

  19. An IRA is used to save for___. Retirement

  20. This is the fastest growing crime in America. Identity Theft

  21. The three basic reasons to save money. Emergency fund, Purchases, and Wealth building

  22. The author recommends investing ___% of your income into retirement plans. 15%

  23. This is the most common type of mortgage. 30 year fixed

  24. Excise tax, which taxes gas, beer, liquor, and cigarettes, is also called a ____ tax. Luxury

  25. To spread around your investment dollars among several different things to lower risk. Diversification

  26. The three types of income taxes. Federal, State, and FICA

  27. These are short-term mortgages that offer a fixed interest rate for a few years and adjusts after that. Adjustable Rate Mortgage

  28. Who should make the financial decisions in a marriage? Both people

  29. When people spend their entire paycheck, the are living… Paycheck to Paycheck

  30. If you own a home you will have to pay a ___ tax. Property (Real Estate) Tax

  31. This is the full asking price for an item in a store. Retail Price

  32. This is a fee charged by a credit card company for the use of their credit card. Annual Fee

  33. This type of insurance provides income to your family in case of your death. Life Insurance

  34. Who should make the budget in a marriage? The one better at it.

  35. Credit scores range from: 300 – 850

  36. The date taxes are due. April 15th

  37. This type of insurance pays for nursing home, assisted living facilities, or in-home care. Long-Term Care Insurance

  38. This is entity created by the government to guarantee deposits in banks. FDIC

  39. The best time to buy a snow blower. After winter

  40. This area makes up the largest portion of your credit score (35%). Payment History

  41. Interest paid on interest previously earned. Compound Interest

  42. This short-term mortgage comes with a large payment at the end of the loan. Balloon Mortgage

  43. A significant purchase is anything over ____. $300

  44. The key to building wealth is to _____. Invest

  45. This type of coverage pays for damage to your car in an accident. Collision

  46. You lose this when you fall in love with an item you want to buy. Walk Away Power

  47. After an interview, the purpose of the phone follow-up is to ___. Remind them of who you are!

  48. 80% of identities are stolen by: People you know!

  49. When investors pool their money and allow a portfolio manager to invest the pool, they are contributing to a ____. Mutual Fund

  50. This should accompany your resume when applying for a job. Cover Letter

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