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Smart Money Decisions Guide

Learn about rational buying, impulse buying, banking decisions, debt management, credit cards, and making informed financial choices to secure your future.

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Smart Money Decisions Guide

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  1. Know that Name Debt Credit Cards Banking Decisions Grab Bag 10 10 10 10 10 10 20 20 20 20 20 20 30 30 30 30 30 30 40 40 40 40 40 40 50 50 50 50 50 50

  2. When you act in your own best-interest and research purchases Rational Buying 10 Know That Name

  3. Type of buying that occurs while you are out shopping and you buy small, inexpensive items that are not on your shopping list. Impulse Buying 20 Know That Name

  4. When you purchase goods or services during times of emotional highs and lows. Emotional Buying 30 Know That Name

  5. Examples of demand deposit accounts include a savings account, a money market account and a …. Checking Account 40 Know That Name

  6. When you owe more than the items is worth. Upside-down Loan 50 Know That Name

  7. True or False: A CD is a great savings option if you want to have immediate access to the money. FALSE 10Banking

  8. Which of the following is the most liquid?Savings Account, Money Market Account, CD, Savings Bond Savings Account 20Banking

  9. If you do not pay back your car loan, the bank can… Repossess your car 30Banking

  10. If you do not pay your mortgage, the bank can… Foreclose and take possession of your home 40Banking

  11. What is it called if I am trying to avoid bankruptcy and I turn over my checking account and bills? Debt Management 50Banking

  12. True or False: After you graduate from college, you can trade-in your student loans. FALSE 10Debt

  13. True or False: Credit is the ability to borrow money and pay it back later, usually with interest. True 20Debt

  14. Which type of bankruptcy requires a liquidation of assets? Chapter 7 30Debt

  15. What are some things you can do to try to reduce the amount of money you owe on a car? Make a down payment, Trade-in an existing car, Take a shorter loan agreement 40Debt

  16. What is the benefit of paying more than the minimum balance on credit cards and loans? Credit Card: Less interest or Avoid Interest Loans: Less interest, Paid off sooner 50Debt

  17. True or False: Increased purchasing power is a benefit of using a credit card. True 10Credit Cards

  18. True or False: Convenience and rewards are a benefit to using a credit card. True 20Credit Cards

  19. True or False: Proof of purchase is a benefit to using a credit card. True 30Credit Cards

  20. True or False: If I pay my balance in full each month on my credit card, I do not have to pay interest. True 40Credit Cards

  21. Making a late payment on a loan or credit card can… Hurt your credit score, Raise your finance charges, result in penalties and fees. 50Credit Cards

  22. True or False: Systematic Decision Making is the process of making choices that reflect your goals. TRUE 10Decisions

  23. True or False: Systematic Decision Making considers all of the pros and cons as well as the costs. True 20Decisions

  24. True or False: Systematic Decision Making requires you to be financially responsible True 30Decisions

  25. Which type of bankruptcy is for business only? Chapter 11 40Decions

  26. True or False: A shorter loan agreement saves you money in interest. TRUE 50Decisions

  27. This increases the cost of buying items when using a credit card. Finance 10 Grab Bag

  28. What happens to buying power/ purchasing power as inflation rises? Decreases 20 Grab Bag

  29. True or False: A longer term agreement results in less money paid in interest, but a higher monthly payment. False 30 Grab Bag

  30. What is typical of a mortgage loan? 10-20% required as a down payment 40 Grab Bag

  31. Explain the difference between an FHA loan and a conventional loan. FHA: first time homebuyer, less down payment, requires a mortgage insurance premium 50 Grab Bag

  32. Final Jeopardy If you are currently earning $32,000 annual salary and the rate of inflation is 4%, what dollar amount do you need as an annual cost-of-living adjustment to maintain your current purchasing power? 32,000 x .04 = $1280.00

  33. Final Jeopardy Cassandra worked 45 hours last week. Her regular pay is $10.00. She is paid 1.5 times her regular pay for overtime hours. What was her total gross pay? 40 X 10 = $400.00 10 X 1.5 = $15.00 15 X 5 = $75.00 $400 + $75 = $475.00

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