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Phase 2 Exam Review 35 M/C, 35 T/F Questions Chapters 6 - 12

Phase 2 Exam Review 35 M/C, 35 T/F Questions Chapters 6 - 12. Personal Financial Planning FIN 235. 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

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Phase 2 Exam Review 35 M/C, 35 T/F Questions Chapters 6 - 12

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  1. Phase 2 Exam Review35 M/C, 35 T/F QuestionsChapters 6 - 12 Personal Financial Planning FIN 235

  2. Chapter 6Building 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

  3. Chapter 7 • Warranties • Full • Expressed • Limited • Implied • Buying Wisely • Information – Compare – Select/Buy – Post-Purchase • Inducements to Buy • Rebates, Discounts, add-ons

  4. Chapter 7Credit 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

  5. Chapter 8Vehicle 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

  6. Chapter 9Obtaining 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

  7. 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

  8. 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.

  9. 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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