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Personal finance review
 

Personal finance review

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    Personal finance review Personal finance review Document Transcript

    • Personal Finance ReviewName___________________<br />Vocab-Define, pick the best choice, or match the following terms.<br />Collateral-<br />Interest Rate-<br />Credit Limit-<br />Account Balance-<br />Over Limit Fee-<br />Minimum Payment-<br />Cash Advance-<br />Universal Default-<br /> Introductory Rate-<br />Interest Rate APR-<br />Billing Period-<br />Murphy’s Law<br />Saving<br />Fixed Expenses<br />Flexible Expenses<br />Be able to write about or describe the following… Short answer/ Fill in the Blank type questions will come from these<br />What is Murphy’s Law?<br />What percentage of people will experience a negative financial event?<br />List three reasons why it is important to pay with cash whenever possible<br />What is the Emergency Fund, why is it important?<br />How much should a fully funded Emergency Fund be?<br />Why is the Emergency Fund considered “Murphy Repellent”?<br />Describe 90 days same as cash<br />Describe the phrase “leave the cave, kill something, and drag it home”<br />Discuss the phrase “living within your means”<br />List three things you should save for, and why<br />Describe the saving habits of a typical American <br />“Pay yourself first” What does this phrase describe<br />Estimate, Track, and Adjust were three terms we used when discussing…?<br />Of the accounts discussed in class which one would create the most interest? Why<br />Describe the differences between fixed and flexible expenses<br />Essay type questions<br />The pro’s and con’s of using credit<br />Describe the power of cash…why is cash so beneficial in negotiating?<br />Describe the importance of saving. When and how should we start saving? What are some things we should save for and why?<br />Discuss the importance of the Emergency Fund. Describe the significance of the Emergency Fund<br />We talked about five basic rules to negotiating in class, discuss the rule you feel is most effective, and explain why<br />The second key to deal making is having patience, and to not get married to a purchase. Describe these two points using an example and explain their importance in the purchasing process<br />