Dual Credit Resource Management – Semester Exam Review – Flashcards
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short-term goals are those that can be accomplished within
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one year
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making a purchase to impress other people is called
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a conspicuous consumption
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things you would like to have, but can live without are called
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wants
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a purchase made on a whim without using a decision-making process is an
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impulse purchase
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advertising designed to deliberately mislead is
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deceptive advertising
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what is considered a type of opportunity cost
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financial, personal, and physical
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things you can not live without
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needs
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long-term goals are those that can be accomplished within
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beyond one year
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standards you live by
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values
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a decision made in an organized logical manner
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rational buying decision
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the value of what you give up when you make a choice
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opportunity cost
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producing the highest quality at the lowest price
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efficiency
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things you want to accomplish in your life
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goals
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list the 5 steps in the decision-making process
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1. specify 2. search 3. sift 4. select 5. study
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a natural talent for learning some skills over others
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aptitude
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principles most important to you in life
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life values
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letter of introduction; encourages employers to read your resume and ask you for an interview
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cover letter
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the set of tasks you accomplish as you work
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job
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a recommendation of a person for a job
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referral
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people an employer contact to verify your training, character, or experience
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references
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a brief summary of your job qualifications
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resume
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a face-to-face meeting with your employer
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interview
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an occupation to which you have made a long-term committment
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career
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your unique qualities that define you as a person
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personality
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the ability to write in a clear and interesting manner, and explain things so that others can understand
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verbal
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the ability to see what something will look like from a verbal description or a flat drawing or photographs
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spatial
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the ability to execute precise muscle movements
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physical coordination
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the ability to work with numbers quickly and accurately
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numerical
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the ability to fix and build things, or physical work
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manual
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Amanda enjoys working on her own and is looking for a career where she can work with little interference from management
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independence
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Monica is very adventurous, and looking for a job with physical challenges that will allow her to do new and exciting tasks
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physical risk
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Elise has accepted and entry-level position in a company that offers many workshops and in-service training. She is also taking college courses in the evenings to improve her job skills.
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personal growth
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Helen is working at the local Health Department. She enjoys working with people she knows, and the job also allows her time to volunteer with local organizations. She is currently serving on the Industry Development Board to bring more business to the area.
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community
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Bernie is taking classes to become an actor. His goal in life is to make it on the cover of People magazine and be the main story on Entertainment Tonight.
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recognition
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Bill has just obtained his degree in Business and is hoping to get out of Bridgeport. He has applied in cities that offer many job opportunities and have many entertainment choices.
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location
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Elliot is currently seeking a career that will allow him to spend time with his wife and kids on the weekends. He would prefer a career that would not require him to work late hours.
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family
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what items should you bring to and interview and why
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pen and paper - something to occupy your hands with and to take notes and write down questions about the company extra copies of resume - one for each of your interviewers and you, a cheat sheet of exactly what you put on your resume portfolio - to provide examples of your work
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what does the EFC (Estimated Family Contribution) represent for financial aid
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It is the amount of money your family can contribute to your education based off a government assessment. It determines the type and amount of financial aid you qualify for. The same no matter what college you attend.
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a card provided by a business like JCPenny
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store card
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a card provided by companies like VISA or MasterCard
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bank card
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a charge account that allows you to carry a balance; interest rate charged as on a small loan
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revolving charge account
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a charge account with no stated interest rate; balance must be paid in full each month
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regular charge account
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rate applied to your outstanding balance must be paid in full each month
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periodic rate
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a measure of the cost of credit, expressed as a yearly rate
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annual percentage rate
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a deposit for which the interest rate changes overtime
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money market account
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initial amount of money you deposit in your account
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principal
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interest paid one time a year on the average balance
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simple interest
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a deposit in a savings institution that earns a fixed interest rate for a specified period of time
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CD (certificate of deposit)
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interest paid on the principal and on previously earned interest
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compound interest
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a checking account that is owned by more than one person. Anyone with a name on the account can sign the checks.
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joint checking account
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to put money in your account, you fill out a form called a ______.
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deposit slip
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a ___________ is an amount deducted from an account, while a _________ is an amount added to an account
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debit; credit
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a _______________ is a personal record of all transactions for your checking account
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check register
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an _____________ checking account is for only one person. Checks must be signed by the owner of the account
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individual
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any action between two people that involves a payment is called a___________
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transaction
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to _________ your bank account mean that you make your check register agree with your bank statement.
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reconcile
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giving up one thing to buy something else is an
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trade-off
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and amount you have already committed to spend
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fixed expense
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a record of all transactions processed by the bank within one month
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bank statement
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credit card issuers are required to mail your bill at least ____ days before the due date.
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14
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the most common method for computing finance charges on a credit card is
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average daily
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time between a purchase and billing when no interest is charged
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grace period
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an amount you choose to spend or not to spend
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flexible
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a ______ is a plan for dividing up your income among spending and saving opitons
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budget
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____________ have special qualities that make them more expensive than alternative goods.
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luxury goods
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identify the steps in creating a budget
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- identify your goals - prioritize your goals - track your income - track your spending - create a budget worksheet
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list at least three advantages and disadvantages of credit cards
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ADVANTAGES: - emergencies - builds credit - no need to carry cash DISADVANTAGES: - lost or stolen - fraud - east to let balance get too high
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payment made to shareholders based on company profits
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dividend
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one unit of ownership in a corporation
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share
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a person who owns part of the corporation
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stockholder
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the act of buying and selling stocks
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transaction (stock market)
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distributing money among a variety of investments
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diversify
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saving money in a way that earns you an income
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investing
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the stock market is open on legal holidays
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false
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when a stock splits and increases the number of shares, the selling prices raises in direct proportion.
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false
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NASDAQ is the largest stock exchange in the US
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false
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corporations make money every time a share of their stock is sold
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false
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profit earned from selling stock for more than the purchase price is called
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captial gain
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high yield bonds are also called
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a "junk bond"
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stock offering a non-voting share and a fixed dividend is
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preferred stock
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________ is a group of investments owned by many investors
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mutual fund
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stocks in a corporation with a history of steady sales and profits is called
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blue-chip stocks
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an apartment you own rather that rent
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condominium
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which of the following is not a vehicle covered by the Illinois Lemon Law
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motorcycles, boats
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the price you pay for a vehicle if you were not financing is called the
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cash price
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the smallest and least expensive apartment
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efficiency apartment
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paying to drive someone else's vehicle
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leasing
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the general rule for housing says that a rent payment should not be more than _______ of take-home pay
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1/3
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credit score debt to income ratio loan to value ratio
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list the 3 key loan qualifications
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how long you've had your score the type of credit you have amount of credit owed new credit payment history
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how is your credit score determined
