Life Management Skills Module 6 – Flashcards
24 test answers
Unlock all answers in this set
Unlock answers 24question
Just Plain Folks
answer
there are no surprises or gimmicks because this product is for the common man. (i.e. "Just ask George.")
Unlock the answer
question
Scientific Appeal
answer
you are given the results of surveys or lab tests. (i.e. "Four out of five doctors recommend this product.") Of course they only asked five doctors and four worked for them.
Unlock the answer
question
Lemon Law
answer
a state law that says if you buy a car that has defects, including mechanical, safety, or value, that can't be repaired after repeated attempts, your car must be replaced by the manufacturer.
Unlock the answer
question
Annual Percentage Rate (APR)
answer
The amount of interest you are charged yearly
Unlock the answer
question
Compound Interest
answer
Interest calculated not only on the original principal but also on the interest already accumulated
Unlock the answer
question
The three C's (character, collateral, and capacity)
answer
The rating credit companies use to see if you are a good credit risk
Unlock the answer
question
Debit Cards
answer
used in place of writing checks. The amount you spend using this card will be deducted from your checking account.
Unlock the answer
question
Difference Between Debit and Credit
answer
Debit cards can be used as either a debit card or credit card. Credit cards can only be used as a credit card. Debit cards do not carry a line of credit. The purchases made with a debit card can not exceed the amount of money a person has in their bank account. This is the main difference between a credit and debit card.
Unlock the answer
question
Net Income
answer
This is the income you receive after all the deductions have been taken from your paycheck.
Unlock the answer
question
The FDIC insures all bank accounts up to:
answer
$250,000
Unlock the answer
question
Deposit
answer
Any amount of money that is added to your account
Unlock the answer
question
FICA
answer
This abbreviation represents social security payments taken on a paycheck.
Unlock the answer
question
The Truth in Savings Act requires banks to:
answer
disclose the annual percentage yield on your account
Unlock the answer
question
Checking Account
answer
A financial account that allows you to withdraw and deposit money using a check, debit card or ATM card
Unlock the answer
question
Ammonia + Bleach
answer
can produce dangerous chemical fumes
Unlock the answer
question
Recyclable plastic products will have the following code molded into the bottom:
answer
Letter C
Unlock the answer
question
Corrosives
answer
Products that eat away at other materials
Unlock the answer
question
White Vinegar
answer
an alternative cleaning product that helps cut grease
Unlock the answer
question
Three R's
answer
Reduce Reuse Recycle
Unlock the answer
question
Aluminum
answer
100% Recyclable
Unlock the answer
