FBLA Personal Finance Study Guide | 66 Actual Questions and Answers (100% Correct) In the case of a savings account what is the principal? - Answer The amount of money you deposit
The Federal Reserve System is - Answer The central banking system of the United States
The rise in the level of prices for goods and services is - Answer Inflation
The ways in which groups of people change over time - Answer Demographic trends
When considering a job offer what factors should you consider? - Answer Work environment, Factors affecting salary, Employee Benefits
Networking is a way of - Answer Making and using contacts to get job information
A safe-deposit box is for keeping important documents and they can be rented at - Answer a bank
Liabilities are split between - Answer Current and Long term
Your net worth is calculated as - Answer Assets - Liabilities
Take-home pay is - Answer gross pay less taxes and other deductions
The money left over after you have paid for the essentials- food,clothing,shelter,transportation, and medication - Answer Discretionary income
Which of the following are smart buying strategies? - Answer Comparing brands, comparing labels, comparing prices
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Small Claims court deals with legal disputes with limits set by - Answer States
Direct deposit is most commonly associated with - Answer Pay checks
The Federal Deposit Insurance Company insures bank deposits up to - Answer
$250,000
A Money Market Account is a savings account that - Answer has an interest rate that varies monthly
Compounding is the process in which interest is earned - Answer on the principal and previously earned interest
A stop payment order is - Answer a request that an institution not cash a particular check
When doing a bank reconciliation, outstanding checks should be? - Answer subtracted from the bank statement balance
Two advantages of credit - Answer use of product while paying for it and easier returns/exchanges
An example of open ended credit is - Answer Mastercard
Most credit card companies offer a grace period which is - Answer a time period where you incur no finance charges
The finance charge on a loan or credit card is calculated using the - Answer APR
Which of the following is not one of the C's of credit? - Answer Credit Rating
Which of the following is not a Consumer Credit Protection Law? - Answer Equal Credit Billing and Reporting Act
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