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Personal Finance Review Name___________________
Vocab-Define, pick the best choice, or match the following terms.
1. Collateral-
2. Interest Rate-
3. Credit Limit-
4. Account Balance-
5. Over Limit Fee-
6. Minimum Payment-
7. Cash Advance-
8. Universal Default-
9. Introductory Rate-
10. Interest Rate APR-
11. Billing Period-
12. Murphy’s Law
13. Saving
14. Fixed Expenses
15. Flexible Expenses
Be able to write about or describe the following… Short answer/ Fill in the Blank type questions will come from these
16. What is Murphy’s Law?
17. What percentage of people will experience a negative financial event?
18. List three reasons why it is important to pay with cash whenever possible
19. What is the Emergency Fund, why is it important?
20. How much should a fully funded Emergency Fund be?
21. Why is the Emergency Fund considered “Murphy Repellent”?
22. Describe 90 days same as cash
23. Describe the phrase “leave the cave, kill something, and drag it home”
24. Discuss the phrase “living within your means”
25. List three things you should save for, and why
26. Describe the saving habits of a typical American
27. “Pay yourself first” What does this phrase describe
28. Estimate, Track, and Adjust were three terms we used when discussing…?
29. Of the accounts discussed in class which one would create the most interest? Why
30. Describe the differences between fixed and flexible expenses
Essay type questions
31. The pro’s and con’s of using credit
32. Describe the power of cash…why is cash so beneficial in negotiating?
33. Describe the importance of saving. When and how should we start saving? What are some things we should save for and why?
34. Discuss the importance of the Emergency Fund. Describe the significance of the Emergency Fund
35. We talked about five basic rules to negotiating in class, discuss the rule you feel is most effective, and explain why
36. 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