Exam 5: Mini Personal Finance

Paying off all credit card debt is an example of which step of financial planning?

What is the difference between defined benefit plans and defined contribution plans?

What is compound interest?

________ expenses are items such as taxes or donations that are paid, but not on a monthly basis.

If you are self-employed or your employer does not offer retirement benefits, you should set up your own retirement program.

Pension plans are retirement plans established by your employer.

One way to establish credit is to begin with a single store credit card or a single-purpose credit card, such as a gas card.

When an individual or a family manages the ways in which monies are budgeted, saved, invested, preserved for future life events, and protected against risks, it is called ________.

Give an example of an unexpected expense.

Showing future lenders that you have a good history with credit will help you when you apply for car loans or a mortgage.

Money management is critical for corporations, but not for individuals.

An arrangement that pays to replace your possessions if they are stolen is ________ insurance.

Special retirement pretax savings accounts created by the government are ________.

What one owns minus what one owes is ________.