PERSONAL FINANCE FINAL
EXAM REVIEW
Name – class- date
When it comes to managing money, there
are three types of people..

People who just get by
The big spenders
People who “get it”

Directions: summarize each one.


What are the 5 steps to financial
planning
1.
2.
3.
4.
5.
Set SMART goals
Analyze information
Create a plan
Implement the plan
Monitor and modify
the plan
Directions: Summarize
your overall understanding
of the 5 steps
Add the answer

What is the difference
between a need and a
want?

What is a “Smart”
goal?
What are the 6 steps to the decision
making process?
Identify your goal
2.
Establish your criteria
3.
Examine your options
4.
Weigh the pros and
cons
5.
Make your decision
6.
Evaluate results
Directions: Summarize or
give examples of the
process (page 9)
1.
Directions: answer the questions

What is a budget?
(page 16)

What are items that
are found on a
budget? (chapter 2)
Directions: answer the questions


What is the difference
between saving and
investing? (page 28)
What is time value of
money? (page 30)

What is inflation?
 (page

30)
What is compound
interest? (page 31)
Directions: answer the questions
What is rule 72? (page
32)
What is the stock
market? (page 33)
What is a dividend?
(page 34)

Name the 6 income
investments? (Pages
35-36)
Directions: answer the questions

What are the names
of the growth
investments?(page 36)

What does
diversification mean?
(page 38)
Directions: answer the questions


What does credit
mean?
What does principal
mean?
What does interest
mean?
Page 42 –all of the
above


What are the 4 types
of common credit.
(page 43)
Directions: answer the questions

What are some factors
that are tied to the
cost of using credit?
(page 44)

What is the
universal default
clause? (page 45)
What are the pro’s and con’s of using
credit? (page46)

PROS

CONS
Directions: answer the questions

What are the 4 c’s of
credit? (page 47)

What is a credit
report and why is it
important? (page 49)
Directions: answer the questions

What is chapter 7?

What is chapter 13?
Page 55

Name some ways you
can avoid the pitfalls
of credit (page 53)
Directions: answer the questions

What is the difference
between a bank and a
credit union? (page
60)

What is the difference
between an credit
card and a debit
card? (chapter 5)
Directions: answer the questions

What is a PIN and
why does someone
need one? (page 65)

What does EFT stand
for and why is it used?
(page 70)
Directions: answer the questions

What is identify theft
and what are ways
you can protect
yourself from it
happening to you?
(page 72)

What is phishing and
spyware, and what
does it have to do with
identity theft? (page
73)
Directions: answer the question

What are the names
of the three reporting
bureaus?
Directions: answer the questions

What is insurance?
(page 82)

What are the steps of
risk management?
(page 81)
Directions: answer the questions
What do the terms
below mean? (page 82)
 Premium
 Coverage limit
 deductible

What are some ways
you can drive down
the cost of insurance
(page 83)
Directions: answer the questions

What are some factors
that can raise or lower
your premium? (page
85)

What are some items
that are needed when
you apply for
insurance? (page 88)
Directions: answer the questions

What are some types
of Insurance? (page
90)

What is the difference
between a job and a
career (page 96)
Directions: answer the questions

What are transferable
skills? (page 98)

What are some of the
parts of a resume?
Directions: answer the questions

What are the different
education levels?

What are some
benefits that you may
receive on the job
How can you apply the decision making process (slide 5) to two of the
following topics: Budgeting, Investing, Choosing a credit card, how to keep
your money safe, or insurance?
1.
2.
3.
4.
5.
6.
Identify the goal
Establish your criteria
Examine your options
Weigh the pros and
cons
Make your decision
Evaluate the resuls
Vocabulary Terms
Define 10 terms.