Personal
Finance Final
Exam Review
Money Habit
 Want
 Need
SMART GOAL
 SPECIFIC
 MEASURABLE
 ATTAINABLE
 RELEVANT
 TIME
BOUND
Goals
 Short
 Medium
 long
 Up
to three months
 Three months to a
year
 More than a year
Parts of a Budget
 Income
 Expenses




Fixed expenses
Variable expenses
Periodic or
occasional
expenses
PYF
Decide Steps
1.
2.
3.
4.
5.
6.
Define your goal
Establish your
criteria
Choose two to
three good options
Identify the pro’s
and cons’
Decide what’s best
Evaluate the results
6 steps to a winning plan
1.
2.
3.
4.
5.
6.
Decide the time frame for
tracking your income and
expenses
List your income
Use your spending log to
create categories and
predict amounts for each
of your expenses
Subtract your total
expenses from your total
income
Implement the plan
Review and adjust he
plan as needed.
Stop Drop and Think





Do I need this or do I
want it?
If I don’t need it, why
do I want it?
Exactly when will I
use it?
Can I find it for less
somewhere else?
What will I have to
give up or put off by
buying this now?
credit
5
1.
2.
3.
4.
5.
c’s of credit
Capital
Capacity
Character
Collateral
conditions
 Triple
D Approach
to fraud
 Deter
 Detect
 Defend
Pay Yourself First
 What
is it, and how
does apply to
concepts you
learned in the 5
booklets…?
 Items
on a
Paycheck
 Name
 Address
 Hours worked
 Rate of pay
 Payroll deductions
 Other deductions
 Payroll




taxes
Federal income
tax
State income tax
FICA (medicare)
Local income tax
Investment Options Booklet 4









Savings Account
Money Market Deposit
Certificate of Deposit
US Savings Bond
Stock
Mutual funds
Real estate
Collectibles
Start your own business
 Risk
tolerance
 Education




options
Associates Degree
Bachelors Degree
Masters Degree
Doctorate Degree
 Benefits





at a job
Health insurance
Vacation time
401K
College
reimbursement
Company
discounts
Checking Account









Parts of a check
Name-address
Pay to the order of..
Numerical value
Writen out value
Signature
Memo line
Bank routing number
Your account
number

Bank Fees









Monthly service fee
Out of network atm
fees
Check fees
Debit fees
Nonsufficient funds
Overdraft fees
Od transfer fees
Deposited item
returned fee
Stop payment fees
Steps to Reconcile a Checking
Account
Page 21
1.
Go through your
statement and check
off each transaction
in your register
2.
Jot down any bank
fees you didn’t have
listed in your register
and subtract them
from your register
balance
…see page 21 for the restbooklet 5

 …see
page 21 for
the rest- booklet 5
 Bank
 They
sell financial
services.. A bank is
owned by its
investors, and a
paid board of
directors runs the
bank.
 Credit

Union
Are not for profit
organizations
offering the same
financial services
as banks and are
owned by their
customers, who
are called
members.
 Identify

Theft
the illegal use of
someone else's
personal
information (as a
Social Security
number) in order
to obtain money
or credit

1.
2.
3.
4.
5.
6.
7.
How thieves can steal
from you? (booklet 5)
Don’t trust – verify
Keep PINS total under
wraps
Befriend a shredder
Protect your PC
Be skeptical of any
offers
Shop securely
Surf safely in public