2. 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 Budget or Bust Risky Business Banking Basics Property Protection Grab Bag Know That Term

3. What do we call something you “OWE”? Examples: Credit card balance, car loan, home loan 10 Liability

4. True or False: Our financial resources are limited, but our needs and wants are unlimited and growing Our financial resources are limited, but our needs and wants are unlimited and growing20 TRUE

5. List at least 2 “fixed” expenses 30 rent or mortgage, car payment

6. How do you compute your net worth? (using the terms assets and liabilities) 40 assets - liabilities = net worth

7. What kind of adjustments can you make if your budget does not balance: 50 increase income (2 nd job) adjust savings lower expenses

8. Self-insuring is an example of which type of the 4 risk strategies we discussed? 10 risk assumption (assuming risk)

9. Buying insurance is an example of which of the 4 risk strategies we discussed? 20 risk transfer (transferring risk)

10. What is the process of identifying your risks and deciding how serious they are? 30 Assessing Risk

11. A person suing you and possibly winning a large judgment against you that affects your future assets is an example of which of the 3 types of consumer risk we discussed? 40 risk of financial resources

12. If a visiting guest is injured inside a tenant’s apartment, who is liable or responsible for the injuries? 50 the tenant (renter)

13. True or False: A demand deposit account is when the account holder may withdraw money on demand or write checks on the account at any time? 10 TRUE Examples: Checking, Savings, Money Market

14. What organization insures the deposits in the banks, giving us confidence to use the banks in the U.S. financial system? 20 FDIC

15. What kind of endorsement creates a third-party (a.k.a. two-party) check 30 special endorsement: “pay to the order of”

16. When reconciling a bank statement, what do you do with the amount of outstanding checks? (add or subtract and from which balance?) 40 deducted from the bank statement balance

17. Which of the following would be an adjustment to the checkbook register balance during a bank reconciliation? 50 a.outstanding checks b.bank service charge c.deposits in transit

18. Which of the following are not covered by a regular homeowner’s or renter’s policy? 10 a.fire damage b.vandalism c.damage from a hurricane d.theft

19. collision coverage What type of insurance coverage protects against damage to your own vehicle when you are at fault hitting another car? 20

20. comprehensive coverage What type of insurance coverage protects against a tree falling on your car while parked? 30

21. liability coverage What type of insurance coverage protects against another person’s medical bills or property when you are at fault in an auto accident? 40

22. What kind of insurance also protects your personal property while it is in your car or at work? 50 Renter’s or homeowner’s insurance protects your personal property

23. True or False: A deductible is the price you pay for insurance coverage 10 10 FALSE – a premium is the price you pay for insurance

24. With Health insurance, what is the amount you must pay toward medical expenses before your insurance begins to kick in? 20 deductible

25. What is it called when you set aside a fixed amount of savings on a regular basis over time? 30 an annuity

26. True or False: A “Managed Care” plan is a PPO or HMO where healthcare patients choose doctors and other providers from an approved list of in-network providers 40 TRUE

27. What provision means that once you have incurred deductibles and copays up to a certain amount in a year, the insurance company will then pay 100% of expenses 50 “Stop-loss provision” – it limits the amount YOU have to pay out

28. Who is the person listed as the recipient of a Life Insurance policy? 10 beneficiary

29. TRUE or FALSE a U.S. Savings bond is sold at a a discount and grows to its face value over time? 20 TRUE

30. What type of insurance coverage provides protection for you against damages from a motorist who is at fault but failed to carry auto insurance? 30 Uninsured/Underinsured Motorist

31. If I stopped waterskiing after I had a bad fall and was fearful of injuring myself, I would be practicing what type of risk management strategy? 40 avoiding risk avoiding risk

32. What are at least 2 of your consumer responsibilities when having a checking account? 50 manage your account: manage your account: avoid writing bad checks, keep a check register, reconcile your bank statement, know your rights

33. Final Jeopardy Name at least 2 ways you can be prepared in case you need to file a claim for the loss of property due to theft or fire Name at least 2 ways you can be prepared in case you need to file a claim for the loss of property due to theft or fire make a home inventory list make a panoramic video of your property keep important receipts in a safe place