Unit 2 Test Review (Ch. 8,9,10,20)

Review gameGet textbooksOne person records answers on whiteboard

(and page number) & holds up when finishedQuestions will be timedTeam with the most points will get extra

credit on test

Question 1 (30 seconds)

Two elements to consider in budgeting and planning

Question 1

Income and expensesPg. 163

Question 2 (60 seconds)

What is writing a future date on a check called?

Question 2

PostdatingPg. 188

Question 3 (60 seconds)

2 Part Question: What do bonds represent? What do stocks represent?

Question 3

Bonds represent debt, or a loan.Stocks represent equity, or ownership.Pg. 225

Question 4 (45 seconds)

Name two factors outside yourself that affect your spending patterns.

Question 4

The EconomyTechnological AdvancesThe EnvironmentSocial PressuresPg. 456-457

Question 5 (60 seconds)

Experts advise saving _____ percent of your disposable income each pay period.

Question 5

10%Pg. 163

Question 6 (30 seconds)

How long should you keep copies of your tax records?

Question 6

3 years after you filePg. 168

Question 7 (60 seconds)

What is one example of a contract that must be in writing and signed to be legally binding?

Question 7

Contracts for the sale of real property (homes and land)

Contracts that cannot be fully performed in less than a year

Contracts involving the sale of goods for $500 and over

Contracts in which one person agrees to pay the debts of another

Contracts in consideration of marriagePg. 174

Question 8 (45 seconds)

Many people write checks, hoping to deposit money to cover them before they clear. What is this called?

Question 8

Floating a checkPg. 187

Question 9 (30 seconds)

If you deposit your paycheck into your checking account, which column should this amount be recorded under in your checkbook register?

Question 9

Deposit/Credit columnPg. 191-192

Question 10 (30 seconds)

What kind of check is also called a bank draft?

Question 10

Cashier’s checkPg. 199

Question 11 (45 seconds)

When purchasing a home, you will likely have to pay a large sum of cash. What is this called?

Question 11

Down paymentPg. 220

Question 12 (45 seconds)

What kind of loans usually does not require payments until after graduation?

Question 12

Subsidized loansPg. 220

Question 13 (45 seconds)

What kind of major purchase would you go to a savings and loan association for?

Question 13

Purchasing a homePg. 225

Question 14 (30 seconds)

Credit union members save their money in the form of “___________,” or part ownership in the credit union.

Question 14

SharesPg. 225

Question 15 (20 seconds)

Items beyond basic needs that add to your quality of life are called what?

Question 15

Life-enhancing wantsPg. 450

Question 16 (20 seconds)

Cards that enroll consumers in a program in which they receive lower prices, rebates, or other valued services are called what?

Question 16

Customer-loyalty cardPg. 462

Check Your Understanding (p. 227)

Why is it important to start saving early to meet your short-term and long-term needs?

Explain the concept of compounding and how your money grows.

List the financial institutions where you can have a savings account.

Homework

Study for Unit 2 Test