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personal financial planning

Questions and Answers of Personal Financial Planning

List ways to prevent credit card fraud.
Explain how to dispute an error on a credit statement.
3. What steps related to his credit account can Enrique take to minimize his costs following the purchase?
2. What steps can Enrique take to minimize his total costs when choosing a source of credit?
1. What steps can Enrique take to minimize his total costs when choosing the television?
3. Sue Thomson bought a house for $178,750.00. She is getting a mortgage for $145,000.00. If a mortgage is for more than 80 percent of the value of the home, Sue’s lender requires that the borrower
2. Albert Morrison took out a loan for $90,000.00 at 10 percent interest for 15 years. Albert’s monthly payments are $967.14. Part of each payment is applied to the loan balance, and part is for
1. The following charges are part of the closing costs for a loan. What is the total amount of the closing costs?Appraisal fee $500.00 Lender’s inspections fee $250.00 Credit report fee $ 50.00
18. Repaying a debt by making regular payments of principal and interest over a period of time is called .
17. A type of debt in which you borrow money for a period of time with an agreed-upon interest rate and repayment plan is called a(n) .
16. A(n) is a person who agrees to repay a loan if the borrower does not repay it.
15. Expenses the borrower must pay to get a loan, such as appraisal fees, credit report fees, recording costs, and inspection fees, are known as .
14. Payments that are made by transferring money electronically from a checking account to another account (such as a creditor’s) every billing period are called .
13. A(n) is debt used to finance education costs.
12. A fee charged for repaying a loan before the agreed-upon date is called a(n) .
11. A(n) is a type of prepaid check that directs payment of a sum of cash to the payee.
10. A service that allows you to make payments and manage your bank account using the bank’s Web site is called .
9. A personal check for which payment is guaranteed by the bank on which it is drawn is called a(n) .
8. A type of lender that makes a loan for the purchase of consumer goods, such as cars or household appliances, is called a(n) .
7. The amount of time you have before a credit card company starts charging you interest on your new purchases is called the .
6. A(n) is the process of sending money electronically rather than using paper checks.
5. are loans that are based on personal creditworthiness(that have no collateral).
4. A large payment, called a(n) , is much larger than other loan payments and must be paid at a set time, often as the last loan payment.
3. A loan for which property has been pledged as collateral called a(n) .
2. A debt instrument called a(n) is used to secure financing of a house purchase.
1. A type of mortgage loan called a(n) has an interest rate that can change over time, at the discretion of the lender.
2. Access the Occupational Outlook Handbook online. A link to the site is provided on the Web site for this textbook.
1. Choose a job in the health science field to explore further. Select a job from the list above, or choose another job in this career area.
3. Evaluate each offer. Do you think the lender is reputable? Are any of the terms questionable? Which offer has the most favorable terms for the borrower?
2. Find the following information for each loan offer:Type of loan (secured, unsecured, or student loan)Interest rate charged Length of the loan in months or years Application fees, closing costs,
1. Find three advertisements of offers for loans. The loans can be personal loans, secured loans, or student loans. Newspapers, magazines, and the Internet are places where you may find loan offers.
7. Describe one unethical loan practice.
6. List three ways you can reduce or avoid credit costs.
5. Why is it important for you to be able to cancel a credit card whenever you wish?
4. List the terms typically included in a credit offer.
3. Why should you consider the economy when planning credit purchases?
2. Explain how your credit history relates to the interest rate you may have to pay for credit. Why are some people who really need credit unable to get it?
1. Explain why using credit may tie up future income.
List ways you can reduce and avoid credit costs.
List the terms typically included in a credit offer.
Discuss why you should consider the state of the economy when planning credit purchases.
Explain why using credit may tie up future income.
8. Describe how a rent-to-own agreement works. What are the advantages and disadvantages of this purchase method?
7. What is the purpose of a student loan? From what sources are student loans available?
6. What is the purpose of a mortgage calculator?
5. What types of fees are typically included in loan closing costs?
4. What is a balloon payment? Why might this type of payment be included in a loan agreement?
3. Explain how a fixed rate mortgage differs from an adjustable rate mortgage.
2. How is a secured loan different from a personal loan? Give two examples of secured loans.
1. What is a personal loan? What factors affect the amount of a personal loan for which you may be approved?
Describe rent-to-own agreements and give their advantages and disadvantages.
Explain the purpose of a student loan.
Describe the purpose of a mortgage calculator.
Explain how a fixed rate mortgage differs from an adjustable rate mortgage.
Explain how a personal loan differs from a secured loan.
Describe types of consumer loans.
10. What is a prepayment penalty? Why might you still wish to pay off a loan early, even when there is a prepayment penalty?
9. What is a wire transfer? What is its primary advantage?
8. What types of information must customers provide to set up online payments at a creditor’s Web site?
7. What types of activities can customers do using online banking?Give one advantage and one disadvantage to making payments using online banking.
6. What are some advantages of using electronic payments? What are some disadvantages?
5. How is a cashier’s check different from a certified check? What are the advantages to using these methods of payment?
4. What is a money order? What are the advantages and disadvantages of making payments using a money order?
3. What are the advantages and disadvantages of making payments using a personal check?
2. What are the advantages and disadvantages of making payments using cash?
1. List four types of manual (not electronic) ways to make payments on a credit account.
Discuss prepayment penalties and why a loan might be repaid early.
Name the primary advantage of wire transfers.
Explain the advantages and disadvantages of electronic payment options.
Explain the advantages and disadvantages of manual payment options.
Describe manual and electronic options for making payments.
7. What should you do if you find what you think is a mistake on a credit account statement?
6. Are the interest amount and the new balance (amount owed) correct?
5. Are any fees or penalties shown on the statement? If so, what is the reason for them?
4. Are any credits (such as for returned items) shown on the statement?
3. Are any payments that were made shown on the statement?
2. Compare the charges listed on the statement with the list of receipts.Which, if any, amounts are different?
1. Open and print the PDF file CH07 Statement from the data files. This file contains a credit card statement and charge and payment records for 1 month.
3. Using the same information, what is the new balance using the average daily balance method for computing interest?
2. Using the same information, what is the new balance using the previous balance method for computing interest?
1. The following table shows the activity on your credit card for the past month. What is the new balance using the adjusted balance method of computing interest?
18. A preapproved amount that can be borrowed is a(n)
17. A method of computing finance charges in which interest is calculated using the final balance from the previous period is called the.
16. A fee charged for violating a credit agreement is called a(n) .
15. Standards or features used to judge an item you want to purchase are called .
14. The maximum amount you are willing to spend for an item is called your .
13. With the type of credit called , you make payments and continue charging to the account.
12. A type of credit in which you repay a fixed balance with periodic payments is called .
11. A method of computing finance charges in which interest is calculated using the average daily balance for all the days of the billing cycle is called the .
10. The use of electricity, water, and other utilities that you will pay for later is called .
9. An interest rate on credit that remains the same each month is called a(n) .
8. A partial refund of the purchase price of an item is a(n) .
7. Money borrowed now with the agreement to pay it back later is called .
6. Property that can be used as security for a loan is called.
5. An interest rate that changes at the discretion of the creditor is called a(n) .
4. With a method of computing finance charges called the, charges and payments are applied first, and then interest is calculated.
3. is the practice of buying first and thinking about it later.
2. Credit offers through individual stores, companies, or other merchants are called .
1. A fee called a(n) is assessed to customers who go over their credit limit.
3. Search for more information to answer these questions:What is the nature of the work this job involves?What is the job outlook for this job?What training or qualifications are needed for this

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