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business
personal financial planning

Questions and Answers of Personal Financial Planning

1. Choose a job in business, management, and administration to explore.
7. What items should you verify when you receive a credit card statement?
6. Why do credit card companies offer low introductory annual rates for purchases and account balance transfers?
5. Describe fees and penalties charged by credit card companies.
4. What does the minimum payment amount on a credit card statement indicate?
3. Describe how finance charges (interest) may be computed on credit cards using three common methods.
2. Explain the difference between accounts that have fixed interest rates and those that have variable interest rates.
1. List some costs associated with using credit.
Compare credit card offers?
Describe penalties and fees imposed by credit card companies.
Use three different methods for computing finance charges.
Explain the difference between fixed and variable interest rates.
List costs associated with using credit.
10. List several benefits of using credit.
9. How is a line of credit different from other types of loans?
8. What is the responsibility of a cosigner of a loan?
7. Give two examples of collateral that might be used to secure a loan.
6. How is a single payment similar to an installment loan? How is it different?
5. How are credit cards different from charge cards?
4. How are store credit accounts different from bank credit card accounts?
3. What types of information are asked for on a typical credit application?
2. List several sources of consumer credit.
1. What is the purpose of using credit?
Describe the benefits of using credit.
Complete a sample credit application.
Compare sources of consumer credit.
Explain the purpose of credit.
6. Select a price you are willing and able to pay for each purchase.List the prices in the Spending Limit column of the table
5. Select a time frame in which you want to make each purchase.List the time frames in the Timeline column of the table.
4. Identify the criteria that are important for each item or service.List them in the Item Criteria column in the table.
3. Identify items or services to fill each need or want. List them in the table in the Item column.
2. Identify three needs or wants that you would like to purchase items or services to fill. List them in the table in the Need/Want column.
1. In this activity, you will make a buying plan. Begin by creating a table with five columns and four rows. Enter the following headings in the table:
8. What can you do after a purchase to help ensure you make good choices in the future?
7. Why is the Internet a good place to research products?
6. What factors in addition to price should you consider when comparison shopping for an item?
5. Why does comparison shopping lead to better buying decisions?
4. What does the word criteria mean? Why should you set criteria for evaluating a possible purchase?
3. What are the steps of a buying plan?
2. How might a buying plan relate to your personal budget or financial plan?
1. What are the advantages of using a buying plan?
Create a buying plan.
Explain why comparison shopping leads to better buying decisions.
Set criteria for selecting one item over another to buy.
List the steps of a buying plan.
Explain the advantages of using a buying plan.
* Identify and discuss important credit reporting laws.
* Explain how to avoid and resolve credit problems.
* List tips for using credit wisely.
* Name the types of consumer loans.
* Compare forms and methods of payment for credit.
* Describe the costs of using credit.
* List the sources and benefits of using credit.
* Explain the steps in a buying plan.
4. What is the dollar amount of sales this year? What is the dollar amount of blue jeans sales?
3. How much merchandise must an employee sell to earn $30,000 in commissions in 1 year?
2. How much profit in dollars will the store make on a shirt it purchased for $20 when the shirt is marked down 50 percent on sale?
1. What is the regular selling price of a shirt that the store buys for $20?
5. Ramon has a car loan for his car that is 2 years old. He is required to carry full-coverage insurance on this car. Ramon owns the car that is 10 years old. What type of auto insurance would you
4. What step does Ramon need to complete before deciding how much homeowner’s insurance he needs? Ramon’s home is in an area with a high danger of flooding. Is flood protection likely to be
3. Ramon’s employer provides life insurance for Ramon equal to 1 year’s gross salary. Ramon knows that he needs to buy additional life insurance to protect his family. Would you advise that he
2. Ramon has short-term disability insurance provided by his employer.Ramon wants to add long-term disability coverage. What amount of monthly benefit would you advise Ramon to have in the long-term
1. What type of health insurance coverage would you advise Ramon to have for himself and his family?
3. Bob Scully has homeowner’s insurance that pays 90 percent of the replacement cost of items damaged in a fire. He had a fire in his kitchen, and the electric stove was damaged beyond repair. Bob
2. Merl Jones has health insurance that pays 80 percent of covered charges after a $500 deductible. There is a stop-loss provision of$5,000. The insurance company has paid $16,000 (as 80 percent of
1. Takashi Chan has health insurance that pays 80 percent of covered charges after a $150 deductible. He received a statement for $350 of covered charges. How much will Takashi have to pay?
21. A(n) is a feature of a health care plan that provides 100 percent coverage after a certain amount of money has been paid for medical expenses.
20. When you , you set aside money to be used in the event of injury or loss of assets.
19. The likelihood of risk actually resulting in a loss is known as .
18. Life insurance that provides a death benefit and builds cash value is called .
17. is a plan for sharing the risk of medical costs.
16. The amount a patient pays each time for using a medical service is called the .
15. The chance that a personal or economic loss might happen is known as .
14. Physical or monetary injury is called .
13. The person to whom the face value of an insurance policy is paid is the .
12. protects the owner of an automobile for damage to the car and its occupants, as well as to other cars and their occupants.
11. Property insurance to protect the owner of a residence is called a(n) .
10. Insurance you can convert to an individual policy when you leave your job is called .
9. provides income protection when you cannot work due to illness or injury.
8. Coverage for catastrophic expenses, in addition to car and home insurance, is provided by a(n) .
7. The stated sum, or , is the amount payable at the death of the insured.
6. Insurance to protect a tenant’s possessions is called .
5. provides money to a beneficiary at the death of the insured.
4. A type of life insurance that provides a death benefit but no cash value is called .
3. The is the amount you pay before insurance starts to pay.
2. The monthly, quarterly, semiannual, or annual payment for insurance is the .
1. Life insurance purchased through an employer is called.
3. Search for more information about the job you selected 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
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 information technology to explore further. Select a job from the list above, or choose another job in this career area.
6. What is the purpose of an umbrella policy?
5. Why do drivers need automobile insurance? What are the basic types of automobile insurance coverage?
4. Why should renters and homeowners prepare a home inventory?
3. Why do renters need renter’s insurance? How is renter’s insurance different from homeowner’s insurance?
2. Explain the provisions of homeowner’s policies.
1. What is the purpose of homeowner’s insurance?
Describe the purpose of an umbrella policy.
Explain the need for automobile insurance and the types of coverage provided.
Explain the need for renter’s insurance.
Explain the need for homeowner’s insurance and the types of coverage provided.

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