FN 101 Midterm
Comments(3) FN 101 Midterm question bank:
1. Why do people need insurance? What could happen if you don’t have insurance?
2. List and describe 3 financial intermediaries.
3. What are 3 services banks offer?
4. Compare and contrast credit unions and banks.
5. Explain at least two ways a person in debt could balance his/her budget.
6. Why do some experts recommend paying small debts off first, even if they have higher rates of interest?
7. What is the difference between a credit card and a debit card?
8. How can tell you if a person is wealthy?
9. Explain how banks make a profit.
10. Explain the concept of interest and give at least one example of how it works.
11. Give a few tips to 8th graders about managing their money.
12. Explain the function of a CD, and should you have one (or more)?
13. When is a smart time to make a risky investment? Explain your choice.
14. How can a financial planner help an individual?
15. What makes a person financially literate?
16. What can happen to a person who is not financially literate?
17. Do you recommend having a credit card? Why or why not?
18. A dollar today is worth more than the same dollar a year from now? Explain this statement.
19. Explain SMART goals. Give one example of each acronym.
20. Analyze a situation and make recommendations
BONUS: calculate interest in a savings account
This is a good website and thank you for the good questions.
under the smart method..is attainable and realistic basically the same thing???…
they are similar in concept…but the difference is in mindset. A better way to think of realistic is to use its synonym…”relevant”. Those words are often interchangeable in the SMART acronym. Relevant or realistic, means that the goal is meaningful to you. FOr example, if you are already an “A” student, it makes no sense to make a goal to make all A’s…you’re already doing that. Nor does that goal make sense if you are a “D” student. However, it is relevant (realistic) for an A/B student to set that goal.
I hope this helps.