FINP 235 Exam 1 Questions and Answers Latest Update

FINP 235 Exam 1 Questions and Answers Latest Update percentage of grade for each category - Answers quizzes 30 assignments 30 exams 30 reflection video 10 when are quizzes and assignments due - Answers sunday 11:59pm which attempt of the quiz is kept - Answers first what will material from the videos be included on - Answers exam what does the exam consist of - Answers multiple choice and t/f what are some common american solutions to debt - Answers marriage, lottery/gambling, inheritance, sue first step to financial well being - Answers financial skill second step to financial well being - Answers financial behavior third step to financial well being - Answers financial situation fourth step to financial well being - Answers financial well being what is financial well being - Answers the ability to meet current and ongoing financial obligations, feel secure in your financial future, and be able to make choices that allow enjoyment in life what are the four elements of financial well being - Answers security & freedom of choice, present & future first step of financial planning procress - Answers assess your wealth (scale) second step of financial planning process - Answers set financial goals (the rock) third step of financial planning progress - Answers budget income & expenses (calendar plan) what is wealth made of - Answers assets-liabilities what is an asset - Answers what you own what is a liability - Answers what you owe synonym for wealth - Answers net worth what are the types of assets - Answers tangible and intangible examples of tangible assets - Answers car, house, cash examples of intangible assets - Answers bank accounts, 401k, cash what type of asset is more liquid - Answers intangible what are the types of liabilities - Answers current or long term examples of current liabilities - Answers credit card current balance what is a current liability - Answers due in full in less than a year what is a long term liability - Answers due in full in over a year examples of long term liability - Answers student loan, home loan, auto loan positive net wealth means you are - Answers solvent negative net wealth means you are - Answers insolvent how much is an aggie ring - Answers small 900, large 2000 how much is a house - Answers usa- 404k texas- 399k how much is a child - Answers 314k, 0-18 no college what is a balance sheet - Answers snapshot comparing your assets and liabilities to measure wealth first step to set financial goals - Answers write it down second step to set financial goals - Answers rank them third step to set financial goals - Answers identify top 5 fourth step to set financial goals - Answers cost & deadline fifth step to set financial goals - Answers monthly/set aside sixth step to set financial goals - Answers review & adjust what are the types of financial goals - Answers short, intermediate, long how long does it take to pay back a short financial goal - Answers less than a year example of short financial goal - Answers new phone, pay off credit card, car repair how long does it take to pay back an intermediate financial goal - Answers 1-10 years example of intermediate financial goal - Answers emergency fund, engagement ring, repay student loans how long does it take to pay back a long financial goal - Answers over 10 years examples of long financial goals - Answers dream home, retire by 55 what does SMART stand for - Answers specific measurable, attainable, relevant, timely what is the number one stressor in america - Answers money money is more stressful than... - Answers work, health problems in family, relationships, personal safety what are some common symptoms of stress because of money - Answers anxiety, stomach pain, shingles, fatigue, insomnia what percent of americans are financially literate - Answers 57 what percent of TAMU if financially literate - Answers 44 what is the secret to growing wealth - Answers keeping the money you make who are some celebrities who were in major debt - Answers michael jackson, nicholas cage, johnny depp equation of net income - Answers income-expenses what is an income statement - Answers tracks income & expenses from the past, tells where