BYU Personal Finance Final Review (Questions + Answers) Verified 100% Correct!!.

Abuse Prevention and Consumer Protection Act of 2005 - Individuals are now required to be involved in some form of government-approved credit counseling before declaring bankruptcy Annual Percentage Rate - Percentage of the total credit card bill that companies charge for loaning cardholders the money Do all states require income tax? - No Excessive debt does not contribute to which of the following? - Self-Sufficiency How do tracking and targeting work together? - Tracking monitors the present, targeting helps us prepare for the future. How do you calculate how much you need to save for retirement? - How do you calculate how much you've earned in compound interest? - How do you calculate net income? - How do you calculate the finance charge? - (balance x period rate) + monthly fees How do you calculate which job offer is better? - How long will a bankruptcy remain on your credit report? - 10 yearsHow often should your interest be compounded in order to make you the highest return? - Monthly Is a sales tax a progressive or regressive tax? - Regressive Is the federal income tax progressive or regressive? - Progressive Opportunity Cost - Opportunities lost at the expense of certain transactions. The average American family has how much credit card debt? - $10,000 The federal Truth in Lending Act requires that creditors include what information to credit card applicants? - APR and finance charge What are lenders interested in? - Your credit score What are some of the fastest growing jobs in the nation? - Mathematics, education, healthcare What are the four T's in order? - Track, Target, Trim, Train What are the necessary steps of accomplishing financial goals? - See, do, get What benefit is mandatory? - Worker's compensation