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Personal Financial Literacy 1st Edition Joan Ryan - Solutions
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 job?What are the median annual earnings for this job?
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 recommend Ramon carry on this car?
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 covered in his homeowner’s policy? How can he get flood protection?
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 buy term life insurance or whole life insurance? Why? What do you think is the minimum amount of life
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 disability policy?
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 paid $350 for the stove 5 years ago. The cash value of the stove before the fire was $100. A new
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 the medical expenses after the deductible). Assuming all charges were covered, how much has Merl paid
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.
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