College HELP Cheat Sheet - Personal Finance

The following will be covered on the College HELP - Benefits and Taxes Quiz:

Budgeting
Here are some sample questions:

- The best place to start when creating a personal budget is establish how much money you make each month and take inventory of __________.
A: your financial hopes and dreams
B: where your money goes
C: your current investments
D: how you got into debt in the first place

- A written plan for how you're going keep track of the money you have coming in or currently available and on what items you spend that money is known as a(n) __________.

- Reviewing your bank statement and comparing it against your checking account records to make sure both reflect the same deposits, withdrawals and balance is known as __________.

Other topics you should know:
What is a “realistic budget?”
Expense- What is this? What is the difference between fixed, desirable, and essential expenses?
Prioritizing your spending
Spending ratio- What is it?

Savings
Here are some sample questions:

- A bank deposit that requires you to leave your money in an account for a set amount of time so you can earn a fixed rate of interest is a(n) __________.
- Which of the following investments is the lowest risk?
A: mutual funds
B: real estate
C: bank certificate of deposit (CD)
D: stocks

These are some other topics you should know:
Compounding interest
Overdraft protection
“Good standing”-what does this mean in a financial application?
Rule of 72- understand how to use this!
Couponing

Donations and Investments
Here are some sample questions:

- __________ is a technique whereby you invest a set amount of money on a systematic schedule over the long haul regardless of how the market is performing.
- Money a company pays out quarterly to stockholders is called __________.
- What does it mean to "fully fund" your 401K?
- A __________ is the amount of money (usually 10-20%) one must pay in cash when purchasing a home, car, or other major asset.

These are some other topics you should know:
Investing plan
Diversification
Stock
Bonds

These websites will be helpful for study information:
http://money.usnews.com/money/personal-finance/slideshows/basic-money-lessons-you-probably-missed-in-high-school/3
http://money.usnews.com/money/personal-finance/articles/2012/03/21/the-key-to-creating-and-sticking-to-a-budget
http://www.yourmoneycounts.com/ymc/money/banking/options_for_saving.html
http://promotions.bankofamerica.com/oncampus/themorriscode/
http://www.yourmoneycounts.com/ymc/money/managing_your/how_budget_works