FBLA PERSONAL FINANCE 2019 COMPLETE QUESTIONS
AND CORRECT VERIFIED ANSWERS(DETAILED ANSWERS)|
ALREADY GRADED A+
Health Insurance - CORRECT ANSWERS-A type of coverage that covers medical and surgical
expenses
Disability insurance - CORRECT ANSWERS-insurance that offers income protection to people
who have been disabled
Liability Coverage - CORRECT ANSWERS-Protects insured person from the risks of liabilities
from lawsuits
Collision Coverage - CORRECT ANSWERS-Reimburse the insured for any damage of their
personal car due to fault of the insured driver
Comprehensive Coverage - CORRECT ANSWERS-Protects you against vehicle damages caused
by a collision
Credit Score - CORRECT ANSWERS-A number ranging from 300-850 that helps someone
determine your likeliness to repay a loan
The Financial Planning Process - CORRECT ANSWERS-1. Determine financial goals
2. Evaluate financial status
3. Develop financial goals
4. Implement goal
5. Monitor goals
Law of Supply & Demand - CORRECT ANSWERS-When supply increases, demand decreases
and vi versa.
, Traditional Economy - CORRECT ANSWERS-Decisions are made based on culture and ritual
Market Economy - CORRECT ANSWERS-Prices are determined by supply and demand. People
get to decide how to run things
Command Economy - CORRECT ANSWERS-The gov't controls the economy
Mixed Economy - CORRECT ANSWERS-Individuals make decisions, but the gov't regulates
them.
Flat money - CORRECT ANSWERS-Valueless objects used as money because of a gov't decree
Commodity Money - CORRECT ANSWERS-Money consisting of objects that have value (gold,
silver, etc.)
Time Value of Money - CORRECT ANSWERS-The increase of an amount of money due to
earned interest of dividends
Gold Standard - CORRECT ANSWERS-The system where the value of currency was defined in
terms of gold
Long-term goal - CORRECT ANSWERS-anything beyond two years
Budget - CORRECT ANSWERS-Used for organizing yourself and making sure that you don't
spend more than you earn/have
Check registure - CORRECT ANSWERS-A personal record of your checking account activity
Gross personal income - CORRECT ANSWERS-Your salary w/o deducting taxes
AND CORRECT VERIFIED ANSWERS(DETAILED ANSWERS)|
ALREADY GRADED A+
Health Insurance - CORRECT ANSWERS-A type of coverage that covers medical and surgical
expenses
Disability insurance - CORRECT ANSWERS-insurance that offers income protection to people
who have been disabled
Liability Coverage - CORRECT ANSWERS-Protects insured person from the risks of liabilities
from lawsuits
Collision Coverage - CORRECT ANSWERS-Reimburse the insured for any damage of their
personal car due to fault of the insured driver
Comprehensive Coverage - CORRECT ANSWERS-Protects you against vehicle damages caused
by a collision
Credit Score - CORRECT ANSWERS-A number ranging from 300-850 that helps someone
determine your likeliness to repay a loan
The Financial Planning Process - CORRECT ANSWERS-1. Determine financial goals
2. Evaluate financial status
3. Develop financial goals
4. Implement goal
5. Monitor goals
Law of Supply & Demand - CORRECT ANSWERS-When supply increases, demand decreases
and vi versa.
, Traditional Economy - CORRECT ANSWERS-Decisions are made based on culture and ritual
Market Economy - CORRECT ANSWERS-Prices are determined by supply and demand. People
get to decide how to run things
Command Economy - CORRECT ANSWERS-The gov't controls the economy
Mixed Economy - CORRECT ANSWERS-Individuals make decisions, but the gov't regulates
them.
Flat money - CORRECT ANSWERS-Valueless objects used as money because of a gov't decree
Commodity Money - CORRECT ANSWERS-Money consisting of objects that have value (gold,
silver, etc.)
Time Value of Money - CORRECT ANSWERS-The increase of an amount of money due to
earned interest of dividends
Gold Standard - CORRECT ANSWERS-The system where the value of currency was defined in
terms of gold
Long-term goal - CORRECT ANSWERS-anything beyond two years
Budget - CORRECT ANSWERS-Used for organizing yourself and making sure that you don't
spend more than you earn/have
Check registure - CORRECT ANSWERS-A personal record of your checking account activity
Gross personal income - CORRECT ANSWERS-Your salary w/o deducting taxes
