Personal Finance

Answer the following questions on your own sheet of paper.  WRITE THE QUESTIONS!!!

Use the links under the questions to find the answers.

1.  What are the 5 "C's" of credit?  Define them.
     http://www.investopedia.com/terms/f/five-c-credit.asp

2.  Describe the following advantages of home ownership:

• Scheduled savings-
• Stable housing costs-
• Tax benefits-

     http://www.nfcc.org/housing/Advantages.cfm

3.  Describe the following costs of home ownership:

• Property taxes-
• Risk-
• Maintenance-

    http://www.investopedia.com/articles/mortgages-real-estate/08/cost-of-owning.asp

4.  Describe the following disadvantages of filing for bankruptcy:

• Impaired credit and loss of credit-
• Court costs and attorney fees-
• Not all debt discharged-

    http://www.attorneys.com/bankruptcy/disadvantages-of-filing-personal-bankruptcy/

5.  What are five benefits of bankruptcy?

     http://www.minyanville.com/investing/articles/bankruptcy-debt-chapter-7-13-individual/12/1/2009/id/25679?page=full

6.  What is open-ended credit?  Give one example.

7.  What is close-ended credit?  Give one example.

     http://www.wbsonline.com/resources/types-of-credit-closed-or-open-end/

8.  What does IRA stand for AND what is it?

     http://money.cnn.com/retirement/guide/IRA_Basics.moneymag/

9.  Describe the following type of bank accounts:

• Checking account-
• Savings account-
• Certificates of deposit (CDs)-

    http://www.wisegeek.org/what-are-different-types-of-bank-accounts.htm

10.  What is a mutual fund?  

     http://money.cnn.com/magazines/moneymag/money101/lesson6/index2.htm

       Is it insured by the government?

   http://www.sec.gov/investor/pubs/inwsmf.htm 

MAKE SURE THAT YOU HAVE WRITTEN ALL OF THE QUESTIONS AND ANSWERS.  TURN IN YOUR PAPER WHEN YOU ARE FINISHED.