Podcast
Questions and Answers
Flashcards
What is NOT included when calculating net pay?
What is NOT included when calculating net pay?
Health insurance premiums.
What is net pay?
What is net pay?
"Take home pay" after ALL deductions.
What is the role of financial services?
What is the role of financial services?
Facilitating transactions, allocating capital, and managing risks.
What does an independent insurance agent do?
What does an independent insurance agent do?
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What does the Rule of 72 estimate?
What does the Rule of 72 estimate?
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What is the primary purpose of insurance?
What is the primary purpose of insurance?
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Money market accounts offer...
Money market accounts offer...
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How do small businesses contribute to the economy?
How do small businesses contribute to the economy?
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An unsecured credit card does NOT require...
An unsecured credit card does NOT require...
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What is the primary role of Equifax, TransUnion, and Experian?
What is the primary role of Equifax, TransUnion, and Experian?
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What's essential when formatting communications?
What's essential when formatting communications?
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What is one reason for investing?
What is one reason for investing?
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What does CRM stand for?
What does CRM stand for?
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Fixed-income security?
Fixed-income security?
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Success factor for small businesses?
Success factor for small businesses?
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Guarantee against risk?
Guarantee against risk?
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Violation of customer security?
Violation of customer security?
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Who reviews bank records?
Who reviews bank records?
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What consists of residential real estate?
What consists of residential real estate?
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Short-term financial decisions focus on...
Short-term financial decisions focus on...
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What do credit scoring models like FICO primarily assess?
What do credit scoring models like FICO primarily assess?
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Method to protect consumer privacy?
Method to protect consumer privacy?
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NOT a financial institution?
NOT a financial institution?
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What does Cryptocurrency operate on?
What does Cryptocurrency operate on?
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Derivatives derive value from:
Derivatives derive value from:
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Who develop insurance terms and definitions?
Who develop insurance terms and definitions?
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What does the SEC primarily focus on?
What does the SEC primarily focus on?
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Commercial real estate investments?
Commercial real estate investments?
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Why is customer service important?
Why is customer service important?
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Economic factor impacting investments?
Economic factor impacting investments?
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What does health insurance typically cover?
What does health insurance typically cover?
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Best practice for obtaining accurate information?
Best practice for obtaining accurate information?
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What does CIP stand for?
What does CIP stand for?
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Liability with rental property?
Liability with rental property?
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Rule of 72: 9% interest?
Rule of 72: 9% interest?
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Purpose of the U.S. Patriot Act?
Purpose of the U.S. Patriot Act?
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Regulatory requirement focuses on preventing unauthorized access to financial data and systems?
Regulatory requirement focuses on preventing unauthorized access to financial data and systems?
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Regulation B (Reg-B) focuses on...
Regulation B (Reg-B) focuses on...
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Who does the Arizona Department of Insurance and Financial Institutions regulate?
Who does the Arizona Department of Insurance and Financial Institutions regulate?
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How do lenders assess borrowers?
How do lenders assess borrowers?
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What does retail banking deal with?
What does retail banking deal with?
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How do consumer finance companies differ from credit unions?
How do consumer finance companies differ from credit unions?
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What account does the FDIC ensure?
What account does the FDIC ensure?
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What is FINRA responsible for?
What is FINRA responsible for?
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What do debt securities represent?
What do debt securities represent?
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Aggressive investment strategies are characterized by:
Aggressive investment strategies are characterized by:
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Benefits of using virtual platforms for audio/video presentations?
Benefits of using virtual platforms for audio/video presentations?
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Best way to describe Insurance?
Best way to describe Insurance?
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Fixed Rate Mortgage?
Fixed Rate Mortgage?
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What is one benefit of owning rental property?
What is one benefit of owning rental property?
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Which tax form reports annual income?
Which tax form reports annual income?
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What does a non-revolving credit account typically involve?
What does a non-revolving credit account typically involve?
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What insurance does John need for doctor visits and hospital stays?
What insurance does John need for doctor visits and hospital stays?
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Essential aspect in financial plan?
Essential aspect in financial plan?
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Dual control, auditing, and prohibiting certain transactions are examples of...
Dual control, auditing, and prohibiting certain transactions are examples of...
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What does consumer insurance provides coverage for?
What does consumer insurance provides coverage for?
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Legislation focused on combating money laundering?
Legislation focused on combating money laundering?
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Behavior regulated by the Fair Debt Collection Practices Act?
Behavior regulated by the Fair Debt Collection Practices Act?
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Resource used to educate consumers about insurance?
Resource used to educate consumers about insurance?
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How to communicate with people from diverse cultures and generations?
How to communicate with people from diverse cultures and generations?
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Sole proprietorship = ?
Sole proprietorship = ?
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Main purpose of Investment Banks?
Main purpose of Investment Banks?
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Why is effective business communication crucial?
Why is effective business communication crucial?
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Financial cybersecurity compliance?
Financial cybersecurity compliance?
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How to describe Purpose of creating a budget?
How to describe Purpose of creating a budget?
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Type of investment with the most risk?
Type of investment with the most risk?
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How does encryption software work for online banking security?
How does encryption software work for online banking security?
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Insurance for commercial bank deposits?
Insurance for commercial bank deposits?
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Equity securities provide investors with:
Equity securities provide investors with:
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Hybrid securities combine features of:
Hybrid securities combine features of:
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Where should articles of incorporation be filed?
Where should articles of incorporation be filed?
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Less volatile portfolio?
Less volatile portfolio?
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What does the FED primarily focus on?
What does the FED primarily focus on?
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Study Notes
- Deduction NOT included in determining net pay: employer contributions to retirement accounts
- Net pay is the "take home pay" after all deductions.
- Financial services facilitate transactions, allocate capital, and manage risks in an economy.
- An independent insurance agent sells policies from multiple companies.
- The Rule of 72 estimates how long it will take for an investment to double.
- Insurance primarily reduces financial uncertainty and makes accidental loss manageable.
- Money market accounts offer limited withdrawals and higher interest rates than savings accounts.
- Small businesses create jobs, drive innovation, and support local communities.
- An unsecured credit card does NOT require collateral.
- Equifax, TransUnion, and Experian assess credit risks for lenders.
- Tailoring the message is essential when formatting communications to suit the audience and purpose.
- One reason to consider investing is building wealth.
- CRM stands for Customer Relationship Management.
- A bond is considered a fixed-income security.
- Adequate funding and access to capital contributes to the success of small businesses.
- Lenders require collateral to guarantee against risk.
- Mistakenly sending confidential data to a personal email account presents a potential violation of customer security.
- Auditors independently review a bank's financial records for accuracy.
- Residential real estate investments primarily consist of apartment buildings and condominiums.
- Short-term financial decisions typically focus on immediate financial needs.
- Credit scoring models like FICO primarily assess creditworthiness based on credit history.
- The Red Flags Rule is a method used to protect consumer privacy and prevent identity theft.
- Hedge funds not considered a type of financial institution.
- Cryptocurrency operates on a decentralized network using blockchain technology and cryptography.
- Derivative securities derive their value from underlying assets or financial instruments.
- The National Association of Insurance Commissioners (NAIC) typically develops insurance terms and definitions.
- The SEC (Securities and Exchange Commission) primarily focuses on regulating the issuance and trading of securities.
- Commercial real estate investments typically involve properties used for retail stores, office spaces, and warehouses.
- Customer service builds trust, loyalty, and repeat business.
- Political stability, currency exchange rates, and interest rates are economic factors impacting financial investments.
- Health insurance typically covers medical expenses and hospitalization costs.
- Using effective communication and questioning techniques is a best practice for obtaining accurate information from clients.
- CIP stands for Customer Information Program, created to verify customer identities.
- A liability associated with owning rental property is exposure to tenant disputes and property damage.
- Based on the Rule of 72, it will take 8 years for an investment to double at a 9% interest rate.
- The U.S. Patriot Act combats terrorism financing.
- Encryption software prevents unauthorized access to financial data and systems.
- Regulation B (Reg-B) primarily focuses on mortgage lending.
- The Arizona Department of Insurance and Financial Institutions primarily regulates insurance companies and financial service providers.
- During the loan application process, lenders typically assess the borrower's income, credit history, and debt-to-income ratio.
- Retail banking provides financial services to individuals and small businesses.
- Consumer finance companies focus on providing loans to individuals with poor credit.
- FDIC (Federal Deposit Insurance Corporation) provides insurance for checking accounts.
- FINRA (Financial Industry Regulation Authority) regulates the conduct of securities firms and finance professionals.
- Debt securities represent borrowed funds that must be repaid with interest.
- Aggressive investment strategies mean high-risk, high-reward potential.
- Virtual platforms for audio/video presentations have ease of accessibility and reach to a broader audience.
- Insurance is financial protection against specified risks.
- A fixed-rate mortgage offers consistent interest rates and monthly payments throughout the loan term.
- One of the benefits of owning rental property is potential for rental income and property appreciation.
- Form 1040 is typically used to report annual income and calculate taxes owed.
- A non-revolving credit account involves borrowing a fixed amount for a specific purpose and repaying in installments.
- Health insurance is needed for doctor visits and hospital stays.
- Income and spending analysis is typically included in a comprehensive financial plan.
- Dual control, auditing, and prohibiting certain transactions are examples of checks and balances protecting financial institutions.
- Consumer insurance covers individual consumers and families.
- BSA legislation combats money laundering and terrorist financing.
- The Fair Debt Collection Practices Act regulates the behavior of lenders and debt collectors.
- Insurance apps, games and quizzes is a resource commonly used to educate consumers about insurance.
- Effective communication with people from diverse cultures and generations involves incorporating both verbal and nonverbal cues respectfully.
- A sole proprietorship is characterized by unlimited personal liability for the owner.
- Investment banks advise companies on mergers, acquisitions, and raising capital.
- Effective business communication builds trust, clarifies expectations, and fosters positive relationships.
- Financial cybersecurity compliance adheres to laws and security regulations for data security.
- Creating a budget guides financial decision making by allocating income to various expenses and savings goals.
- Stocks investment may provide higher returns but also higher risks.
- Encryption software encrypts personal information to prevent unauthorized access in online banking.
- Federal Deposit Insurance Corporation (FDIC) provides insurance for deposits in commercial banks.
- Equity securities provide investors with ownership shares in a company.
- Hybrid securities combine features of debt and equity.
- Articles of incorporation should be filed in the state of origin.
- A 60/40 portfolio is typically more diversified and less volatile.
- The primary purpose of the Federal Reserve System is conducting monetary policy and regulating the banking system.
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