Savings and Investing
What is a Credit Score?
A 3-digit number that measures your creditworthiness, helping lenders assess the risk of lending you money.
What is a Check?
A written, signed document that instructs a bank to pay a specific amount of money from the issuer's account to a designated recipient.
What is Financial Fraud?
What is a type of Investment?
Stocks, Bonds, Real Estate, Mutual Funds, Commodities
What is a Grace Period in Credit?
A short, usually 10-15 day window after credit card billing cycle ends, allowed you to pay your balance in full without incurring interest.
What is a Checking Account?
A type of bank account designed for daily use and spending
What are benefits of a 401K?
Employer Matching
Investment Growth
Automatic Savings
Tax Advantages
What is a Paystub?
A record that shows how an employee's gross pay is calculated and what deductions have been made to arrive at the net pay.
What is considered a Long-Term Savings goal?
Retirement Savings
Major Life Events
Buying a house
How do you protect your finances?
Monitor your banking and credit accounts regularly. Protect ALL information
Correspond safely with institutions you work with
What is a W-4 Form?
Tells your employer how much tax to withhold from your paycheck
What is considered a Short-Term Savings Goal?
Holidays Gifts, New Electronics, Vacations
Name Red Flags to watch for with scams
High-value transactions
Unusual Activity
Incorrect Personal Details
Name a few different types of checks
Personal Checks
Business Checks
Cashier's Checks
E-Checks
Name some common types of Financial Fraud
Identity Theft, Phishing and Social Engineering, Romance Scams, QR code/payment app scams
What is an Annual Fee?
A fee that is charged by credit institutions yearly for using their credit card.
How is Creditworthiness assessed?
Credit Score
Debt-To-Income Ratio
Credit Repayment history
Past credit use
Name one negative type of credit
Bankruptcy, Collections, Late Payments, Foreclosures, Charge-Offs.
What is Compound Interest?
Name some ways to save money
Set a Savings Goal
Automate Savings
Pay yourself first
Make a budget
Cut out unnecessary spending
What an Investment?
An asset or item acquired to generate more income or gain appreciation.
What do you do if you've been scammed?
Contact credit card company
Freeze cards or accounts
Document everything
File a Report
What is Simple Interest?
Interest charge that borrowers pay lenders for a loan.
What is the Simple Interest Formula?
Simple Interest = P x r x t
P = Principal
r = Interest Rate
t = Time in Years
What is a 401K?
A voluntary retirement savings plan offered by employers in the United States.