The Value of $ today is different than tomorrow
(True or False)
What is True
-Compound interest adds up
-The earlier you start to save, the more your money will grow
100
The Average age for Retirement
What is 59 yrs. old
100
The last day you can file your taxes during the tax season
What is April 15th
100
Using someone's money today and paying it back in the future
What is Credit
100
Type of bank account that allows you to make deposits, write checks, and withdraw your money at any time
What is a Checking Account
200
Is a set of goals for acquiring, saving, and spending money.
What is a Financial Plan
200
Putting away money now to grow for the future; for long term goals
What is Investing
200
Its a good idea to get a tax refund at the end of the year
(True or False)
False- it doesn't earn interest and you are giving the US gov't an interest free loan on your money... Adjust your W4
200
Name the Three major credit reporting agencies
What are...
1. Equifax
2. Experian
3. TransUnion
200
Another organization that offers financial services
What are Credit Unions
300
a plentiful supply of money or valuable goods
What is Wealth
300
Higher rate of interest and there are penalties if early withdrawal
What is a Certificate of Deposit (CD)
300
Determines taxes withheld and your possible refund
What is a W4
300
You can receive one of these free of charge every 12 months from each CRB and you must order by mail if you recently moved
What is a Credit Report
300
Investment is one that can be bought, sold, or converted to cash quickly
What is Liquid
400
Earning interest on the principal (amount invested) plus the interest you have already earned.
What is Compound Interest
400
If you have $1000 to invest, it would take 9 years at 8% interest for the money to reach $2000.
72/8=9
This rule is called.....
What is the Rule of 72, the number of years it will take for money to double in value
400
If you earn under _____ amount you can get your taxes prepared for free at a tax preparation center
What is 50,000/yr.
400
Back by property or cash and has a lower risk; lower cost
What is Secured Credit
400
The transfer of funds by computer instead of using paper checks or cash
What is Electronic Banking
500
an independent agency of the federal government. its mission is to keep the financial system in the United States stable.
What is the FDIC (Federal Deposit Insurance Corporation)
500
Three types of Tax Deferred Retirement Plans
What are...
1. IRA's- Individual Retirement Account
2. 401K- Employees of companies
3. 403B- Employees of schools, non-profits, gov't
500
-Shows income earned
-one from each employer (by mid-Feb)
-Shows income and taxes paid for calendar year
-use this information to prepare your tax return
What are W-2 Forms
500
The 3 C's Represent...
1. ability to repay
2. how you've paid others in the past
3. things of value you have that can be used to cover the loan
What is
1. Capacity
2. Character or Credit History
3. Collateral
500
Checking accounts that pay interest on the amount you have deposited in the account