Mind and Money
This field studies how emotions and biases influence people’s financial decisions.
What is behavioral economics?
This type of account is designed for everyday spending and transactions.
What is a checking account?
APR stands for this.
What is Annual Percentage Rate?
A stock represents this.
What is ownership in a company?
Jordan’s $2,200 take-home pay, after taxes and deductions, is this type of income.
Net or Gross?
What is net income?
Reading only the news that backs up what you already believe is an example of this bias.
What is confirmation bias?
This agency protects eligible bank deposits up to insurance limits.
What is the FDIC?
A credit score primarily measures this.
What is how likely someone is to repay borrowed money?
This is interest earned on both your original money and the interest it already earned.
What is compound interest?
This is money returned when you paid more in taxes than you owed.
What is a tax refund?
This is the main purpose of creating a budget.
What is to track and plan income and expenses?
Savings accounts are generally designed to hold money and earn this, unlike checking accounts.
What is interest?
A credit card is an example of this type of credit, unlike a mortgage or auto loan.
What is revolving credit?
This means spreading your money across different assets to reduce risk.
What is diversification?
This car insurance coverage pays for damage to your own vehicle after an accident, no matter who is at fault.
What is collision coverage?
Rent and a car payment are this type of expense; groceries and gas are the other type.
_________ Expenses
_________ Expenses
What are fixed expenses (rent, car payment) and variable expenses (groceries, gas)?
A debit card takes money straight from your account; a credit card does this.
What is borrowing money you must repay later?
Taylor has a $1,000 limit and a $700 balance. This is Taylor’s credit utilization.
What is 70%?
Morgan puts all $1,000 into one company’s stock. Name one risk.
What is losing much or all of the money if that company does poorly?
This is the main purpose of a resume.
What is to summarize your qualifications, education, skills, and experience?
Alex earns $2,400 after taxes and pays rent $850, car $300, insurance $150, groceries $300, gas $150, entertainment $200, phone $100. What are the total expenses and the money left over?
What is $2,050 in expenses, leaving $350?
Having one of these helps you cover a surprise such as a job loss or car repair.
What is an emergency fund?
What happens when you fail to pay your credit card in full each and every money?
What is the credit card will charge you absurd interest rates?
Starting to invest young helps because of this.
What is more time for compound interest to grow your money?
Name two ways to prepare for a job interview.
What are researching the company, practicing answers, preparing examples, dressing professionally, or bringing a resume - etc?