Banking
What is the U.S. national average savings account annual interest rate?
0.06%
What are the two ways to make money by owning stocks?
1. Capital Appreciation
2. Dividends
What is paycheck protection?
Disability income insurance
What is the rule of 72?
1. the time it takes to double your money
or
2. the interest rate required to double your money in a certain amount of time
What typically earns more interest than a bank account, is still FDIC insured, but you must lock-up your money for a specific length of time (6 months, 1 year, 3 years, 5 years, etc.)?
Bank CD
What is a basket of stocks or bonds called that trade on an exchange?
Exchange Traded Fund (ETF)
What is insurance that pays your loved-one when you die?
Life insurance
What is the maximum contribution to a 401(k) plan for a 22 year old employee?
$19,500
What is the name of the corporation that insures bank deposits up to $250,000 per depositor per bank?
Federal Deposit Insurance Corporation (FDIC)
What is a professionally managed collection of stocks or bonds that redeem directly with an investment company?
Mutual Fund
What type of insurance helps pay for the cost of assistance when you are old and not in good health?
Long-Term Care Insurance
What is the maximum contribution to an individual retirement account (IRA) for a 12 year old?
$6,000
Name one way a bank makes money?
1. Selling loans
2. Investing bank deposits
Dow Jones, S&P 500, and Wilshire 5000 are examples of what?
Indices (Indexes)
What type of insurance protects your $1,000,000 bank account if someone sues you for tripping on your lawn while trick-or-treating?
Umbrella/additional liability insurance
What is the most popular type of college savings plan?
529 Plan
How many penalty-free withdrawals are allowed per banking cycle from a savings account?
6
What is a bond?
Pays regular interest payments to the bond holder but is NOT guaranteed
What is the dollar amount you, as the policy owner, must pay BEFORE the insurance company pays a claim?
Deductible
At what age can you begin collecting social security retirement benefits?
age 62