Basic Budgeting
True or False: My spending on my wants should always exceed the spending on my needs.
False
True or False: A credit card uses your money to make purchases.
False: A credit card uses the banks money, "loaned" to you and must be paid back. You must make a minimum payment every month but should pay more if possible.
What is the type of payment used when I make a smaller payment toward a large debt I am taking out, at the time I take out the loan?
Down Payment
Name three types of income
Pay Check
Social Security
Unemployment
Disability Payments
Gifts
Which team won the 2023 NBA championship?
Denver Nuggets. Bonus who won Finals MVP?
What is a fixed expense?
An expense in which the date and amount rarely change month to month. For example, a bill payment or minimum debt payment.
What does a credit score measure?
A persons perceived ability to pay off a debt
What type of loan would I put a physical item and its value (such as a car) down to help me get the loan?
Secured Loan. However, if I default on the debt I lose the item I put down.
This is the type of tax that is filed every year and is usually removed from your paycheck (if you use a W-2) each time you are paid.
Federal or State income tax. Bonus: Does Florida have Income Tax?
Which state is the most populated in the U.S.?
California. It contains more people that the 21 least populated states combined.
What is an unfixed expense?
An expense which is necessary for you to pay every month but the amount and time you pay it can change. For example, gas and groceries.
What is the difference between a secured credit card and a regular credit card?
A secured card uses a line of credit that you create by giving the bank a down payment.
Name three common types loans/debts people come across in their lives.
Student Loans
Personal Loans
Credit Cards
Auto Loans
Mortgages
Medical Bills
True or False: I fill out a W-4 form when I am hired by a job to give my employer and the government my information for taxes.
True
What year did Netflix begin to offer streaming services?
2010 2007 2012
2007
True or False: My expenses should exceed my income.
False: Your expenses should be about 20%-30% BELOW your income. For example, if you make $2,000 a month your TOTAL expenses should not go over 1,400-1,600 dollars per month.
Which of the following is a "great" credit score?
560 670 745
745. Credit that falls below 600 is usually considered "bad", whereas credit that falls between 600 and 699 is usually considered "fair" or "good" and credit over 700 is "good" or "great"
What is the rate which forces you to pay a percentage more than the amount of debt you took out?
Interest Rate (APR)
This form is sent to you every year to allow you to complete and file your tax returns.
W-2
Located in Venezuela, this natural landmark is part of the 7 Wonders of the World?
Big Mountain
Pretty Tree
Angel Falls
Angel Falls
What is the difference between a checking account and a savings account?
A checking account is designed for you to access your money daily. A savings account is designed to build your money. Some savings accounts may restrict when and how much money you can access at a time.
What are the credit bureaus that determine my credit scores?
Experian, Equifax and TransUnion
Rank the following loan/debt types in order from lowest to highest interest rate?
Personal Loan
Credit Card
Auto Loan
Lowest: Auto Loan (5-10%)
Personal Loan (depends on income and credit score)
Highest: Credit Card (22-30%)
What is the difference between a 1099 and a W-2 form?
A 1099 is for freelancer or contractors and does not include taxable income. Therefore, if your job uses a 1099, tax is not being taken out of your pay check and must be paid separately.
How many jumps must one person complete before becoming skydiving certified?
5 25 15
25