General
Nathan got his paycheck and instead of carrying it around he decides to open an account just for everyday spending. Which account should he open?
What is a checking account?
A payment of a bill made directly from your bank account.
What is Automatic Payment?
Is your credit score important?
Yes, it determines is you can borrow money and how much.
When should you start saving money in an interest bearing account?
Now!
an ATM and a bank teller
computer banking vs real person
Leaving the store with an item and paying later when the bill comes
What is a credit card?
A plan on how a person will spend their money
What is Budget?
What is a loan
When you borrow money and pay back but with interest
A debit card and a credit card
What is a debit card only uses the money in which one a person has in a bank. A credit card uses the money in which a person borrowed from the place in which they received the card.
20%
The amount of money you have in your bank
What is your balance
What is a FICO score
Score determined by the credit bureaus based off your use of credit
What does ATM stand for
Automated Teller Machine
Credit Union vs Bank
Credit Union: non-profit FI
Bank: For-profit FI
Name 4 things that should go in your monthly budget
Rent/Mortgage, Gas, food, cell phone,
A list of your debits and deposits
What is a statement
Name 3 credit bureaus
Transunion, Equifax, Experian
What is the minimum amount to have in an emergency account
$1,000
SSI
Supplemental Security Income
What do you do if your budget is more than your income?
You need to reduce your budget or increase your income?
The government agency that protects your money in the bank
What is FDIC