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?
What is Debt to income ratio
Amount of debt you have divided by income
When should you start saving money in an interest bearing account?
Now!
an ATM and a bank teller
computer banking vs real person
Shay is at Kohls. She is offered a 20% discount if she signs up for a ____ card from Kohls.
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
IRA vs 401K
IRA- you saving money for retirement
401K- you and your employer saving money for retirement
How can you calculate your net worth?
A-L=Net Worth
The government agency that protects your money in the bank
What is FDIC