Banking
This type of account lets you write checks and use debit cards.
What is a checking account?
This account earns a little interest and is liquid, but may limit transfers and usually does not offer debit card or check writing options.
What is a savings account?
This quick math trick says that dividing 72 by an interest rate tells you how long it takes money to double.
What is the Rule of 72?
This institution is the central bank of the United States.
What is the Federal Reserve?
Russell Simmons said many young people “get into big trouble” because they don’t know how to do this.
What is manage money and finances?
This famous scientist allegedly called compound interest the “eighth wonder of the world.”
This is the name for the fee banks often charge when you spend more than you have in your account.
What is an overdraft fee?
This U.S. government agency protects your bank deposits up to $250,000 per account.
What is the FDIC (Federal Deposit Insurance Corporation)?
This type of interest is calculated on both the principal and the accumulated interest.
What is compound interest?
The Federal Reserve has this many regional banks.
What is 12?
According to the debt segment, young people often struggle with this type of borrowing, which can quickly spiral if not managed.
What is credit card debt?
This European Country has more banks than dentists.
What is Switzerland?
Bank accounts are great for everyday savings and emergency funds, but not for this.
What is long-term investing? (earning interest/compounding your money)
This account has a fixed interest rate and penalizes early withdrawal.
What is a certificate of deposit (CD)?
The formula P×r×n is used to calculate simple interest. In this formula, P stands for what.
What is the principal amount?
The Fed’s dual mandate is to promote maximum employment and this.
What is price stability? (control inflation)
Financial expert Michelle Singletary advised Maria Cortez to start saving for this the day she got her first job.
What is retirement?
In the United States, in 1981, the 30-Year Mortgage rates hit an all-time high average of _________.
What is 18.63
Will accept 18 or 19%
This service pays bills directly from your account on a set schedule without you needing to remember to make a payment.
What is automatic bill pay?
This term describes how quickly an asset can be converted into cash.
What is liquidity?
The Fed lowers interest rates to stimulate the economy. In this scenario, I would like see that the rates on my savings account and my banks CD options are offering ______.
What are a lower rate of return? (or lower interest rates)
The economy is slowing, unemployment is rising, and businesses are hesitant to expand. To encourage spending and investment, the Federal Reserve would likely do this.
What is lower interest rates?
In Segment 5, Rochelle James’ story highlights how this financial tool protects families when faced with unpredictable life events.
What is insurance?
This country’s ATMs are famous for dispensing gold bars instead of cash.
What is the United Arab Emirates (Dubai)?
This is the term for the percentage cost of borrowing money, expressed annually.
What is the Annual Percentage Rate (APR)?
These member-owned institutions are non-profit and insured by the NCUA.
What are credit unions?
Darius signs up for a credit card with an interest rate that can rise or fall depending on market conditions, which is called what?
What is a variable interest rate?
This committee sets U.S. monetary policy through 8 meetings per year.
What is the Federal Open Market Committee (FOMC)?
In Segment 6, Tim Bouchard explained, “You can’t make money without spending money.” His story highlights this financial reality of what?
What is starting a business? (or, the startup costs of running a business)
This African country once printed a $100 trillion bill due to hyperinflation.
What is Zimbabwe?