Banking & Cards
This type of card deducts money directly from your checking account as soon as you swipe it.
What is a debit card?
This term refers to the price or fee you pay to a lender for borrowing their money.
What is interest?
This government agency is responsible for collecting income taxes and enforcing tax laws.
What is the IRS (Internal Revenue Service)?
In a monthly budget, necessary expenses like rent, utilities, and groceries fall under this category.
What are needs?
This 3-digit security code on the back of your card is often required when making online purchases.
What is a CVV code?
You can completely avoid paying interest on a credit card by doing this at the end of every month.
What is paying off the balance in full?
This type of tax is added as a percentage on top of the price of items you purchase at stores.
What is sales tax?
Streaming subscriptions, dining out, and movie tickets fall under this category in a budget.
What are wants?
This is a four digit code you use when buying something with your debit card.
What is a PIN (Personal Identification Number)?
This number indicates your ability to repay a loan; a higher number helps you qualify for better interest rates.
What is a credit score?
Name two major public infrastructure or service projects funded by mandatory tax contributions.
What are roads, bridges, sidewalks, schools, military, police, or fire departments?
If you set aside $10 every single week into a savings account, you will have this total amount saved by the end of one year.
What is $520?
Strange vendor names, unrecognized locations, or weird dollar amounts on your account statement are classic signs of this.
What are fraudulent charges?
Beyond your credit score, name two other factors that banks assess to decide your interest rate.
What are credit history, employment, and income?
Employers must send you this specific tax form detailing your annual earnings by January 31st.
What is a W-2 form?
Name two specific strategies to avoid falling into debt.
What are creating a budget, building an emergency fund, paying credit cards in full, setting bill reminders, not spending more than you make, or saving monthly?
These are the three specific pieces of information needed if you are under 18 and want to open a bank account.
What are a Photo ID, Social Security Number, and a parent/guardian?
Borrowing $10,000 for a car at 20% interest over 10 years results in paying this total amount of interest.
What is $13,190.68? (Will take answers close to this number)!
Calculating a 6% sales tax on a $20.00 purchase brings your total final bill to this exact amount.
What is $21.20?
Name two actionable steps you should take immediately if you find yourself stuck in debt.
What are creating a payoff plan, cutting non-essential wants, stopping new borrowing, or calling companies for a payment plan?