General
What is the three basic things we do with money?
Spend, Save, and Invest
What is the original amount of a loan called?
Principal
Name the two statistics that we use to describe average.
Mean and Median
Why is having creditworthiness important?
It shows responsibility with paying back and allows for better loans
Convert 0.56 into a fraction
14/25
What do we call a plan that maximizes saving and minimizes spending?
Budgetting
When calculating for interest, what do we measure time in?
Years
What percent does a down payment cover of a mortgage?
20%
What is the range of a credit score?
300 - 850
Find the total purchase of a bill of $76.54 if 6% tax is added.
$81.13
What do we call the amount of money we take home from work?
Net pay
Find the interest of an account in which:
- the original principal was $500
- It has a simple interest rate of 8%
- It has been open for 3 years
$120
Briefly describe what a stock is
A share of a company that you buy, thus owning a part of the company
If you have a credit limit of $2,000, how much money should you spend per month?
No more than $600
A person has a gross pay of $2000 with 15% taxed. If they are using a 50-30-20 budget, find their budget for wants, needs, and savings.
Needs (50): $850
Wants (30): $510
Savings (20): $340
Name three general categories of benefits from work that are not wages.
PTO (Paid time off), Health Insurance, Life Insurance, PD (Professional Development), Tuition Assistance, etc
Find the simple interest rate of an account in which:
- the interest if $80
- It has an original principal of $1500
- It has been open for 4 years
1.3%
What is the document given every month that lists all transactions made?
Bank Statement
Name two negative consequences of carrying a balance on a credit account.
It lowers credit score and interest is applied to it
You buy 250 stocks that are worth $3 each. If your stockbroker charges 2% for round lots and 3% for odd lots, how much do you spend to buy the 250 stocks?
$766.50
Name two different types of financial aid received for college support outside of a loan
Scholarship and Grant
Find the interest of an account in which:
- the original principal was $750
- It has an interest rate of 5%, compounded monthly
- It has been open for 5 years
$212.52
The general term for any amount taken from gross pay (this includes taxes, social security, and insurance)
Deduction
Name the five factors that contribute to a credit score.
Payment History, Amount Owed, Length of Credit History, New Credit, Mix of Credit
A bank statement has $18,500 after one month. Suppose it has a simple interest rate of 0.3%. Find the interest accumulated for the month.
$4.63