Banking
This type of account typically earns interest and is used to store money long-term rather than for daily spending.
What is a savings account?
This three-digit number represents your creditworthiness to lenders.
Credit score
This category includes essential expenses like rent, groceries, and utilities.
What are needs?
This investment involves lending money to a company or government in exchange for interest payments.
What is a bond?
Participants in the HomeFree-USA CFA program can access this credit bureau’s tools to track score changes while working toward mortgage readiness.
Experian
This plastic card allows you to spend money directly from your bank account.
What is a debit card?
This is the maximum amount of money you are allowed to borrow on a credit card.
What is a credit limit?
This financial cushion is set aside for unexpected expenses like car repairs or medical bills.
Emergency fund
This strategy involves spreading your investments across different assets to reduce risk.
(What is diversification?
Who is the current Executive Director for HomeFreeUSA's Center for Financial Advancement?
Gwen Garnett
What is a fee charged when you spend more money than you have in your account?
Overdraft fee
This term refers to the percentage of your available credit that you are currently using.
What is credit utilization?
Why is tracking your spending important?
It helps you see where your money goes, avoid overspending, and adjust your budget to reach your goals
Why is it important to save and invest early?
Because your money can grow over time through compound interest.
Who was the first scholar and the current Student Director of the CFA program
Nicholas Whiteside
What is a fee charged when you spend more money than you have in your account?
Overdraft fee
What is the percentage charged on borrowed money, such as a credit card balance or loan?
Interest Rate
This type of expense stays the same each month, such as rent or a car payment.
Fixed expense
This retirement account allows your investments to grow tax-free, with contributions made after taxes.
What is a Roth IRA?
How can consumers potentially increase their credit score by adding utility and streaming payments to their credit file?
Experian Boost
This service lets you access your bank account and perform transactions through the internet.
What is online banking
This type of loan is commonly used to buy a home.
Mortgage
This metric shows the percentage of your income that goes toward debt payments, often used by lenders to assess risk.
What is the debt-to-income ratio?
What is the difference between a 401(k) and a regular savings account?
A 401(k) is a retirement account that may offer employer matching and tax advantages; a savings account is for short-term money and earns small interest.
What year was CFA established at Fisk University?
2017