Careers
Budgeting
Checking/Savings
Credit
Taxes & Misc.
100
Soft skills can be best described as...
soft skills = Transferable skills-
Described as skills that highlight a person's ability to work effectively with others and are interchangeable across careers
100
Grace has an annual salary of $50,000 while Jorge has an annual salary of $30,000. However, Jorge is actually a “wealthier” person than Grade. Explain how this can be the case
Net worth = Assets - Liabilities.
While Grace may make more money than Jorge every year, she most likely has more debt which reduces her overall net worth. On the other hand, Jorge most likely saves most of his money every year, so his net worth could be higher than Grace’s.
100
What are two ways you can deposit money into your account and two ways you can withdraw money from your account (four answers total)
- Deposit:
- Deposit a check at an ATM or through a mobile app
- Deposit cash into your account at an ATM.
- Your friend pays you using a person-to-person payment
- Your mom transfers money from her account into your account
- Withdraw:
- Use your debit card at a store
- Pay a bill online
- Withdraw cash at an ATM
- Write a check
100
Provide three reasons for why it is important to start establishing a credit history as early as possible
- It is impossible to have a good credit score without credit history
- A longer, positive credit history will lower the interest rates on your loans
- You will qualify for more loans with better terms with a good credit history
- You may need a credit history to rent an apartment or set up your utilities
100
You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?
W4
100
when would you be MOST likely to use an elevator pitch?
Introducing yourself to a hiring manager or a potential employer in passing.
100
Janine is considering what auto costs she is going to have after buying a new Honda Civic. She has budgeted enough money for the monthly auto loan payment, gas, and auto insurance. Has Janine factored in all of the costs associated with car ownership? If not, what would they be?
No, she needs to factor in other costs such as maintenance, emergency repairs, etc.
100
Identify two fees that banks typically charge on a checking accounts and how you can avoid them.
[Answers may vary]
- Overdraft Fee:
- You can opt-out of overdraft protection
- You can set up mobile and/or email alerts to let you know when your balance has gone below a certain amount
- You can set up a transfer from your Savings Account to your Checking Account (you will still be charged a transfer fee, but these are often lower than overdraft fees)
- Monthly Service Fee:
- You can open a checking account that does not have a monthly service fee
- When opening the account, ask the teller to waive the monthly service fee
- Paper Copy of Statement Fee:
- You can sign up for electronic statements
- ATM Fee:
- Choose a checking account at a bank that has numerous ATM locations in your area
- You can use only in-network ATMs
100
You have a credit card and want to know the best way to use it to boost your credit score. Which step will have the GREATEST impact and what should your utilization rate be at or under?
- Using less than 30% of the credit limit on your card and paying it off in full every month by the due date
100
Describe what a "dependent" is for tax purposes?
Someone under the age of 19 who you financially support more than 50% of the living expenses (24 for full-time student)
'Someone who depends on you financially' would be accepted
200
Lilly is working on her first resume and has no previous work experience. What can she do to boost her resume?
Emphasize her education and highlight her strong GPA
200
Why might it be a good idea to buy an item in a smaller size with a HIGHER unit price instead of buying it in bulk at a LOWER unit price?
You don’t plan on using this item too often, and it’ll go to waste if you have it for too long.
200
When comparing checking accounts, interest earned on the account is the most important factor. Agree or disagree with this statement.
[Answers may vary] Disagree. Checking accounts do not earn much interest (if at all) and interest earned should therefore be a low priority. Other factors such as fees, ATM locations, online and mobile banking features, etc. should be more important factors to considering when comparing checking accounts.
200
Provide two possible consequences for missing a credit card or loan payment.
[Answers may vary]
- Your credit score is lowered
- Interest is charged on the amount owed
- Company may charge a fee on top of money/interest owed
- Interest rate may go up as a result of missing a payment
- Over a longer period of time, the company may send a debt collector, garnish wages, etc
200
Out of the following group, who does NOT have to file a tax return?
- Janet, who earned $28,200 but was paid entirely in cash.
- Max, whose total income from three separate part-time jobs was $9,500.
- Isaiah, who owns his own business and generated an income of $7,000.
- Dani, who is a cafe barista and earned $13,000 in wages and $250 in tips.
Max, whose total income from three separate part-time jobs was $9,500.
200
If a college degree is expensive, why is it often considered a good financial decision to go to college
College graduates have higher average lifetime earnings than high school graduates
200
Describes how the 50/20/30 Rule would break down your take-home pay?
50% on living expenses and essentials (needs), 20% on financial goals(Save), and 30% on flexible spending(Wants)
200
Which of these lists ranks the savings options from highest expected interest rate to lowest expected interest rate?
- Online savings account, 5-year CD, Savings account at traditional bank, 10-year CD
- Savings account at traditional bank, online savings account, 5-year CD, 10-year CD
- Savings account at traditional bank, online savings account, 10-year CD, 5-year CD
- 10-year CD, 5-year CD, Online savings account, Savings account at traditional bank
- 10-year CD, 5-year CD, Online savings account, Savings account at traditional bank
200
Provide two examples that could have a NEGATIVE impact on your credit score?
Multiple credit cards
multiple applications
high balances
missed payments
200
What was the net (or take-home) pay for this employee for this pay period?
How much did this person pay towards Medicare in this pay period only
How frequently is this employee paid
$1,102.98
$19.62
Monthly
300
Your friend Paul has a job interview tomorrow. Identify 3 of the best pieces of advice you can give him?
Do research on the company ahead of time to understand how his role will support the larger organization
Pick out nice outfit
Practice common interview questions
300
What role does a budget play in managing your personal finances?
What steps can you take over time to make sure that your budget works for you?
A budget is a simple yet powerful tool that allows you to keep track of the money you have and where it is going. Keeping a budget can help you work towards and achieve your financial goals.
Steps can include:
- Track your expenses as you go through the month, not at the end of the month, to see how closely you’re sticking to your budget.
- Create a monthly budget and regularly evaluate how realistic it is - are you consistently under/overspending in any categories? Make any modifications based on what you observe.
- If you experience a life change (you move, get married, have a child, etc.) make sure you revisit your budget so that it reflects these changes
300
Explain the difference between saving and investing
The purpose of investing is to grow your money at a rate that is higher than the rate of inflation. Investing generally is through accounts that are not FDIC-insured, and there is a greater risk of loss of principal (initial amount invested), such as when you invest in the stock market. Saving is generally in accounts that are FDIC-insured, meaning they are backed by the government in the event of bank failure, are safer (the goal is to protect and preserve principal rather than growth), and is more liquid than investments (the money in savings is easily converted into cash compared to investments). Because a savings account is a safer alternative, it typically grows at or below the rate of inflation.
300
you make $500 worth of purchases on your credit card, your bill arrives saying your minimum payment due is $25 and you pay $250 3 days before the due date. Describe how credit card interest works and what you can expect to happen next.
You will be charged interest on the balance remaining (based off your APR) after your $250 payment was made on time.
300
Troy has a part-time job that pays $12/hour and works about 50 hours every month. His withholdings are Social Security (6.2%), Medicare (1.45%) and federal income tax (10%). What is his approximate net pay?
$500