Credit Cards/Debit Cards
Cognitive Bias
Vocabulary
Bank Accounts
Budgeting
100

Which card do you "Borrow" money from the bank to make purchases?

Credit Card

100

The tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere.

FOMO

100
What is the word that means adding money to your checking or savings account?
Deposit
100

True or False: Savings accounts pay you interest. 

True. 

100

What is 1 advantage of owning and renting? 

Owning- you can do what you want to the space, build equity. 


Renting- Lower upfront costs, you don't have to pay for things that break. 

200

Debit cards affect your credit. True or False

False

200

"When we only look for information that supports what we already believe and ignore anything that goes against it.”

Confirmation Bias

200

A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card

Interest

200

What are 3 ways you can check your bank account?

In person, on a computer, or mobile device.

200

Why is it important to budget?

  • A budget is a plan for your money.

  • Helps you avoid overspending.

  • Saves for short- and long-term goals.

300

Explain how your credit score can affect your ability to get a car loan or apartment.

A higher credit score typically qualifies you for lower interest rates, which can reduce the overall cost of your loan. A lower credit score may result in higher interest rates or result in you not getting the apartment.



300

Buying a crypto because everyone else is purchasing that crypto. 

Herd Mentalitiy 

300

Define Cognitive Bias in Finance. 

Errors or mistake in thinking that influence financial decisions. Your brain playing tricks on you. 

300

List 3 security risks when accessing your checking account.

Using Public Wifi, Not protecting your pin, having a weak password.

300

Gross vs Net Pay.

  • Gross Pay: What you earn before taxes.

  • Net Pay: What you actually take home.

400
What is the money that you pay for every dollar that you spend? Usually represented by a percent. When you sign up for a credit card, this is the __________ rate that you will pay per month.
Interest
400

Investing in a stock because you have good luck. 

Overconfidence Bias

400

What type of interest in a savings account that pays you INTEREST on your INTEREST?

Compound Interest

400

Name 3 different Savings accounts. 

Traditional, CDs, Money Markets, High Yields, Health Savings. 

400

Explain 50/30/20 rule.

  • 50/30/20 Rule: 50% needs, 30% wants, 20% savings.

500

Why should you check your credit report from one of the credit bureaus?

 To verify accuracy and to protect against identity theft.

500

Buying shoes because “originally $200, now $100”

Anchoring Bias

500
Define Fixed and Variable expenses 

Fixed- Bills that stay the same each month

Variable- Bills that change from month to month

500

Savings accounts, in most banks, are insured up to $250,000. Which company insures these accounts? 

FDIC- Federal Deposit Insurance Corporation. For a qualifying savings account at an insured bank, the FDIC covers your deposits up to this amount per depositor.

500

This popular budgeting method gives every dollar you earn a job.

Zero-based budgeting

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