Credit
What is credit?
Borrowing money to buy things they need but may not necessarily have money to purchase it at the moment
What is a subsidized loan?
A subsidized loan doesn’t gain interest while you are enrolled in school.
Investing
What are the colors of the rainbow?
red, orange, yellow, green, blue, indigo and violet.
When does our financial literacy program begin and end?
From 4:05 - 5:05
How to credit card companies make money?
When people decide to pay the minimum payment per month and they begin to gain interest
What is an unsubsidized loan?
An unsubsidized loan is when interest starts accumulating when the loan is disbursed.
Loaning money to the government or a corporation?
a bond
What is a line of credit?
What you must pay off after you use a credit card.
What will we be covering next week?
Careers
What is a student credit card?
A credit card provided by a college, may need a co-signer.
As you move through your payment schedule on an amortized loan, what will happen to the interest portion of each month’s payment?
The interest portion will shrink
Individuals who Receive interest payments and eventually get back the principal amount invested are called?
Bondholder
What is a credit report?
A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts.
What does YAP stand for?
Youth Action Project
What is an APR in a credit card?
annual percentage rate
A fully amortized payment is split into which two components?
The principal and the interest
What is the name of a form of investing which rounds all of your small purchases?
Micro-investing
What is the interest rate?
a percentage of the outstanding balance (the money you still owe)
How many Americorp members are there?
5
What are the benefits of having a credit card?
Allows you to make purchases, and pay at a later time.
What is amortization?
Amortization is the concept of "killing of a loan slowly" choosing to pull a loan and paying off monthly the interest along with the fraction of the principle, this is what sets you up for financial freedom
A strategy to manage price risk when you’re buying stocks, exchange - traded funds (EFT) or mutual funds is called?
Dollar Cost Averaging
What is your outstanding balance?
The money you still owe after you pay off and portion of your monthly payment.
What do we primarily focus on in YAP?
Financial Literacy