The lowest starting amount of money needed to open an account.
100
Define gross and net income.
Gross income is your pay before taxes and deductions and Net income is the money you actually take with you.
100
What is a annual fee?
A yearly payment for an account.
200
What is the easiest way to save money on your budget?
Identify and cut out wants.
200
What is the difference between a saving and checking account.
A checking account is for convenience, used for quick withdrawals and bill payments.
A savings account has limits on withdrawals and has better interest rates.
200
What is a student bank account?
A student bank account is a temporary account that gives many benefits while you are a student.
200
How does Direct Deposit work?
Your employer sends your pay straight to your bank account without the need of paychecks.
200
What is a debit card?
A plastic payment card connected to a checking account. All payments made with a debit card comes out of the cash held in a checking account and is not a loan.
300
How would you define "needs"?
Something necessary for success in life.
300
What are thrift banks?
small, community based banks that specialize in home loans and mortgages.
300
What is a account balance?
The amount of money you have on an account.
300
How does the government take your income tax?
Straight from your paycheck, before you ever see or have the Gross amount.
300
What is a credit line?
A credit line is a pool of money available to be borrowed on a loan.
400
How do we trick ourselves into buying things?
By convincing ourselves that wants are needs, example, thinking that you "need" a faster laptop.
400
How are credit unions and commercial banks different?
Credit unions serve members who all share a common bond, like being teachers or sharing a religion.
400
How do online bill payments work?
Your bank account is connected to the company you pay bills towards and the payment is sent directly over the internet without checks or paper.
An Annual Percentage Rate is a number that broadly represents the interest rate % that you pay on your loans.
500
How can a weekly income trick people into buying unnecessary things?
People believe they can pay for their needs at a later time so they buy their wants first.
500
Where would you find more credit unions and thrift banks than commercial banks?
In the mid-west or the south, away from big cities.
500
Describe an overdraft.
When money is withdrawn from a bank account, through ATM or bill payment, and the available balance goes below zero.
500
How does a tax bracket break up your income?
A tax bracket separates your income into different sections (like 0 - 9075, then 9076 - 36,900) and taxes each section at a different rate.
500
How do Cash Back / Rewards work?
If you make a payment with your credit card, a small percent of your total payment is held as a "reward" by your credit company. This "reward" can be used to purchase other things with your card, although there are usually restrictions.