A legal agreement to receive cash, goods, or services now and pay for them in the future.
100
What does the S.M.A.R.T mean in Smart Goal
What is
Specific
Measurable
Attainable
Result Focused
Time Bound
100
What is the objective of a bank and credit union
What is
Bank: to earn as much money as possible for their shareholders
Credit union: to give their members the best deals
100
What are the three most basic deposit accounts
What is checking, savings, and Cd
100
I=(P)(T)(R)
A=P(1+r/n)^N*T
What is simple and compound interest
200
What is a FICO score ? How many does a person have?
Your Credit Score
3
200
Which part of the S.M.A.R.T is this
Her goal is to save $100 a month for the next six months to reach $600.00
What is Attainable
200
Who owns the bank?
What is shareholders
200
are accounts that allow for withdrawals and deposits at anytime. Checking accounts differ from other accounts, because there is no penalty for withdrawing money.
What is Checking Account
200
What are the four types of investments we covered
Put them in order from the least riskiest to the riskiest
What is Savings/CD's,Bonds, Mutual Funds, Stocks
300
credit card interest rates are normally _________ rates instead of _________ rates
Variable / Fixed
300
This decision making strategy is compares the cost of two or more goods or services in an effort to find the better value.
What is Cost Comparison
300
Teachers, firefighters, and other professionals can belong tot these
What is a credit union
300
Which account does regulation D apply to, and what is regulation D?
What is Savings account. Regulation D is a regulation that only allows people to withdraw 6 times from their savings before receiving a penalty.
300
Principal: $15,000
Interest Rate: .55%
Time: 36 months
Tell me what the interest would be and the total amount
What is
Interest = $247.50
Total Amount= $15,247.50
400
Who will "most likely" give you a better loan interest rate? A bank or Credit Union and why
Credit Union
Because they are there to assist your member.s
400
How much time is a :
Short Term Goal
Mid Term Goal
Long Term Goal
What is
0-2 Years
2-5 Years
5 or more Years
400
How much money does the FDIC insure
$250k per account holder
400
Which account is a timed deposit, and what is a timed deposit?
What is a CD
400
Principal: 20,000
Rate: 5%
Time: 18 months
Compound Quarterly
What is the total interest and the amount in total ?
What is
Interest= 1547.66
Total Amount= 21547.66
500
How does having a higher credit score affect your APR and interest rates
what is a lower interest rate
500
Identifying the cost of meeting future needs and goals.
What is Calculating future expenses-
500
which type of insurance does a :
bank have
a credit union have
FDIC
NCUA
500
Name three ways to access money from a checking account
What is ATM, Debit Card, Checks, Online purchases
500
APR= 13%
Credit card Balance
September 1= $500.00
September 15= $1000.00
September 28= $800.00
what is the total interest for the month of September?
What is
total interest charge for the month is = $8.06