Credit
Asset Building
Money Management
Credit Matters
Education
100
The money you put into savings or an investment. Principal comes from money you have set aside when you first start saving and investing.
What is Principal?
100
Specific—this means your goals are focused, not general. Measurable—this means that you can tell whether your goal has been achieved; there is some way to measure your results. Achievable—realistic; goals should be challenging and cause you to reach, but they should be attainable. Results-oriented—written about the end you are trying to get to Timebound—there is a specific time by which the goal will be reached; they are not open-ended
What is SMART goal Framework?
100
??? Deposit—you can have your paycheck directly deposited into your savings account or checking account. If you use a checking account, you can then have a fixed amount automatically transferred to a savings account or some other kind of account.
What is Direct?
100
What you agree to follow when taking out a loan. Includes: interest rate, kind of interest rate, length of the loan, where payments are due, when payments are due and more
What is Terms?
100
What does FASFA stand for?
What is Free Application Student Financial Aid?
200
What you earn on the principal
What is returns?
200
?? obstacles—not caused by others; created by you or your reaction to an outside event.
What is Internal?
200
A plan for how you will use your money to reach your goals. You set the goals. You make the plan using the resources you have.
What is Budget?
200
??? Rate—The interest rate does not change during the term of the loan
What is Fixed Rate?
200
What does TIP stand for?
What is Tuition Incentive Program?
300
Certainty or any chance for loss
What is a Risk?
300
Thinking what could go wrong before it does go wrong can help you be better prepared—anticipating obstacles and having plans to handle those obstacles is called ??
What is contingency planning?
300
Annual Percentage Rate is also known as? Includes interest and the fees that everyone who gets the loan has to pay. It’s a percentage and allows you to compare loan to loan. Required by Truth in Lending Act
What is APR?
300
??? Rate—The interest rate changes as market rates change.
What is Variable Rate?
300
What does ETV stand for?
What is Education Training Voucher?
400
FDIC for banks and NCUA for credit unions covers each customer (member) up to ???? per account
What is $250,000?
400
Something that you own that has value
What is Asset?
400
???? savings opportunities—some employers will help you save for your retirement. Also money saved through work-place based retirement programs is not subject to income tax. So you also save on the amount of taxes you pay.
What is Work-based?
400
Monthly debt payment Divided by Monthly gross income Equals???
What is Debt to Income Ratio?
400
When requesting Chafee ETV you can get up to ??? for 5 years until you are 23 years old as long as you are enrolled in the program before you are 21
What is $5,000?
500
The value of all of the assets minus the value of all of the liabilities.
What is New Worth?
500
Something you owe. When people buy assets they often borrow money to afford the asset. This creates debt. Debt is money you owe to another person, a business or the government.
What is Liability?
500
Bank or Credit Union- Profits are returned to the members through lower fees on products and services
What is Credit Union?
500
Income earned before deductions.
What is Gross Income?
500
Seems too good to be true. Requires money from you upfront for information—application fees, loan fees, information fees, etc. Claims guaranteed winnings. Make overly positive claims. (“We have access to millions of dollars in secret scholarships!”) These are examples of ????
What is Scholarship Scams?
M
e
n
u