Budgeting
The explanation of a budget
What is an estimate of income and expenses for a set period of time?
The median loss from scams for individuals 19 years old or younger.
What is $200?
The best credit score someone can have.
What is 850?
The amount charged to a borrower for the use of the money.
What is loan interest?
The most famous investor of all time.
Who is Warren Buffett?
T/F
A reason lots of people avoid budgeting is because they think it means giving up everything they love and converting to a super-frugal lifestyle.
The scam is where the target is approached by a businessperson with an investment opportunity.
Get-rich-quick schemes
The highest balance you want to have on your credit card before it would negatively impact your credit score.
(Answer in percents)
What is 30%?
The amount of money borrowed on a loan.
What is principal?
The name for a household with no checking or savings account.
The budgeting rule of thumb is called the 50/30/20. What does the 50/30/20/ mean?
What are 50% on needs, 30% on wants, and 20% on savings?
The main way individuals 19 years old or younger become victims of scams or fraud.
What is online shopping?
The largest contributing factor to your credit score.
What is payment history?
The average credit card debt in Minnesota.
What is $5,489?
Approximately how long it will take for an investment to double at a given interest rate.
What is the Rule of 72?
If you are spending more than you earn, then these three options can help.
What is 1)increase your income 2) cut out expenses 3) find cheaper options?
Consumers reported losing $____ to scams and fraud in the US.
What is $10 billion?
The three credit bureaus.
What is Equifax, Experian, and TransUnion?
It is something valuable that the lender can seize as a form of repayment if the borrower defaults on a loan.
What is collateral?
A period of generally rising prices in the stock market.
What is a bull market?
Knowing that decision involves trade-offs which applies to spending, too.
What is recognizing opportunity costs?
The three things all scams have in common.
What is appealing to emotions, time-sensitive, and requesting personal information?
The two scoring models.
What is FICO and Vantage?
The rate at which student debt in the US is increasing by every second.
What is $3,000?
The riskiest type of investment.
What is individual stocks?