Before banks and paper money, how did people exchange goods?
Bartering/Trading
a general increase in prices and fall in the purchasing value of money.
What is inflation?
What does a bank charge in order to make money?
Interest.
What credit score is considered excellent credit?
800
Before banks and paper money, how did people exchange goods?
China
What was $100 worth in 1930 in terms of today’s dollars?
$1,432.70
What is the 50-30-20 rule?
50% needs, 30% wants, 20% savings
What percentage of your credit should you be using each month?
Up to 30%
How many pairs of jeans could you buy today with the value of $100 from 1930?
33
What is the biggest difference between a credit union and a big bank?
Not-for profit versus for-profit
What are the 5 Factors that Make Up Your Credit Score?
What were the three Italian city states which introduced the idea of paper money in Italy?
Milan, Venice, and Florence
A substance or device used as money, having no intrinsic value or representational value
What is FIAT Money?
What was the name of the first bank formed by Congress?
Bank of North America.
What four things affect your credit?
Closed credit card, age of credit card, student loans, car loans
In 1640, what role did parliament play that Charles I needed to get the kingdom out of debt?
Levying taxes.
What was $1000 worth in 1925 in terms of today’s dollars?
$13,672.10
What is financial intermediation?
The lending or investing the money we deposit with banks or credit banks themselves create to business enterprises, households, and governments.
What are the 3 major credit bureaus?
Equifax, Experian, and TransUnion