Banking/Credit
Name one factor to consider when choosing a bank.
possible answers: interest rates, fees, location, ATM access, convenience
Total income minus total expenses (including savings) should equal what?
Zero
Mortgage, rent, cell phone bill, and internet bill are all examples of what type of expenses?
Fixed expenses
What do credit card companies charge for using their money?
Interest
Where is a good place to save money for emergencies?
A high-yield savings account (or bank account)
Name one of the three major credit reporting bureaus.
Experian, Equifax, or Transunion
What is money received from work or through investments?
Income
What term is used to describe the things you spend your money on?
Expenses
Ways to save money on college expenses.
What are scholarships, grants, community college or dual-credit classes?
What does IRA stand for?
Individual Retirement Account
What is the highest possible credit score?
850
A good spending plan is...
possible answers: realistic, simple, flexible
Name one way to lower your grocery bill
Various answers (coupons, cook at home more, shop around for lower prices, batch cooking, meal plan, etc.)
Name one way to build good credit
Paying your bills on time
Keeping account open (time)
Low credit utilization
Limit new credit applications
What has the stock market always done over a long enough period of time?
Gone up!
What happens when you try to spend more money than what is available in your account?
Overdraft fee is charged
When you add all of your assets then subtract all of your liabilities you have calculated your______?
Net Worth
Groceries, entertainment, and gas are all examples of what kind of expenses?
Flexible or variable expenses
Which three purchases are generally considered acceptable to take out a loan for?
A house, car, or education
When is the best time to begin saving for the future?
Right now (or as soon as possible)!
The FDIC will insure money deposited in a bank up to a certain amount. What is that limit?
$250,000.00
"The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest ______ money pays.” -Morgan Housel
Dividend
If expenses are regularly larger than income, what are the two possible solutions to fix the problem?
Cutting expenses or increasing income.
What should be done (at least) monthly to ensure proper record keeping and help protect against identity theft? Involves inputting in all income/expenses and checking it against account balances.
Bank reconciliation (also referred to as balancing a checkbook or balancing the budget)
What is it called when interest earns interest?
Compound interest