Credit
What is considered a good credit score?
670 to 739
How old do you have to be to open a savings account?
18 years old
Do you pay state income tax in Texas?
Yes
What happens when you go over your account balance on a debit card?
Overdraft
____ is the amount that you have to pay before the insurance company will pay a claim.
Deductible
What percent should your debt to income ratio not exceed.
20%
Who has the responsibilty to keep your money safe and secured by the FDIC?
The bank
This tax applies the same tax rate across low-, middle- and high- income taxpayers.
A flat (or proportional) tax
Debit cards have interest charges. True or False?
False
An example of a fixed expense is:_____ 1.clothing. 2.auto insurance. 3.an electric bill. 4.educational expenses.
2. auto insurance
What is Collateral?
Collateral is what the banks can take back if you don't pay.
What two things are required for a savings account?
1. social security # 2. Id with picture
These types of taxes take a smaller share of income as the amount of income grows. Sales tax is an example.
Regressive Taxes
About what percentage of Americans have a debit card?
80%
If you bought a mutual fund through a bank and it lost money, will bank insurance cover your losses? a. Yes b. No
b. No
What does APR stand for and what is it?
APR - Annual Percentage Rate, it is the interest rate over the course of a year.
A higher rate of return on an investment means greater risk. a. True b. False
True
The Federal Income Contributions Act (FICA) requires that you pay these two "payroll taxes" (for retirement and healthcare)
Social Security and Medicare taxes
A document issued by a seller or service provider to notify a business customer of a debit or deduction from their account.
What is the recommended percentage of credit card utilization?
no more than 30%
What does SCAM stand for?
S- Stingy C- Check A- Ask M-Maintain
What are some of the safest short term investments?
Checking and Savings account
On a local level, taxes provide services such as... (name 2 of the 6)
Education, parks, roads, police, fire, and health departments
What does PIN stand for? (your PIN number)
Personal Identification Number
Which of the following instruments is NOT typically associated with spending? 1.Cash 2.Credit card 3.Debit card 4.Certificate of deposit
4.Certificate of deposit