Savings/Goals
What does SMART savings goal stand for?
(S)mart(M)______(A)_______(R)elevant(T)ime
What is Measurable and Achievable?
Give me the definition of the word Needs.
What are things you must have to live?
What is the definition of credit?
What is the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future?
Give me an example of good debt?
What is a mortgage, student loan, or business loan?
What is Fraud?
What is wrongful or criminal deception intended to result in financial or personal gain?
If I made $15 an hour 40 hours a week, (paid bi-weekly) how much would I need to save monthly to have $500 in a year (12 months)?
What is $41.67?
Give me the definition of the word Obligation?
What are debts you owe and payments you've been ordered to make, such as child support, spousal support, and other judgments?
What is the name of 1 credit bureau that reports your information?
What is Transunion, Equifax, or Experian?
Give me an example of bad debt?
What is credit card debt, personal loans, payday loans?
What are at least 2 examples of fraud?
What are forgery, unauthorized transactions, check fraud, scams, account take over, identity theft?
What features should you look for in a savings account?
What are high interest rates and no monthly fees?
What is considered a Need in the "Needs category" when creating your budget?
What is shelter, utilities, food, medication, clothing and transportation?
True or False, Having 12 credit pulls will NOT hurt your credit?
What is False?
What is debt to income?
What is Adding up your monthly debt payments divide by the total gross monthly income and multiple by 100 to get your percentage?
True or False, Getting a 34% interest on a loan at a finance company is predatory lending?
What is True?
What is a Certificate of deposit?
What is a savings account offered by banks that typically provides a fixed interest rate for a fixed term?
What is considered a Want in the "Wants category" when creating your budget?
What are vacations, gifts, clothes, and dining out?
How old do you have to be to independently start your credit?
What is 18?
Why do banks use debt to income?
Why does having a lower DTI means your risky to lenders and increases your chances of being approved for a loan in the future?
Give me an example of a predatory lending scenario?
What is
-Charging interest rates that are too high for the borrower's circumstances
-Unnecessary fees: Adding fees for services that the borrower didn't request
-Loan "flipping": Repeatedly refinancing a loan to generate more fees
-Aggressive sales: Using pressure tactics to convince borrowers to take out loans they can't afford
-Targeting vulnerable populations: Preying on people who are elderly, low-income, or have limited access to credit
-Payday loans: Small, high-cost loans that must be repaid quickly
True of False, do you have to pay taxes on a CD?
What is True?
What is the 50/30/20 rule?
What is the simple budgeting method that divides your income into 3 parts, 50% needs, 30% for wants, 20% for savings and debt repayment?
1 late payment could decrease your credit score by how much?
What is 80 pts?
What is the highest credit score you can have?
What is 850?
Give me at least 1 way to protect yourself from fraud?
What is creating strong passwords, safeguard personal information (ss card, dl), and being cautious with online interactions, monitoring your accounts, be wary of unsolicited requests (update software, you owe this payment)?