Credit and Loans
Give an example of good credit...
Mortgage, student loans, etc. Anything that repays itself.
What is the recommended size for a fully-funded emergency fund for most people?
3-6 months worth of expenses.
How many continents are there on Earth?
7
The FAFSA application can be submitted starting on this date...
October 1st
What should you list first while making a budget?
Your total monthly income.
A secured loan requires you to provide what to the lender?
Collateral.
Give an example of a fixed expense...
Rent, Loan payment, et. Anything that does not change month to month.
What does QR (in QR code) stand for?
Quick Response.
What is the most influential factor on the FAFSA in determining your student aid index?
Parent Income.
20%
If you have a credit card balance, what is the recommended maximum percentage of your total credit limit you should use?
30%
What should you do if you notice an unauthorized transaction on your bank statement?
Immediately call or go into your bank to report the activity.
What is the world’s largest retailer as of 2025?
Walmart
What is a part-time job on-campus where earnings are often used to help pay for college?
Work-Study Job
Why is budgeting important?
Shows you where all of your expenses truly are, good to know exactly where your money is going.
What is the main disadvantage of making only the minimum payment on a credit card each month?
Increases total interest, takes longer to pay off
If you need to make a secure payment for a large purchase and a personal check is not accepted, which of the following is a guaranteed form of payment drawn from the bank's own funds?
Cashier's check
What artist has the most streams on Spotify?
Taylor Swift
What is the name of the government assistance if you qualify as under the income?
Pell Grant.
What is the 50/30/20 rule?
50- Needs
30- Wants
20- Savings
Give an example of a predatory loan...
Payday loans
What is a potential disadvantage of relying solely on an online-only banking?
Limited access to customer support, not branch if you need to go in for issues are 'your' branch.
Who was the first Disney princess?
Snow White
What is your signature called that gives submission to the loan?
MPN. Master Promissory Note
What should you do if you are over your monthly budget?
See which expense can go down. Must lower something.