Vocabulary 1
What is the difference between wants and needs?
Want: video game, new toy, new outfit every weekend, etc.
Need: food, water, shelter, etc.
What does net income mean?
Pay after taxes.
How often should you budget?
Once a month.
An account where funds are kept to save for the future and is interest bearing.
What is one product where interest benefits you?
A savings account, CD, other investments
What is a budget?
Careful plan for spending or saving within a designated period of time.
What does gross income mean?
The total amount of money earned before taxes.
Name an example of a short-term goal vs. a long-term goal.
Saving up for a video game vs. savings up for a new house (multiple answers)
What is a checking account?
An active account you can use to conduct daily transactions including receiving direct deposit, check cashing, Bill Pay, automated banking, etc.
If a stranger calls you and asks for personal information like your social security number, date of birth, or account number, what should you do?
Hang up the phone and report any lost cards or information to your bank.
What are taxes?
Mandatory payment or charge collection by local, state, and national governments.
What is an expense?
Amount spent to make a purchase or pay bills.
What is one way you can cut back on expenses.
Not eating out everyday, skipping Starbucks/Dunkin, living with a roommate, etc.
When should someone take out a loan?
Making big purchases like a car, home, or going to college.
(Not to buy makeup or and Xbox)
How much will Marquette Bank match your initial deposit when you open a minor savings account?
$25
What is credit or credit score?
What is interest?
What is the extra expense you have to pay when you purchase a home or car?
Insurance
What is the difference between a credit card and debit card?
Credit Card: line of credit, balance is due at the end of the month, pay interest if not paid off in 30 days.
Debit Card: linked to bank account, only spend money that is available in account, secret 4 digit pin, can be used for cash withdrawls, online/in-person purchases.
Who is Marquette Banks Mascot?
Marty the Moose!
What are 2 products or services that are offered at a bank.
deposit accounts, loans, check-cashing, wealth management/investment, insurance
What does A.P.R. stand for?
Annual Percentage Rate
What is the recommended amount of funds one should have in an "emergency fund".
3 - 6 months of expenses
How long is a check good for if there is no void date written on the check?
6 months
Name one credit bureaus.
Equifax, Experian, Trans-Union