Banking
What is the document you receive from your bank that shows deposits, withdrawals and your balance?
A bank statement
Variable expenses - & Example
What benefit allows you to take time off while still receiving your regular pay?
PTO (Paid time off)
What is the length of time you have to repay an auto loan called?
Term
What is the maximum amount you can borrow on a credit card called?
What does ATM stand for?
Automated Teller Machine
What is the amount of money you take home after taxes & deductions?
Net income
What benefit provides money to your family if you pass away?
Life insurance
How does making a larger downpayment affect the amount borrowed
It reduces the principal / lowers the amount financed
What happens when you pay your credit card balance in full by the due date, assuming your card has a grace period and you aren't carrying a balance?
You avoid interest charges on purchases
What is the term for interest earned on both your original savings and previously earned interest called?
Compound interest
What percentage of your income are you saving if you earn $4,000 and save $800?
20%
What is an employer contribution to your retirement account based on your own contributions called?
Employer match
What does it mean to be upside down on a loan
You owe more on the loan than the vehicle is worth
What can happen if you consistently miss credit card payments?
Late fees, accrue interest, face higher rates, and negatively affect your credit
What is a check written for more money than is available in the account called?
Bounced check
What is the fixed amount an employee is paid regularly, regardless of hours worked called?
Salary
Other than health insurance and retirement savings, list 3 forms of hard benefits that employers provide.
PTO, Life insurance, Disability Insurance, Paid Sick Leave, Paid Bereavement Leave, Tuition Assistance, Student Loan Repayment Assistance, Paid holidays, Parking/Commuter Benefits, Stock Options, Gym Reimbursement, Bonuses, Housing/Relocation Assistance, Employee Discounts
List 2 things that may happen if you do not make your payments
Late fee, credit score goes down, vehicle repossession
What is a balance transfer? Why might someone use it?
Moving debt from one card to another loan/credit card to take advantage of a better rate
What is the difference between the balance shown by your bank and the amount you actually have available to spend after pending transactions?
Balance & Available Balance
What is money earned from investments, savings, or other sources besides a job called?
Passive Income
What benefit allows employees to use pre-tax money for certain healthcare & childcare expenses?
Flexible Spending Account
If you pay extra toward the principal of an auto loan, what can this potentially do to the loan?
It can reduce your loan balance (principal) faster, and reduce the overall interest paid
What's the difference between credit limit & available credit?
Credit limit - Max you can borrow; Available credit - how much of that limit is still available after you've used your card