Banking and Budget
A card that allows someone to take out cash from an ATM and make purchases by swiping the card through a point-of-sale terminal at a register
What is debit card
Plastic card that allows the holder to borrow money to makes purchases
What is a credit card
This type of insurance provides economic support for your family or dependents if you die
What is life insurance
Paid vacation; paid sick leave; health insurance; retirement plan contributions
What are some typical full time employment benefits
An investment strategy in which an investor divides up the total amount to be invested across periodic purchases of a target asset in an effort to reduce the impact of volatility on the overall purchase
What is Dollar Cost Averaging
Name three major stock market indices
What are the Dow, S&P 500, NASDAQ, Russell
Refers to the annual rate of interest charged to borrowers and paid to investors
What is APR (Annual Percentage Rate)
A number that represents a person’s credit worthiness and financial behavior, used to evaluate the likelihood of a person's repayment
What is credit report or score
Melina's car is damaged by hail; what type of auto insurance coverage should she have to seek reimbursement?
What is comprehensive
Three types of taxes taken out of most people's paychecks
What are federal, state, local, FICA
Vincent buys Tesla when the stock price is down at $40 and sells it when it reaches $200 a share, following the strategy where you buy stocks or securities at a low price and sell them at a higher price, this strategy is referred to as....
What is Buy low, sell high
David puts money into an investment account that grows tax-free until he takes it out during retirement, when he is hopefully in a lower tax bracket. What is this type of account called?
What is tax-deferred (TSP, 401k or 403b also acceptable)
interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods; also known as interest on interest
What is compound interest
William attempts to use his credit card, but it is declined. He discovers that he has "maxed" out his credit card; what does that mean?
What is reached its spending limit
Jorge has a $500 deductible on his auto policy, and the damage to his car is $1,275 how much will he have to pay out of his pocket?
What is $775
A well-known, tax-deferred employer-sponsored retirement plan
What is a 401k or 403b
A strategy that reduces risk by allocating investments across various financial instruments, industries, and other categories
What is Diversification
Daevohn, a junior in high school, really wants a credit card, but he is denied when he applies on his own. What action should he take to ensure he is approved next time?
What is get a parent or guardian to add him or co-sign on the account.
Venus sets aside to money pay for large, unexpected expenses, such as medical expenses or home appliance repair, hoping to eventually build up at least 3 months of living expenses. What is this account called?
What is an emergency account or fund
Payment history, credit length of history, credit utilization
What are factors that effect credit score?
Amount of money regularly paid to an insurance company for a policy
What is premium
Three types of taxes you can expect to pay during your lifetime
What are sales, income, property; also will accept inheritance, capital gains, and others on case-by-case basis
Angelica wants to determine how long an investment will take to double given a fixed annual rate of interest, but cannot remember. What is an easy way to do so?
What is use the Rule of 72
Noah has established an emergency fund with 3-months worth of living expenses, but he has a $1000 credit card bill at 15% APR, but wants to start investing, hoping for a 7-8% annual return, and though he has an Iphone 12, desires a $1000 Iphone 13. What is is the most financially responsible choice to do with $1000?
What is pay off the credit card bill.
Quazi wrote a check for $25 to an auto parts store for the cost of new headlight, but only had $20 in your account. His bank charged a $25 overdraft fee and the auto parts store's bank charged him a $25 bad check fee in addition to the cost of the headlight. The new headlight cost him how much including these fees?
What is $75
Lucas wants an immediate loan, since he needs to buy the Iphone 13 the day it comes out and won't get his paycheck for 2 more weeks. He applies for a short-term loan with high 30% interest rate; what is this type of loan called?
What is a payday loan
This type of insurance protects against loss of items inside a dwelling by reimbursing the individual for them if damaged or destroyed.
What is Renter's Insurance
Helps protect businesses and their employees from financial loss when an employee is hurt on the job or gets sick from a work-related cause.
What is Workman's Compensation
A way to value a company that measures its current share price relative to its per-share earnings
What is Price to Earning or (P/E) ratio
Damian invests in a mutual fund and is disappointed that his net investment return is only 6% instead of the 7% return he calculated based on the mutual fund price alone. What are the two things that likely impacted his net return?
What are fees and the capital gain tax